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UK Personal Insurance Distribution 2011
Datamonitor, May 2011, Pages: 177
Introduction
This report provides an analysis of the distribution of personal insurance in the UK. It includes information on the advertising spend and market share of the key players and analyzes the effect of online aggregators in the personal lines sector. It also details notable deals made over the past year and explores the evolving balance between the various distribution channels.
Features and benefits
- Insight into the latest issues affecting the personal insurance market and the impact these are having on distribution.
- The latest data on the size of the personal insurance market and premium splits by distribution channel.
- Forecasts up to 2015 of the market share of different channels in the UK private insurance space.
- Detailed insight into consumers’ attitudes toward price comparison websites and online arrangement.
Highlights
Overall, 53.3% of respondents who purchased motor insurance policies did so over the Internet, an increase on the 50.7%
who used this channel in 2010. This highlights the increasing importance of the Internet in terms of the private lines
insurance market.
The most common reason that consumers use a particular price comparison site is having previously used its services for
other products. In addition, 18.4% selected a particular price comparison site with the perception that it offers the cheapest price and fastest process, and 15.5% used price alone as a motivation.
In May 2011, it was announced that esure would be launched into the broker channel. It is hoped that this move will help esure to broaden its operations beyond the limitations of the direct channel, boosting its value ahead of the intended floatation of the company in 2014.
Your key questions answered
- How are consumers purchasing their insurance policies?
- What is the relationship between age and income in relation to insurance take-up and retention rates?
- What proportion of consumers use aggregators to search and purchase their household and car insurance?
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