Channel Metrics: UK Mortgage Payment Protection Insurance - Consumer Distribution Trends

Finaccord, February 2010, Pages: 25

The Channel Metrics briefing about mortgage payment protection insurance is the most detailed and up-to-date guide to distribution trends in mortgage payment protection insurance in the UK available on a published basis. It analyses: how consumers acquire mortgage payment protection 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 mortgage payment protection 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 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
Both switching rates and sales to new customers were lower in 2009 than in 2007
Distribution interfaces - 2009, 2007 and all previous buyers compared
Face-to-face sales maintain their share, while remote sales slowly migrate to the Internet
Distribution channels - 2009, 2007 and all previous buyers compared
Overview
Distribution has become less concentrated, with traditional channels losing market share
Detailed analysis
Direct sales by insurers and online aggregators have made substantial gains in market share

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 mortgage payment protection insurance for the first time, 2009
Analysis of distribution interfaces used for acquiring mortgage payment protection insurance, 2009, 2007 and all previous years
Analysis of distribution interfaces used for acquiring mortgage payment protection insurance, 2009, 2007 and all previous years (data)
Overview of distribution channels used for acquiring mortgage payment protection insurance, 2009, 2007 and all previous years
Overview of distribution channels used for acquiring mortgage payment protection insurance, 2009, 2007 and all previous years (data)
Comparison of main distribution channels used for acquiring mortgage payment protection insurance, 2009 and all previous years
Detailed analysis of distribution channels used for acquiring mortgage payment protection insurance, 2009, 2007 and all previous years (data)
Sample breakdown by age group, household income band and geographical location

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