UK Bancassurance 2004 - Post Depolarization Strategies

Introduction
Depolarization legislation, the introduction of new products and changing consumer preferences are having a major impact on the bancassurance channel. Datamonitor has conducted in-depth interviews with leading figures in the industry to gather unique insight into the strategies of the key players and the probable future shape of the market.

Scope
This report centres around information obtained from extensive in-depth interviews with leading players who will decide the future of bancassurance.
Historic data from the ABI and IMA is used to size the market and the main distribution channels in the UK.
Five product categories are examined: single and annual premium life, single and annual premium pensions and retail sales of unit trusts and OEICs.
Provides forecasts for distribution, focusing on the proportion of new business that will come through the new multi-tied channels.
Highlights
Datamonitor forecasts that bancassurers are unlikely to significantly increase their market share between 2003 and 2008f, despite depolarization and the government's efforts to encourage saving amongst the mass-market.

In order to succeed in the bancassurance market, banks must strengthen relationships with their customers, identifying potential targets within their customer base and train staff to effectively sell the products.

Datamonitor estimates that 50% of new business premiums could be adequately served via a multi-tied advisor. Bancassurers and IFAs must battle it out to see who wins in this new look distribution landscape.

Reasons to Purchase
Offers unique insight from experts in all areas of the market at this critical period of change and strategy development
Estimates of the potential customer base that could be served on a multi-tie basis are crucial to banks trying to redefine their customer proposition
Reveals key factors for success that banks must fulfill in order to win market share from IFAs and capture the new multi-tie market