Market Research Report
UK Personal Lines Insurance: Distribution and Marketing 2017
|Published by||GlobalData||Product code||421283|
|Published||Content info||47 Pages
Delivery time: 1-2 business days
|UK Personal Lines Insurance: Distribution and Marketing 2017|
|Published: January 18, 2018||Content info: 47 Pages||
Purchasing preferences across all lines of personal insurance indicate that customers continue to purchase via the direct channel more than any other. The channel holds over 41% share of the personal lines market and is particularly strong in private motor, the largest line by written premiums, where it holds about 57% share. The broker channel saw a fall in its share by 0.9 percentage points (pp), with its resilience largely reliant on the less differentiated brands on price comparison sites.
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 must embrace technology but risk losing channel differentiation with direct players. There was little difference in customer switching between the two main channels, direct and brokers, in 2017. Pet customers were slightly more likely to switch when using the direct channel, while car and home customers were less loyal when using brokers.
Aviva is the prevalent brand in the personal lines market according to our 2017 survey results. It finished in the top three for car, home, and travel insurance. The largest share of respondents in a single market was held by Petplan, which accounts for 23.8% of the pet sector.
The report "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.
Companies mentioned in this report:Aviva, Admiral, Direct Line, Churchill, Petplan, Animal Friends, AXA, Insure & Go, Hastings, Saga, AA, Swinton, Bought By Many, Staysure, , Barclays, Lloyds Bank, Halifax, , Tesco, Co-op Insurance, M&S Bank, Santander, HSBC, Natwest, Boots, Pets at Home, Asda, Morrisons, Sainsbury's, Thomas Cook, Comparethemarket.com, Moneysupermarket.com, Confused.com, Gocompare.com, LV=, , Homeserve, Age UK, RIAS, Uki Partnerships, Bupa, RAC, NFU Mutual, Back Me Up, Ageas, Cuvva, Metromile, Amazon, Policy Genius, Brolly, Wrisk, Neos, Petrics, Insure The Box, Hastings Direct, Swinton, Adrian Flux, A-Plan, Arthur J. Gallagher, SimpleSurance, Claims Made Easy, N26, UK General, CompareChecker, The Zebra.