Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Term Assurance Distribution Dynamics 2023" report has been added to ResearchAndMarkets.com's offering.
This report explores how purchasing preferences have changed over time for term assurance. It discovers what is most influential to customers when purchasing a term assurance policy and reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the term assurance insurance market over the next few years.
Insurers and brokers remained the top two channels, accounting for a combined share of 73.3% of non-mortgage-related purchases in 2023. Insurers' share increased minimally by just 0.1 percentage points (pp) from 2022 to 2023. 45.5% of customers preferred purchasing policies through a broker or advisor, indicating the importance of specialist or technical advice. The channel declined by 7.8pp. This shows that insurers have strengthened their position in this line.
Scope
- The proportion of consumers visiting a price comparison website (PCW) before purchasing mortgage-related and non-mortgage-related term assurance policies increased by 0.2pp and 3.6pp, respectively, from 2022 to 2023. The dependence on PCWs as a research method highlights how important price is in this line amid the UK's cost-of-living crisis.
- 25% of mortgage-related term assurance policyholders chose to speak to an IFA or broker prior to purchasing a policy in 2023. IFAs remain fundamental to the distribution of protection products, given that they provide informed decisions based on consumers' unique circumstances.
- Purchasing mortgage-related term insurance policies online via a PC/laptop fell by 0.6pp in 2023 compared to 2022.
- This shift highlights the growing preference for purchasing via more portable devices. Policies purchased via the provider's app recorded a 0.9pp increase in 2023. Digitalization also helped providers to expand their direct business, particularly through their websites.
Reasons to Buy
- 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 term assurance space and learn about new product innovations.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.
Key Topics Covered:
- Executive Summary
- The Purchasing Journey
- Behaviors and Attitudes
- Brand Selection
- Future Market
- Appendix
A selection of companies mentioned in this report includes, but is not limited to:
- Aviva
- Legal & General
- Royal London
- LV=
- Vitality Health
- Scottish Widows
- Zurich
- Forbes
- Bluezone
- MetLife
For more information about this report visit https://www.researchandmarkets.com/r/lzubza
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