The millennials and Gen X are soliciting the internet as a digital supermarket for their everyday needs. So, it only makes sense when the purchase of insurance policies is possible online. The flag bearers that satisfy the need of a customer to buy insurance policy online are the insurance aggregators.
Who are insurance Aggregators? An insurance aggregator is an interactive website that aggregates or combines different insurance products of a group of independent insurers. It allows users to compare carriers, quotes, products, coverage, price, features, and benefits. The parameters used for the comparisons are eligibility criteria, product pricing, premiums, the sum assured under one umbrella.
The insurance comparison platforms are becoming the reference point for the customers who wish for a maximum number of quotes to compare and buy an insurance policy with their smartphone, laptop, tablet, and over bot without ever having to leave their home or workplace. In this way, the insurance aggregators take away the tiring job for a customer to reach out to individual insurers. Also, the insurance aggregators generate leads for the insurance companies too instead of waiting for the customers to walk through their door to buy a policy.
Classification of online insurance agents
The online insurance aggregators can be broadly divided into three general categories according to the working model. They may not seem to tell them apart, but they work and operate differently that need to be taken care of by the customers.
Lead Generators – They are mostly unrelated to this emerging technology, but they provide insurance comparison portals where they entice customers to provide their details. Lead generators sell the gathered leads from their website to the bricks and motor insurance companies.
Call-centre agencies – they generate leads and allow customers to purchase insurance from licensed insurance agents who make sales. Their core business model is not based on technology but on sales. They have several hundred licensed call centre insurance agents to sell a policy with the lead.
Digital agencies – they are sophisticated websites that allow customers to compare, shop, and buy insurance entirely online. InsureAtOasis is one such insurance aggregator that provides the process of buying policy more transparent and understandable with well thought out user experience without a human sales force. We generate our leads organically without any paid gimmicks.
Not only our front end is digitally empowered, our back end technical team members are too digitally enabled to assist customers at any time. Digital agencies have an advanced interface which navigates into multiple carriers’ system so that the user gets smooth experience throughout the process through their digital platform. Digital agencies are the future of buying online insurance. Since they focus on technology unlike lead generators and call centre agencies digital agencies need not split the commission for the sales force. So it is likely that they provide products at a comparative price than the others.
Insights from global insurance aggregators
The UK insurance market is the first to adopt the aggregator model much before the US carriers. So the UK aggregators had opened a window into the potential future of insurance aggregators. Aggregators have captured a considerable market share which accounts for 60 to 70 percent of new motor insurance purchased through online insurance aggregators. The French aggregator market is also steadily growing with 18 percent in the last five years.
UK aggregators have evolved dramatically that they helped the insurers to reach customers easily. In a report by the REad group, the brand reach for traditional insurers are much lower than the aggregators. It is said that more than 83 percent of insurers in the UK wish to own an insurance aggregator website for selling their insurances along with competitors’ products.
Growth of UAE insurance industry
In the UAE insurance aggregators are pioneers of insurtech. The aggregator business model has been adopted by many new players in UAE. In gross premium sales, UAE is ahead of many gulf cooperation council countries. Since UAE is very well connected digitally it will help to grow the aggregator market in UAE and MENA in the coming future dramatically. Data shows that at present more than 15 percent of the insurance is sold through online aggregators. This trend is expected to grow in the next few years with more markets for online insurance providers.
Currently, motor insurance companies products are the far more developed product in the UAE insurance industry. It is estimated that approximately 90 to 95 percent of the total sales of the insurance through aggregators are motor insurance. This constitutes around 20 percent of the total motor insurance market in the UAE. Now UAE residents can easily compare quotes and buy insurance policies online from a range of plans available. Insurance aggregator service has even expanded their service to provide insurance niche to yacht and bike.
Because of the changing environment, the home-grown top insurance companies in UAE are trying to replicate the success achieved by the insurance aggregators around the globe. Also, many global heavyweights and other investors are taking a keen interest in the UAE market that shows how important the UAE market landscape has become.
Online insurance aggregator in UAE Role of InsureAtOasis as an online e-commerce platform InsureAtOasis is a leading digital insurance brokerage that strives to be a global player, especially in UAE. It the first digital agency to provide insurance online in the MENA region. InsureAtOasis is trying to set foot on Gulf cooperation council countries too shortly. We are determined to onboard top-rated insurance providers as our partners.
