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UK Bancassurance 2010
Datamonitor, Nov 2010, Pages: 63
The UK bancassurance market is preparing for significant changes bought about by the implementation of the RDR in 2012. The change in charging structures, professionalism and independence will provide the bancassurance distribution channel with the opportunity to gain market share in the life assurance and pensions market.
Scope of the report:
- The bancassurance channel is forecast to gain market share in the life assurance market over the next five years.
- Banks will tailor their bancassurance models to best suit their business models and their consumers demands.
Highlights:
Bancassurers have failed to exert pressure and gain a substantial market share in both the life assurance and pensions market over the past five years. Bancassurance has faced an extremely challenging market, with consumer's attitudes towards life assurance and pension products affecting the whole market.
Bancassurers as well as IFAs and other advice services will be required to charge fees for the advice given rather than receiving commission on products sold. The advice gap will grow as a result of the implementation of the RDR, which will result in IFAs focusing their attention on high net worth consumers.
Key questions:
- How the RDR is likely to affect the bancassurance market and what banks can do to maximize the opportunities that the RDR presents.
- Use our forecasts of the bancassurance model to build upon your companies strategic approach going forward.
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