UK Personal Lines Insurance Market Segmentation and key Players Analysis 2022
Pune, India, 31st January 2018: WiseGuyReports announced addition of new report, titled “UK Personal Lines Insurance: Distribution and Marketing 2017”.
Pune, India – January 31, 2018 /MarketersMedia/ —
Summary
“UK Personal Lines Insurance: Distribution and Marketing 2017”, explores customer purchasing behavior and how consumer preferences are changing over time. The report uncovers the differences, expected market share, key insurance brands, and footprint by product each key distribution channel accounts for. It also provides a forecast on how the personal lines distribution split will evolve over the next few years, and looks into the key trends and new propositions that will shape the industry.
In the midst of an insurtech revolution, the personal lines distribution space faces a number of new challenges to the status quo and a raft of opportunities to better engage with customers. Consumers are increasingly opting to purchase direct from insurers, which is perhaps unsurprising given the rising use of online and smartphones to purchase cover. This has come at the cost of brokers, which have the challenge of embracing technology but the risk of losing channel differentiation with direct players.
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Companies mentioned
Aviva
Admiral
Direct Line
Churchill
Petplan
Animal Friends
AXA
Insure & Go
Hastings
Saga
AA
Swinton
Bought By Many
Staysure
Barclays
Lloyds Bank
Halifax
Tesco
Scope
– The direct channel is pulling away from the broker space as the most frequently used channel by personal lines insurance customers. It has benefitted from increased use of technology, improving the ability to sell straight to customers.
– The banking and affinity channels’ share of insurance distribution remain static due to a combination of good access to consumers but little innovation.
– Our 2017 UK Insurance Consumer Survey found that Comparethemarket.com was the most popular comparison site used to purchase all four sub-categories of personal insurance in 2017.
Reasons to buy
– Understand consumer purchasing decisions and how these will influence the market over the next few years.
– Improve customer engagement by recognizing what is most important to consumers and how the purchasing journey can be developed to meet their needs.
– Discover the most selected providers across each key distribution channel, and which of these channels boasts the best customer loyalty.
– Have a view on which insurance brands and products account for the lion’s share of marketing spend.
– Discover the top 50 brokers in the UK, with profiles on the top five.
– Read about key emerging players, with profiles on start-ups and apps in the major channels.
Table of Content: Key Points
Executive Summary
Direct Channel
Broker Channel
Bank Channel
Affinity Channel
MGA Channel
Price Comparison Site Channel
Marketing
Future Market
Appendix
…Continued
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Source: MarketersMedia
Release ID: 294650
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