Our website is an exclusive insurance aggregator platform not only provides comparison quotes but we do process the complete transaction and purchase of the policy. We request our customers to give accurate details to get an exact quote of the product so it would be helpful for us to provide a customized product for your need.
Since the company is a customer-oriented platform we don’t charge an indirect fee for the purchase of the product. The customer needs to pay only the cost of the product through debit or credit card or even buy Insurance policies using simple EMI options. Our e-commerce insurance store facilitates customers to buy products 24/7 at your comfort from anywhere.
Even though our website is fully automated without any sales force we have expertise personalized relationship managers for your policy who can assist you in the time of any difficulty you face while shopping. We are one of the top-rated insurance aggregators in UAE MENA by our customers and partner companies. There are multiple reasons for these good words for InsureAtOasis that are sorted down below.
What makes InsureAtOasis list among top insurance aggregator Strong brand: Insurance aggregators like InsureAtOasis typically have strong brand value so customers usually find them by entering the company URL. So the cost for brand keywords is very less. Also, the customers would return for their future purchase of the products who have previously given satisfactory process through their website.
Strong grip of technology: insurance aggregators have strong innovative technology. So they have better conversion rates. Aggregators mostly run their technology rather than depending on third-party technical support providers. So this allows them to react to the changes quickly happening in the changing market environments and customer behavior. Due to this factor, many insurance aggregators are moving up in the insurer value chain. They are going beyond comparison, sales, and distribution towards developing tailored products with insurers for the customers.
Customer loyalty: aggregators don’t just act as a passive connector between the insurer and the customer. Rather they work to form a customer relationship, they provide a wide variety of products that allows the customer to bind towards the platform. Additionally, insurance aggregators procure insights into renewal, existing contracts, and due dates.
The value chain of agreements: aggregators possess a considerable number of policy providers with them. They can give the customers a relevant overview of the product and the price with the optimized revenue model. So they were able to provide products at very less cost and insurance aggregators prefer to take their commission fee from the insurers rather than the customers. It helps the user to pay only the fixed amount that cost for the policy without any indirect charges.
Benefits of buying insurance from InsureAtOasis
Quick process: buying an insurance policy from a brick and motor may be a cumbersome process. Unlike other insurance brokers and aggregators, InsureAtOasis facilitate buying an insurance policy in a few minutes by the feature to compare the product and quotes in real-time.
Easy-peasy: the whole buying process is very easy that can be done from anywhere at any time in your comfort. It saves your time and effort you need to put into buying a policy. The transparency in the price among all the policy providers is advantageous for a buyer who can compare the premium, coverage, and other features.
Regular updates on payment: since insurance aggregators are a web-based platform they will give regular updates about the payment of premiums on time. It is fully automated so customers can be free from policy lapse worries. Also, the payment methods are very much easy than offline with multiple gateways available for easy and quick payments.
Positive reviews and authenticity: the policy issued through an online insurance aggregator are authentic just as similar to office policy issuance. The insurance aggregator works as a platform for all the insurance companies so the policy issued here is done by the insurance company itself. The customers are free to choose between the policies and products as per the positive reviews of other buyers. So the buying process from an aggregator is very well informed.
Convenience in purchase: as we discussed earlier you can buy a policy from anywhere at any time. Also, it comes with the benefit of buying a policy even at the last minute like in buying travel insurance online. You can cancel a policy too with a full refund which might not be the case of offline insurance agents.
In online customers are more self-directed in their opinion so all they need is an instant and transparent quote comparing with the transactional tool. The customers will go on with their own pace to buy an insurance policy. InsureAtOasis is doing this job for a decade in digital platforms with more than two decades of experience in insurance brokerage.
During the time coronavirus outbreak, many people are strangled inside their homes, web-based platforms remained the only hope to buy and issues a product. Insurance aggregators served as a great relief for buying health insurance plans at the time of the pandemic.
Insurance aggregators are unbiased and transparent they don’t particularly promote any company or product. They are a platform that compares and issue a policy without any personal motives so this can greatly help a customer to find the right policy online. InsureAtOasis provide a tailored insurance policy that is customized for customer’s preference that cannot be seen anywhere else. We assure 100 percent claims for our customers with the support of an expert team who walks you through the process. Finally, visit our portal where you can find varieties of policies exclusively designed for our customers and buy a policy to be a champ.