This month, James Harrison of Insurancewide urged brokers to embrace aggregator technology and include it within their customer quotation systems. He suggested that brokers could use an aggregator solution to improve their customer experience and give the customer what they needed.
Now most brokers are opposed to aggregators, as really, they are direct competitors to their own businesses. But is there some middle ground where an internet savvy broker could use an aggregator relationship to earn extra income, provide additional products and services and keep his customer happy?
Firstly, let’s look at some of the advantages and disadvantages of aggregators
Advantages
Aggregators have usually access to a wider panel of insurers than brokers, for example, Confused have over 60 Motor partners, over 40 home partners and over 30 travel partners. They use a panel of both direct insurers and brokers.
Aggregators can offer a wider selection of niche products alongside standard Insurers. Some panels include specialists in insurance for over 50s, ladies only and vintage cars.
An aggregator service provides a real time quote, the customer fills in one form and results can be displayed immediately.
Aggregator software can give your site much needed interactivity.
Aggregator services can provide your clients with lots of secondary products that you can earn an income from that you don’t offer yourself; savings accounts, current accounts, cash ISAs are just a couple of examples.
Disadvantages
Using an aggregator means you could be passing lots of your core business away and earning less income if you don’t use it correctly.
Using an aggregator means in commission terms you are getting a cut of a cut. So you would not want to put all your business through an aggregator.
You feel out of control of what your users will do once they visit the aggregator pages.
So Can You Use On Your Website?
Firstly, I would like to state that simply having an aggregator plonked on your homepage is not something I would suggest you do.
Having said that, you can have a working relationship with an aggregator at key points in your site processes or use to create new areas of your website that the user will find of benefit and could be an additional income earner for the broker.
For example, if you have a customer dropping out of your site during a quote process, why not pop up a small window, with an aggregator quote form, so they can search the market. You could find that the very next destination for that user would very well be an aggregator service like this anyway, so why not try and monetise it yourself – And help your user get what they want.
You can also identify drop out pages on your site, where visitors come in and go straight back out again that you could plug with a popup window if they leave the site at that point. The key is to make the popup relevant to the page that they are on.
Having a car insurance quote form on the back of travel insurance pages isn’t going to do you any favours, nor will it improve conversions. Also make sure that you brand the popup in your look and feel so the user knows where it has come from and looks like an extension of your services. This will improve any conversion rates.
You could also add secondary product using aggregators. You could have current accounts or Cash ISAs or in fact just about any of the services they provide. In this way, you are widening your appeal and having these services on your site will enhance your website and site income.
It also shows that you are giving your customer what they want, when they want it.
Tips For Using And Implementing Aggregator Services
You must get a white label version – this means the services are provided in YOUR site look and feel, with your navigation and everything. From a customer point of view the process is seamless.
Cloak the aggregator url – You must tell the customer you have a relationship with an aggregator using a “Powered by X” statement but you can hide the URLs so the user looks like he is staying on your site. You would be surprised how many people will revert to the original url and cut you out of your commissions given the chance. There are lots of different ways to cloak urls.
Please note this is not to deceive the user in anyway just to simple protection your commissions
Get direct product or quote engine links – Do not just get a single link to an aggregator homepage. You want to control exactly what the user sees when he visits the aggregator.
Summary
In summary, I believe there is room for adding aggregator services to a broker website and done in the right way, it can be a win-win. Having worked in the aggregator space for the last 8 years, I can say that the technology used by aggregators work very well and can provide you with much need interactive content.
It can also add a much needed additional revenue stream to your broker business quickly and easily.
If you do decide it is for you then drop me a line as I have working relationships with most of the major aggregators and have direct contacts with their partnership teams.
By: Jason Hulott About the Author:
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