Abstract
Overview
Introduction
Insurance brokers have lost market share in UK personal lines insurance, as
new distributors have won influence over the market. This report analyzes the
current situation and future prospects for personal lines brokers, evaluating
strategies for survival and providing unique estimates and forecasts of
personal lines distribution in the UK.
Scope
- The results of Datamonitor' s survey of personal lines brokers on issues
such as the threat from other distributors and FSA regulation
- Forecast of the market share of the broker channel up to 2010, based on
Datamonitor' s model and interviews with industry executives
- Datamonitor' s unique distribution estimates by channel
Report Highlights
According to Datamonitor' s Personal Insurance Broker Survey carried out in Q3
2006, brokers consider direct insurers as the biggest threat to their share of
personal general insurance, reflecting the fact that this channel has
overtaken brokers to become the largest distribution channel in motor and the
second largest in household insurance.
Aggregators offer brokers the option of generating Internet sales without also
having to build up strong call center or consumer brand awareness. Instead
such brokers can focus simply on winning a share of customers who choose to
buy online via aggregators.
Small high street brokers are expected to continue to lose market share in the
next five years, as a result of consumers moving away from buying via the
face-to-face platform. In contrast large brokers are expected to do better, as
a result of the new distribution strategies adopted by such brokers.
Reasons to Purchase
- Obtain a comprehensive understanding of the key trends driving the changes
to the role of personal lines brokers in the UK
- Gain knowledge of new and innovative distribution strategies undertaken by
personal lines brokers
- Plan your distribution strategy with confidence using Datamonitor' s
channel distribution forecasts
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