How Customers Purchase Critical Illness Insurance?
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.
What are the key trends in the critical illness insurance market?
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.
Which major channels were used to purchase critical illness insurance policies?
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
For more purchasing channel insights, download a free report sample
Which major methods were used to purchase critical illness insurance policies?
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
For more purchasing method insights, download a free report sample
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
To know more about key providers, download a free report sample
Market Report Scope
|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|
- 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.
Legal & General
Table of Contents
Table of Contents
Sizing the Life Insurance Market
The Purchasing Journey
Behaviors and Attitudes
Frequently Asked Questions
The major channels that were used to purchase critical illness insurance policies in 2021 were insurers, brokers, PCW, and banks.
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.
The key providers in the critical illness market are Aviva, Legal & General, Royal London, HSBC, and Scottish Widows.
Get in touch to find out about our multi-purchase discounts
Tel +44 (0) 20 7947 2960
Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.
Still undecided about purchasing this report?
“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.”
“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.”
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.
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.