Channel Metrics: UK Household Insurance - Consumer Distribution Trends

Finaccord, February 2010, Pages: 25

The Channel Metrics briefing about household insurance is the most detailed and up-to-date guide to distribution trends in household insurance in the UK available on a published basis. It analyses: how consumers acquire household insurance - e.g. online, telephone, post or in person; from whom they acquire them - e.g. direct from the provider, through intermediaries or affinity schemes; and how often they acquire them - i.e. how many consumers acquired household insurance in the last year, either for the first time or by switching provider instead of renewing or carrying on with an existing product. Findings from this survey are compared with those from 2005 and 2007 to show trends over time.

0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION
Research rationale
A number of motivating factors underpin the Channel Metrics report and series of briefings
Updating the results from the 2005 and 2007 surveys
Analysis of consumers making an active distribution choice
Analysis of consumers purchasing or taking out financial services in prior years
Analysis of distribution interfaces
Analysis of specific distribution channels
Expanding upon the results from the 2005 and 2007 surveys
Channel Metrics briefings
Other UK consumer research publications
UK affinity and partnership marketing research publications
UK small business financial services research publications

2.0 ANALYSIS OF RESULTS
Introduction
Option for customised data analysis
Switching rates and brand new sales - 2009
An increase in switching has more than compensated for a drop in sales to new buyers
Distribution interfaces - 2009, 2007, 2005 and all previous buyers compared
The Internet and outbound telephone sales are in the ascendant
Distribution channels - 2009, 2007, 2005 and all previous buyers compared
Overview
Financial partners’ gains in household insurance were reversed between 2007 and 2009
Detailed analysis
Online aggregators now hold over a third of sales to switchers and new buyers

3.0 APPENDIX
Research sample and mechanics
Research methodology and structure

GRAPHICS / TABLES
The financial services distribution channel universe - specific distribution channels and distribution interfaces
% of consumers switching provider or acquiring household insurance for the first time, 2009
Analysis of distribution interfaces used for acquiring household insurance, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring household insurance, 2009, 2007, 2005 and all previous years (data)
Overview of distribution channels used for acquiring household insurance, 2009, 2007, 2005 and all previous years
Overview of distribution channels used for acquiring household insurance, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring household insurance, 2009 and all previous years
Detailed analysis of distribution channels used for acquiring household insurance, 2009, 2007, 2005 and all previous years (data)
Sample breakdown by age group, household income band and geographical location

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