UK Travel Insurance: Distribution & Marketing 2019

UK Travel Insurance: Distribution & Marketing 2019

Summary

Competition is high within the travel insurance market, with the share held by the top five providers declining from 30.1% in 2018 to 28.6% in 2019. The tendency to purchase via online methods is high among respondents, demonstrating the need for all providers to offer a smart, digital solution. The banking and broker channels saw a marginal dip in 2019 after a positive shift in 2018.

This report examines consumer purchasing behaviors and how consumer preferences are changing over time. It explores what is most influential to customers when purchasing a policy and also reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the travel market over the next few years.

Scope

• 83.4% of consumers purchased travel insurance in the last 12 months prior to traveling.
• 1 in 5 consumers undertook no pre-purchase activity in 2019.
• 60% of consumers purchased a single trip travel insurance policy.

Reasons to buy

• Understand consumer purchasing decisions and how these will influence the market over the next few years.
• Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
• Discover which providers lead the way in the travel insurance space, and how providers are revolutionizing the market through new innovations.
• Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.