Insurance price comparison websites (PCWs) have dramatically changed the landscape of the industry. Most brokers and insurers recognise the potential advantages that PCWs offer and many are keen to present their products to customers via this channel. Connecting with PCWs however can prove challenging mainly due to technology and resource restrictions. So, what’s the answer?
Why outsource your price comparison integration services?
There are many factors which may prevent you from being able to connect with PCWs:
- You may utilise a legacy system with dated technology and restricted functionality. Do you want to expand your business without the upheaval of a full system migration? Or at least provide a temporary solution until you source a new system.
- Many smaller software providers may not yet offer an integration service with PCWs. Developing a brand new integration is costly and time consuming for all parties. It may also delay a go-live date as new integrations slip down the priority list for the PCW.
- Do you lack the development resource or expertise to consider an integration between your bespoke system and PCWs? Would you prefer not to change systems or adopt a new system simply for a new line of business?
- Do you cater for niche, low volume risks? Is the development cost and time required to establish connectivity hard to justify?
Outsourcing can help you overcome these existing barriers and technology shortfalls. A price comparison website integration specialist has the experience, technology and relationships needed to establish and maintain the whole process thereby allowing you to focus your efforts on other areas.
How to connect with price comparison websites via a third party
A third party can leverage existing integrations and relationships with PCWs to provide reliable, effective connectivity between your back office software system and the PCWs. Data is transferred from your back office, to the third party, to the PCW and back again. The third party will ensure that the messages sent and received are consistent and that all fields are “mapped” correctly. This ensures the reliable transfer of data to and from your system.
Advantages for PCWs
Outsourcing can also benefit Price Comparison Websites:
- The third party takes responsibility over connectivity between the PCW and some of its clients. This frees up development resource, alleviating pressure on the PCW.
- The integration provides a single point of entry for brokers/insurers across many software houses.
- The PCW is able to take on more panel members in a shorter space of time.
- Revenue is unaffected in the short term with the potential for it to increase substantially in the medium to long term.
- The PCW can sign smaller brokers catering for niche risks. This improves quotability and customer experience, without draining in-house development resource.
For over ten years i-Wonder has worked with major UK aggregators and a wide range of brokers and insurers. Our “Subregator” integrates with all the major UK price comparison websites and we manage connectivity services for a range of brokers and insurer partners. If you’re looking to get more from your technology, or keen to explore integration opportunities then contact us today to find out more.