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UK Personal Insurance Distribution 2011
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Reports 177+10 seiten | |||||||||||
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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 th.....
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? [Studien Infos ausblenden] |
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Executive Summary Private motor and household insurance penetration has fallen over the last year Older consumers are more likely to hold motor insurance The market for home insurance has contracted slightly over the last year High net worth consumers are the most likely to hold buildings and contents only policies [Missing title] The Internet is used by the majority of consumers to arrange home or motor insurance policies Direct insurers account for a growing share of the private motor and household insurance markets Half of the private motor policies sold in 2010 were distributed through direct insurers Despite the dominance of household insurance in the bancassurance channel, bank and building society motor insurance GWP sales rose to 7% in 2010 A significant proportion of consumers use price comparison sites purely for research 18% of consumers have not visited an aggregator site for household or motor insurance OVERVIEW Catalyst Summary PERSONAL INSURANCE DISTRIBUTION DYNAMICS Introduction The direct channel distributes half of all private motor insurance policies in the UK The direct channel's share of the private motor insurance market continues to increase The broker channel has seen little change in its share of the motor insurance market The share held by corporate partnerships contracted further still in 2010 The share held by banks and building societies is diminishing Direct insurers have seen a dramatic rise in their share of the UK home insurance market [Missing title] A handful of leading insurance brands distributed the majority of insurance policies 12 major groups hold the majority of the UK home and motor insurance markets Consumers aged 18–24 are the most likely to buy an insurance product from a top 10 brand Less than two-fifths of consumers aged 55–65 took out home insurance policies with top 10 providers Aviva's combined home insurance was most popular among consumers aged 18–24 Respondents aged 55–65 were the least likely to hold contents only insurance with a top 10 provider Aviva has become the most popular provider of buildings only insurance Three of the major aggregators were top 10 insurance advertisers in 2010 The top 10 insurance advertisers have increased their expenditure Gocompare.com and Comparethemarket.com dramatically increased their advertising expenditure RBS brands Direct Line and Churchill continued to spend heavily on advertising in 2010 Acromas increased its marketing budget by 10% Half of the top 10 insurance advertisers' budget was spent on television campaigns Television advertising remains the most popular marketing medium Direct mail has increased in prominence as a secondary advertising medium The radio, cinema, and outdoor marketing platforms were used to a greater extent in 2010 The press and Internet were less popular with insurance advertisers than 2009 CONSUMER FOCUS Introduction Age is a significant variant in terms of penetration rates of personal insurance The take-up of motor insurance is affected by age and income more than socioeconomic grading Consumers are most likely to purchase combined buildings and contents insurance policies The Internet is used by the majority of consumers to arrange home or motor insurance policies The postal method is still used by some higher income consumers when purchasing motor insurance Consumers in lower socioeconomic groups are most likely to purchase household or personal insurance policies by telephone Age and household income has a significant impact on retention rates in personal lines insurance Older consumers are generally more likely to switch motor insurance provider Lower income home contents insurance policyholders are the most likely to be on their first policy Price is the most important factor for consumers purchasing a motor insurance policy Convenience, reputation, and experience are also highly valued Consumers were universally concerned about the price of their motor insurance policies The factors that are important to consumers when selecting a provider vary from product to product Consumers under 25 are the least concerned about price but the most concerned about insurer reputation DIRECT INSURANCE Introduction Direct insurers account for a growing share of the private motor and household insurance markets Half of the private motor policies sold in 2010 were distributed through direct insurers Direct Line spent £56m on insurance advertising in 2010 Three-quarters of direct insurer advertising is dedicated to home or motor insurance The top 10 direct insurer advertisers cut their budgets for all media besides direct mail and outdoor campaigns Direct Line was the largest insurance advertiser in 2010 Direct Line and Aviva were top three insurers in both the home and motor insurance markets Near one-third of motor insurance policies were sold by top five direct insurance providers More than one-quarter of home insurance policies are sold by the top five direct insurers Ageas has formed significant partnerships which will considerably increase its share of the private motor and household insurance markets Aviva and RBS Insurance have started to merge underwriting sections in line with Solvency II Aviva will continue to provide home insurance to Barclays customers Ageas has strengthened its personal insurance presence via a number of notable partnerships Kwik-Fit has sold off its insurance wing to Ageas Esure was purchased in a management buyout and launched on brokers RSA purchased Oak Underwriting to increase its presence in the high net worth market BROKERS AND INTERMEDIARIES Introduction The proportion of household and motor insurance sold via brokers showed negligible change Brokers distributed approximately 30% of motor insurance GWP in 2010 Brokers continue to focus their advertising budgets on the motor and home insurance markets The proportion of advertising spend shifted towards home insurance in 2010 Brokers now concentrate increasingly on direct mail advertising The AA remains the top advertiser, with RIAS