UK Household Insurance: Distribution and Marketing 2017
Purchasing household insurance policies online has become increasingly popular, and is the most used channel by some margin. Providers should seek to ensure they have a strong online presence in order to ensure growth. The most common pre-purchase activity is visiting a price comparison website, highlighting the importance of price for customers. As a result, it is essential that both premium prices and the cover provided are extremely competitive.
Purchasing direct from the provider remains the most utilized channel, but the continued use of online purchasing methods has enabled the growth of price comparison websites for purchasing. The use of smartphones and tablets as a method to purchase household insurance is increasing, yet as this is still in its infancy there will be opportunities for all providers to exploit and increase their market share. The top 10 providers across all three types of household insurance (contents, buildings, and combined) have been challenged by new entrants, indicating a high degree of competition within the market.
Majority of customers across all types of household insurance products are seen as passive in their perception of their provider. Providers should seek to improve their Net Promoter Score (NPS), as low scores combined with the high level of competition could lead to a loss of customers. Technological developments that can be harnessed by households in order to better protect themselves will allow for more bespoke household insurance policies and potentially lower premiums.
The report UK Household Insurance: Distribution and Marketing 2017, explores consumer purchasing behavior and how consumer preferences are changing over time for contents, buildings, and combined cover. It highlights 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 household insurance market over the next few years.
Companies mentioned in this report: Aviva, Admiral, Barclays, AXA, Halifax, Direct Line, Churchill, Saga, Lloyds Bank, Age UK, Allianz, Zurich, LV=, Legal & General, Nationwide, More Th>n, Ageas, NFU Mutual, Insure4retirement.co.uk, John Lewis, Hiscox, Co-op Insurance, The Military Mutual, Tesco Bank, Asda
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