How Customers Purchase Critical Illness Insurance?

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Critical Illness Insurance Market Report Overview

Critical illness insurance (CII) cover provides a tax-free lump sum upon diagnosis of critical illness conditions. The CII covers consumption and clinical tabs during the range of the treatment. The critical/serious conditions are packaged with other life items, for example, term protection, which is alluded to similarly as with rider.

The critical illness insurance market report explores how purchasing preferences have changed over time. It discovers what is most influential to customers when purchasing a critical illness 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 critical illness insurance market over the next few years.

Major purchasing channels Insurer, Broker, PCW, and Bank
Major purchasing methods Online via a PC/Laptop, On the Phone, Online via a Smartphone /Tablet, By Post, Face to Face, and Provider’s App
Key providers Aviva, Legal & General, Royal London, HSBC, and Scottish Widows
Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

Key Critical Illness Insurance Market Trends

The COVID-19 pandemic raised financial security concerns which increased awareness related to critical insurance coverage. However, COVID-19 coverage is not provided under critical illness cover. Apart from cancer, heart attack and stroke make up most of the critical illness insurance claims every year. Furthermore, multiple sclerosis, Parkinson’s, and benign brain tumor were the reasons for claims which raises concern, as the number of claim payouts for these three illnesses has been on the rise every year and is expected to increase over the coming years.

With the rapid pace of technological change, insurers started integrating wearable devices into their policies to access real-time data and encourage customers to meet their health goals by offering financial rewards. This will provide opportunities to predict claims costs, which will help to reduce underwriting and pricing costs.

Buy full CII market report or download a free sample report for additional insights on key market trends

Critical Illness Insurance Market Segmentation by Purchasing Channels

The major channels that were used to purchase critical illness insurance policies in 2021 were insurers, brokers, PCW, and banks. Purchasing through the broker and the banking channels increased in 2021. The market share of broker and bank channels increased in 2021. Due to the uncertainty caused by the pandemic, customers preferred to purchase policies from trusted institutions and professionals with technical guidance regarding the policies in 2021.

Critical Illness Insurance Market Analysis by Purchasing Channels, 2021 (%)

Critical Illness Insurance Market Analysis by Purchasing Channels

Buy full report for more purchasing channel insights as you download a free report sample

Critical Illness Insurance Market Segmentation by Purchasing Methods

The major methods used to purchase critical illness insurance policies in 2021 were online via a pc/laptop, on the phone, online via a smartphone /tablet, by post, face to face, and through the provider’s app. In 2021, online purchasing was widely preferred.

Critical Illness Insurance Market Analysis by Purchasing Methods, 2021 (%)

Critical Illness Insurance Market Analysis by Purchasing Methods

Download a free report sample and buy full report for additional insights about the purchasing methods

Which are the key providers in the critical illness insurance market?

The key providers in the critical illness market are Aviva, Legal & General, Royal London, HSBC, and Scottish Widows. Aviva was the largest critical illness insurance provider in 2021.

Critical Illness Insurance Market Analysis by Providers, 2021 (%)

Critical Illness Insurance Market Analysis by Providers

Buy full report to know more about key providers or download a free report sample

Key Segments Covered in this Report

Critical Illness Insurance Purchasing Channel Outlook (2019-2021, %)

  • Broker
  • Insurer
  • Bank
  • PCW
  • Others

Critical Illness Insurance Purchasing Method Outlook (2019-2021, %)

  • Online Via a Pc/Laptop
  • On The Phone
  • Online Via a Smartphone /Tablet
  • By Post
  • Face To Face
  • Through The Provider’s App

Key Highlights

  • Critical illness customers are most inclined to visit price comparison websites (PCWs) and take advice from an independent financial advisor before purchasing a policy.
  • The top financial concerns among critical illness policyholders were paying monthly bills, saving for a comfortable retirement, and the impact of the COVID-19 pandemic.
  • In 2020, the number of new contracts with and without critical illness declined.

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 household insurance space and learn about new product innovations.
  • Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.

Aviva
Legal & General
Royal London
HSBC
Scottish Widows

Table of Contents

Table of Contents

Executive Summary

Sizing the Life Insurance Market

The Purchasing Journey

Behaviors and Attitudes

Brand Selection

Future Market

Appendix

Frequently asked questions

How Customers Purchase Critical Illness Insurance? thematic reports
Currency USD
$1,295

Can be used by individual purchaser only

$2,590

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

How Customers Purchase Critical Illness Insurance? was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Business and Consumer Services
New
Global Hiring Activity - Trends and Signals 2023
$399 | January 2024
Business and Consumer Services
Aon - Digital Transformation Strategies
$1,495 | December 2023
Business and Consumer Services
Top Business and Professional Services Foreign Direct Investment Companies
$399 | November 2023
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at How Customers Purchase Critical Illness Insurance? in real time.

  • Access a live How Customers Purchase Critical Illness Insurance? dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.