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Add-On Insurance Strategies in UK Personal Insurance 2007
Datamonitor, Aug 2007, Pages: 58
Introduction
This brief provides an overview of insurance providers strategies for selling add-on policies, with a focus on motor breakdown, home emergency and legal expenses cover. The brief includes market size and profitability information as well as analysis of the competitive landscape. Future opportunities and challenges for the add-on market are also discussed.
Scope
Consumer data on the motor breakdown market Analysis of the challenges facing providers in selling add-ons in future Advertising statistics for home emergency insurance by competitor
Highlights
Insurers follow two strategies in regards to add-on insurance products. First, add-on policies can be provided free of charge with motor or household insurance policies. Second, add-on policies can be provided as optional extras. The first strategy treats add-ons as value adders, while the second strategy treats add-ons as revenue generators. Insurance providers are an important distribution channel for breakdown cover, with over half of consumers who arranged their own breakdown cover doing so via an insurance provider. Insurance providers have a natural point of sale for this extra cover, accounting for the fact that so much breakdown cover is distributed via this channel. Household insurance providers are thought to distribute a significant number of home emergency insurance policies. Interviews with industry executives for this brief suggest that insurers experience up-sell rates of between 10 and 30 per cent when selling home emergency insurance policies alongside buildings policies.
Reasons to Purchase
Help in planning your market entry into the breakdown, home emergency or legal expenses markets Understand the competitive landscape of the add-on insurance market Incorporate into your distribution strategy
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