Abstract
Overview
Introduction
The distribution of personal lines insurance is going through important
changes, as new distributors challenge the market shares of traditional
providers. This report analyzes the growth and decline of the main
distribution channels, providing unique estimates and forecasts on personal
lines distribution in the UK.
Scope
- Datamonitor' s unique distribution estimates by channel and platform
- Forecasts for the main distribution channels up to 2011, based on
Datamonitor' s unique model and interviews with industry executives
- Analysis of the main developments within each of the main distribution
channels
- Forecasts for internet distribution of new and total sale up to 2011
Highlights
Bancassurers have lost ground in the household insurance market in recent
years due to competition from direct writers and partnerships. However, in
2006, bancassurers were able to regain some market share as a result of a
renewed focus on selling this core product.
The direct channel failed to increase its share of the market in 2006. This is
mainly a result of the fact that other players such as corporate partners,
banks and some brokers have adopted distribution strategies akin to direct
writers, by building up strong brand presences and using the internet and call
centers to sell motor insurance.
The growth in popularity of the internet as a platform through which consumers
buy personal insurance, has also been aided by the increasing popularity of
aggregator and price comparison sites such as Comparethemarket.com and
Gocompare.com.
Reasons to Purchase
- Obtain a comprehensive understanding of the key trends driving the changes
to personal insurance distribution in the UK
- Gain insight into the shifting consumer motivations and purchasing
strategies for personal insurance
- Plan your distribution strategy with confidence using Datamonitor' s
channel and platform distribution forecasts
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