
UK Private Motor Insurance: Distribution Dynamics 2024
Description
UK Private Motor Insurance: Distribution Dynamics 2024
Summary
This report explores how purchasing preferences have changed over time for private motor insurance cover in the UK. It discovers 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 private motor insurance market over the next few years.
In 2024, the price comparison website (PCW) channel accounted for 33.7% of private motor insurance purchases, up 2.7 percentage points (pp) from the previous year. Combined with the insurer channel, they represented 66.9% of total purchases, a slight increase of 0.3pp from 2023.
Scope
Summary
This report explores how purchasing preferences have changed over time for private motor insurance cover in the UK. It discovers 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 private motor insurance market over the next few years.
In 2024, the price comparison website (PCW) channel accounted for 33.7% of private motor insurance purchases, up 2.7 percentage points (pp) from the previous year. Combined with the insurer channel, they represented 66.9% of total purchases, a slight increase of 0.3pp from 2023.
Scope
- Online purchasing became the preferred method of purchasing in 2024, accounting for 74.2% of total purchases-an increase of 3.1pp from the previous year. The acquisition of motor insurance policies via smartphones and tablets saw a rise of 1.8pp in 2024.
- In 2024, nearly half of all customers chose to renew their policies with their current provider after exploring other options, while over 20% proceeded with automatic renewals.
- The top 10 providers represented 67.6% of the market in 2024, a decrease from the 70.4% share observed in 2023. Within this group, six providers experienced a decline in their market share.
- Understand consumer purchasing decisions and how these will influence the market over the next few years.
- Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
- Compare the Net Promoter Scores of key insurance providers.
- Discover which providers lead the way in the private motor insurance space and learn about new product innovations.
- Adapt your distribution strategy to ensure it still meets customer purchasing behavior.
Table of Contents
33 Pages
- 1. Executive Summary
- 2. The Purchasing Journey
- 3. Providers and Switching
- 4. Channel View
- 5. Future Market
- 6. Appendix
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