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Aventus has developed an Aggregator API to integrate insurance businesses with the leading price comparison websites (PCW). The product allows firms to manage their aggregator accounts and distribute their products on the PCWs via the Aventus platform.
Distributing Insurance Products
Price comparison websites are a popular and significant way of distributing insurance products. More than 11 million people use price comparison websites (PCWs) in the UK. One of the main advantages of signing up with an aggregator – particularly for a small broker – helps with brand awareness. For a small broker in a regional office in a market town, aggregators are an effective distribution form. The acquisition costs are low, and you don’t need a big marketing department. They can help brokers and insurers win new business fast, so it’s not surprising they want to be on their panels. The time and cost of integrating with multiple comparison sites, the launch and ongoing cost, has been prohibitive for most SMEs.
Outdated technology has historically been a further barrier, and individual integrations have proved costly and time consuming for all parties. Most SMEs lack the development resource or expertise to consider integrations between bespoke systems and PCWs. Justifying the cost can be hard, particularly if you cater for niche, low volume risks. PCWs have also historically put onerous terms of business agreements in place that can sometimes prevent brokers from cross-selling other products to the customers they get via the comparison site. Cross-selling should be an insurance provider’s bread and butter.
Aventus is a global top 100 insurtech that connects insurers, brokers and MGAs to a broader technology ecosystem. Its new Aggregator API integrates with all the leading comparison websites through one core platform.
The Aggregator API significantly increases sales and reduces the time and software cost of integrating individually with each comparison website. It enables insurance providers to supercharge sales by distributing through multiple price comparison websites as part of the core Aventus platform offering. Aventus currently has integrations with three of the largest price comparison websites, including MoneySuperMarket and Quotezone.co.uk, with further integrations to follow.
With one motor MGA, quotes have gone from 9,000 a week to a staggering 63,000 since it launched with the Aventus Aggregator API, with a 43% conversion rate from full quote to purchase.
The growth in sales that clients have achieved off the back of these integrations is exciting. The Aventus Aggregator API takes all the burden associated with PCW integrations away, providing an affordable and fast way to feature on multiple leading comparison sites, all through the same platform. Simple.
Given the increased distribution opportunity, Aventus enables automated workflows for upselling and cross-selling additional insurance products to existing customers, and even to enter whole new markets, making this integration even more significant. Cross-selling is still a massive untapped opportunity for insurance providers. By accessing multiple channel integrations though one core platform with a world-leading CRM at its centre, insurance can finally unleash the cross-sell potential for brokers that other sectors like banking have long enjoyed.
Symbiotic Business Model
This model benefits price comparison websites. It is a symbiotic relationship as part of the ecosystem. Aventus provides a single point of entry for brokers/insurers so that the PCW can take on more panel members in a shorter space of time. Aventus takes responsibility for connectivity between the PCW and the client it frees up valuable PCW development resource. Its revenue is unaffected in the short term with the potential for it to increase substantially in the medium to long term. It can sign smaller brokers catering for niche risks, which improves quotability and the customer experience, without draining in-house development resources.
If you’re looking for growth and keen to explore integration opportunities with multiple PCWs all through the same simple platform, combined with the world’s number one CRM capability from Salesforce, then contact Aventus today to find out more.
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