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UK Personal Lines Insurance: Distribution and Marketing 2016

By: Verdict Financial
, Published: Jan-2017
, Product code: VF00107IA
Key Insights
    • The direct channel is pulling away from the broker space as the most frequently used channel by personal lines insurance customers.
    • The banking channel’s footprint on insurance distribution is slowly fading but it remains a key source for home insurance policy purchasing.
    • Our 2016 General Insurance Consumer Survey found that Comparethemarket.com stood as the most popular comparison site used for purchasing home and motor insurance in 2016, among respondents.
    • General insurance marketing spend is declining year-on-year.

Companies mentioned in this product:

Aviva Admiral Direct Line Churchill Petplan Animal Friends AXA Insure & Go Hastings Saga AA Swinton Bought By Many Staysure Allclear Barclays Lloyds Bank Halifax Nationwide Tesco Bank Co-op Insurance M&S Bank John Lewis Pets at Home Asda Post Office Thomas Cook Comparethemarket.com Moneysupermarket.com Confused.com Gocompare.com LV= British Gas Homeserve Age UK RIAS Uki Partnerships Bupa RAC NFU Mutual Back Me Up Ageas Cuvva Metromile Amazon Policy Genius Brolly
Table of Contents
The Purchasing Journey
Provider Engagement
Marketing
Future Market
Appendix
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UK Personal Lines Insurance: Distribution and Marketing 2016
By: Verdict Financial
Published: Jan 2017
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Summary

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. New approaches are perhaps most needed by a broker channel that needs to find a reinvigorated sense of its unique benefits, as it has slipped behind the direct channel for share of business. The future of the banking and retail/affinity channels meanwhile depends on the continued appetite these segments have to focus on non-core lines of business.

Synopsis

“UK Personal Lines Insurance: Distribution and Marketing 2016” report explores customer purchasing behavior and how consumer preferences are changing over time. This report uncovers the differences, expected market share, key insurance brands, and footprint by product that each key distribution channel accounts for. Further, the report 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 may well drive this.
  • The direct channel is pulling away from the broker space as the most frequently used channel by personal lines insurance customers.
  • The banking channel’s footprint on insurance distribution is slowly fading but it remains a key source for home insurance policy purchasing.
  • Our 2016 General Insurance Consumer Survey found that Comparethemarket.com stood as the most popular comparison site used for purchasing home and motor insurance in 2016, among respondents.
  • General insurance marketing spend is declining year-on-year.

Reasons To Buy

  • Understand consumer purchasing decisions and how these will influence the market over the next few years.
  • Improve on customer engagement by recognizing what is most important to them and how the purchasing journey can be developed to meet their needs.
  • Discover which are the most selected providers across each key distribution channel and which of these channels claim the best levels of customer loyalty.
  • Have a view on which insurance brands and products are accounting for the lion’s share of marketing spend.

Quick Overview

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. New approaches are perhaps most needed by a broker channel that needs to find a reinvigorated sense of its unique benefits, as it has slipped behind the direct channel for share of business. The future of the banking and retail/affinity channels meanwhile depends on the continued appetite these segments have to focus on non-core lines of business.

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