close behind The AA continues to dominate the personal insurance market The AA still dominates broker-distributed private motor insurance, while Hastings is now ahead of RIAS The AA and RIAS dominate the broker household insurance market The personal lines broker sector has seen a number of changes RIAS to sell its policies on aggregator sites Castle Cover has been acquired by Ageas for £53m One Call Insurance adjusted its business model to suit the aggregator market Swinton has continued with its acquisition strategy Ageas now provides travel and motor insurance to Tesco customers BANKS AND BUILDING SOCIETIES Introduction Household insurance GWP dominate bancassurance channel sales Despite the dominance of household insurance in the bancassurance channel, bank and building society motor insurance GWP sales rose to 7% in 2010 Bancassurance advertising spend increased substantially in 2010 After a noticeable decline in 2009, bancassurance advertising spend rose by 22.2% in 2010 Direct mail cross-selling dominates bancassurers' advertising, followed by TV advertising Only four out of the top 10 bancassurers increased their advertising budget Banks have a small presence in the motor insurance market, with the exception of Tesco Bank Lloyds has lost its position as the largest provider of motor insurance among bancassurers Halifax holds the largest share of the UK home insurance market Lloyds Banking Group exited the private motor insurance market with the sale of esure Aviva will continue to provide home insurance to Barclays customers Royal Bank of Scotland will provide motor insurance for Sainsbury's Bank Lloyds Banking Group is no longer in the market AFFINITY GROUPS AND RETAILERS Introduction Affinity partnership presence decreased in the UK personal insurance markets in 2010 Affinity groups and retailers have experienced a continuous drop in their private motor insurance market share since 2006 Affinity group insurers primarily used direct mail marketing Overall, 30% of the total budget of the leading affinity insurer advertisers was focused on home or motor insurance More than three-quarters of top affinity groups' advertising insurance expenditure was spent on direct mail HomeServe, RAC, and Sainsbury's reduced their insurance marketing budgets The top affinity and retailer insurance providers saw their market shares decrease RAC and Kwik-Fit retained their market shares in the motor insurance sector Affinity groups have their largest presence in the combined policy market Sainsbury's Bank switched its motor insurance provider Royal Bank of Scotland will provide motor insurance for Sainsbury's Bank Kwik-Fit has sold off its insurance wing to Ageas John Lewis rebrands its Greenbee business Ageas wins the 600,000-policy Age UK contract AGGREGATORS AND PRICE COMPARISON SITES Introduction The main focus of aggregators is to increase their share of the motor insurance market Aggregators target their advertising toward the commoditized car insurance sector Television was the primary advertising medium used by price comparison sites Only Confused.com reduced its advertising budget in 2010 Older consumers are less likely to consult aggregators Younger consumers are more likely to purchase motor insurance through an aggregator One-third of consumers under the age of 25 are unwilling to use aggregators to purchase household insurance policies Moneysupermarket.com has the highest consumer conversion rate in the home and motor insurance markets The highest proportion of consumers research and buy insurance policies from Comparethemarket.com Price comparison sites are used less for the arrangement of household insurance Moneysupermarket.com has the highest consumer conversion rate in terms of both home and motor insurance Nearly 10% of Moneysupermarket.com visitors purchase policies A significant proportion of consumers use price comparison sites purely for research 18% of consumers have not visited an aggregator site for household or motor insurance One-third of respondents who did not use aggregators preferred the direct channel One-quarter of consumers selected a price comparison site based on advertisements Half of consumers who use online aggregators do so purely for research purposes Price is the most important factor for consumers purchasing an insurance policy through an aggregator More than two-thirds of consumers would return to aggregators to buy their insurance products One-third of UK consumers remain unaware of the existence of cashback websites FUTURE DECODED Introduction The direct channel is predicted to increase its share in the private motor insurance market over the forecast period The direct channel is expected to continue to record the market share growth it has shown since 2007 Brokers are predicted to slowly lose market share until 2012, and thereafter level out Affinity partnerships are forecast to witness a market contraction As the UK comes out of recession, consumers will regain confidence in banks, and bancassurers could gain private motor insurance market share Direct insurers are forecast to become the dominant providers of UK household insurance The direct channel is expected to see a continuing increase in market share Bancassurers are predicted to retain the largest share of the UK household insurance market Brokers are expected to see a decline in market share from around 2013 Affinity partnerships are expected to see little movement in the UK household insurance market Future trends and action points The ECJ gender ruling is expected to affect the arrangement of private motor and medical insurance Motor insurers have targeted household insurance as an expansion opportunity Google's acquisition of Beat That Quote raised questions in the price comparison sector Future conditions in the insurance aggregator market Alternative scenarios include a potential revolution in how insurers and brokers use insurance aggregators, including a government-run price comparison system Insurers are intending to use technology to retain a strong market presence APPENDIX Definitions Distribution definitions Premium income Methodology Datamonitor General Insurance Consumer Survey Primary and secondary research Distribution estimates and forecast methodology Advertising and marketing spend data Further reading Ask the analyst Datamonitor consulting Disclaimer [Inhaltsverzeichnis ausblenden] |
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