Dublin, May 15, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Critical Illness Insurance Distribution Dynamics and Future Market" report has been added to ResearchAndMarkets.com's offering.
This report explores how purchasing preferences have changed over time in the UK's critical illness insurance market. It discovers what is most influential to customers when purchasing a critical illness policy and reveals the market's most popular providers. New trends and innovations are highlighted as well as the key factors that will influence the market over the next few years.
Visiting a price comparison website (PCW) is the most popular pre-purchase activity undertaken by critical illness customers, highlighting the key role price plays in this market. Moreover, this action increased by 2.1 percentage points (pp) in 2023. The proportion of consumers speaking to an IFA or a broker decreased by 0.6pp in 2023 compared to 2022. However, this pre-purchase activity was still used by around a quarter of respondents, highlighting the importance consumers place on specialist advice prior to purchasing a critical illness policy.
Scope
- The insurer channel increased its share of critical illness policies by 6.3pp in 2023 compared to 2022. The analyst surveying suggests this channel is popular due to insurers' good reputation, a quicker purchasing process, and lower premiums.
- In 2023, the most popular reason or event driving critical illness purchases was consumers reaching an age where they feel they need the product. This reason saw its share rise by 4.5pp compared to 2022.
- Consumers are increasingly concerned about their ability to save money for retirement and meet their monthly financial commitments such as credit card dues, monthly bills, and mortgage and rent payments. This can be attributed to the impact of the cost-of-living crisis.
Reasons to Buy
- Understand consumer purchasing decisions and how these will influence the critical illness insurance 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 providers
- Discover which providers lead the way in the critical illness insurance space and learn about new product innovations
- Adapt your distribution strategy to ensure it still meets customer purchasing behavior.
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
- Aviva
- Legal & General
- Royal London
- LV=
- SunLife (Phoenix Life)
- Scottish Widows
- Zurich
- AIG Life
- Aegon
- HSBC
- Prudential
- Canada Life
- Beagle Street
- ESMI
- Wesleyan
- NFU Mutual
- Sun Life of Canada
- Old Mutual
- Vitality Health
For more information about this report visit https://www.researchandmarkets.com/r/nttw3t
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