A new beginning in the insurance world: comparison portals will boom in 2024!

A new beginning in the insurance world: comparison portals will boom in 2024!

The use of comparison portals for taking out insurance has recorded a significant increase in Germany in 2024. According to a current study by Sirius Campus, which was carried out as part of the “Customer Monitor e-Insurance 2024”, 39% of insurance decision-makers and co-decision-makers between the ages of 18 and 69 can imagine taking out a deal via comparison portals. This corresponds to an increase of three percentage points compared to the previous year. In addition, 19% of those surveyed have already taken out insurance through such a portal in 2024, which represents an increase of three percentage points compared to 2023.

The study examined the acceptance and use of both digital and personal sales channels in the German insurance market. Online degree options have emerged as an increasingly sought-after option, particularly among younger age groups. 53% of 18 to 30 year olds can imagine obtaining a degree through comparison portals, even though they often have less practical experience in this area. In contrast, the 41 to 50 year old age group shows the highest usage experience at 22%.

Acceptance and use of comparison portals

The popularity of comparison portals is also increasing as a source of information. 37% of respondents found out about insurance on these platforms in the last twelve months, which represents an increase of four percentage points. Men, people with higher incomes and the “optimizer” and “self-employed” segments use these tools particularly frequently. Interestingly, usage in the 60-69 age group increased from 19% to 25%, which represents a significant increase.

On the other hand, the acceptance of conclusions via traditional representatives is declining. Only 61% of respondents prefer to conclude contracts at home, compared to over 80% previously. Bank sales have also decreased, from 43% in 2018 to 38% in 2024. In contrast, broker sales remain stable at around 51% acceptance, showing that many customers still value personal contact.

The results highlight the change in the insurance market, with digital solutions increasingly competing with traditional methods. Further information on the market investigation is available from Christoph Müller from Sirius Campus GmbH. It remains to be seen how these trends will evolve in the coming years as demand for online degree options remains high.

The moderate growth in comparison portals in particular is an indicator of changing customer behavior. Despite the increase, the increases are lower than originally predicted, making developments in the market exciting. However, information and purchase via comparison portals appears to be a key trend, reflecting both trust in digital solutions and consumer preferences.

For more detailed insights, those interested can read the article Insurance magazine as well as on AssCompact see.