The analysis covered in the UK Personal Lines Insurance Market Business Report clearly depicts the various market segments that can see the fastest business development during the estimated forecasting framework. Various steps were taken to generate this report, and input from a professional team of researchers, analysts, and forecasters was used here. Conduct background analysis and supplier participation analysis. UK Personal Lines Insurance Market Report analysis and competitor analysis help the company determine the range of its products to consumers in terms of size, color, design, and price.
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Consumers are increasingly purchasing insurance via the direct channel. The channel held a 48.1% share of the personal lines distribution market in 2018, up four percentage points a year prior. The direct channel has become particularly prevalent in private motor insurance, which is the largest personal line by gross written premiums. The shares of the broker, affinity, and bank channels saw declines. Customers show a preference for online channels when buying insurance. Customer engagement remains challenging, with a significant proportion of costumers indicating they switch at renewal.
This report explores customer purchasing behavior and how consumer preferences are changing over time. It uncovers the differences, expected market share, key insurance brands, and footprint by product that each key distribution channel accounts for. The report 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 may drive this.
Scope of this Report-
– The direct channel has grown over the recent years to account for almost half of the distribution of personal lines. This has been at the expense of the bank and affinity channels, which have seen a gradual fall in their market shares.
– Aviva stands out as a personal lines provider, ranking in the top three in all lines examined – motor, home, pet, and travel insurance. However, Petplan has the largest share of respondents in any one product line, with roughly a fifth of the pet insurance market.
Reasons to Buy this Report-
– Understand how consumers purchase motor, home, travel, and pet insurance across all channels – direct, broker, bank, affinity, and price comparison sites – and how this is likely to change in the near future.
– Discover how each of the channels have grown over the recent years and which are the most selected providers by product line.
– Improve the customer journey and brand loyalty by understanding what influences purchasing decisions and how to meet customer needs.
– Explore the level of customer satisfaction in each of the channels by getting to know the switching behavior at renewal.
– Have a view on which insurance providers have the largest spend in advertising and understand which advertising product attracts the largest spend.
– Get to know about the key emerging players, as well as how existing brands are reinventing their value propositions.
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