Price comparison websites (PCWs) in the UK insurance sector are expected to become even more popular as consumers look for savings amid the coronavirus-induced recession. While economists predict a return to growth in 2021 as the UK adjusts to a ‘new normal’, PCWs will likely enjoy a period of increased traffic from consumers in the near future. Travel insurance might be one line where the opposite occurs with PCWs seeing less traffic as consumer’s value extensive cover to protect themselves against coronavirus-related events more than the price of a policy.
Websites are popular among UK consumers when purchasing insurance. The firm’s 2019 UK insurance consumer survey found that 31.3% of motor insurance sales are directed through a PCW. PCWs account for 26.7% of home insurance sales and 22.3% of pet insurance sales. While the direct channel is still the most popular across these three lines of business, it is anticipated that PCWs will gain ground as consumers seek the best deals for a given insurance product.