United Kingdom (UK) Bancassurance Distribution Dynamics and Future Market, 2023 Update

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United Kingdom (UK) Bancassurance Distribution Market Overview

Bancassurance represents a strategic alliance between banks and insurance companies, designed to offer customers the convenience of purchasing insurance products in conjunction with banking services. The banking channel accounts for the highest share of total personal and commercial lines distribution in 2023. App purchases through the bank channel increased with no other channel recording a higher proportion of purchases via apps. This could be because of banks’ intensified focus on digitalization, resulting in enhanced mobile banking apps that offer seamless integration of insurance products.

The United Kingdom (UK) bancassurance distribution market research report offers insights into provider selection and customer selection. The report enables the clients to identify the preferred distribution channel for insurance purchases and banks and their underwriting partners.

Key Method of Purchase •         Online via a PC or Laptop

•         On the phone

•         Face to Face

•         Through the Provider’s App

•         By Post

Leading Players •         Lloyds Bank

•         Barclays

•         NatWest

•         Halifax

•         HSBC

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United Kingdom (UK) Bancassurance Distribution Market Dynamics

Monthly direct debits to insurers are the most common payment method for home and travel insurance, which can be linked to consumers’ desire for financial flexibility. Consumers can better align their insurance expenses with their monthly cash flow, thereby easing the burden on their budget.

Significantly, offering a variety of payment methods is important, as many individuals have been financially impacted by the cost-of-living crisis. The number of motor insurance consumers using credit card monthly payments increased in 2023 indicating an increased reliance on credit amid the difficult economic situation and rising premiums.

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United Kingdom (UK) Bancassurance Distribution Market Segmentation by Method of Purchase

A few of the key methods of purchase in the United Kingdom (UK) bancassurance distribution market are online via a PC or laptop, on the phone, face to face, through the provider’s app, and by post among others. Online purchases account for all home insurance sales signifying the strong consumer preference for digital transactions.

United Kingdom (UK) Bancassurance Distribution Market Analysis by Method of Purchase 2023 (%)

United Kingdom (UK) Bancassurance Distribution Market Analysis by Method of Purchase 2023 (%)

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United Kingdom (UK) Bancassurance Distribution Market - Competitive Landscape

A few of the leading private household insurers in the UK are:

  • Lloyds Bank
  • Barclays
  • NatWest
  • Halifax
  • HSBC

In 2023, Lloyds Bank had the highest promoter proportion for home insurance bancassurance distribution in the UK.

United Kingdom (UK) Bancassurance Distribution Market Analysis by Leading Companies 2023 (%)

United Kingdom (UK) Bancassurance Distribution Market Analysis by Leading Companies 2023 (%)

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Segments Covered in the Report

United Kingdom (UK) Bancassurance Method of Purchase Outlook (Value, GBP Billion, 2023-2026)

  • Online via PC or Laptop
  • On the phone
  • Face to Face
  • Through the Provider’s App
  • By Post

Scope

• Leadership varies across different channels; notably, Nationwide commands a 25.4% market share in travel insurance. It boasts a Net Promoter Score (NPS) of 34.4 for travel insurance and 26.2 for home insurance, respectively. This high level of customer satisfaction places Nationwide in a competitive position.

• Switching behavior is predominantly focused on policy renewals; however, motor insurance sees the most consumer movement. This trend is driven by current premium inflation and the heightened competition among insurers in this segment.

• Lloyds Bank emerges as the overall market leader in commercial lines, commanding a 14.7% market share. It ranks first in 10 out of the 16 surveyed products.

Reasons to Buy

  • Understand the key consumer and SME switching and purchasing behaviors in the bank channel
  • Discover how the market leaders have strategized to achieve their success
  • Learn about the key partnerships and offerings from market leaders
  • Identify competitor challenges through promoter scoring

Aviva
Halifax
Admiral
Nationwide
Lloyds Bank
Barclays
Asda
Animal Friends
HSBC
Santander
RBS
RSA
U K Insurance Limited
Allianz
M&S Bank
Chubb
Monzo
Qover
NatWest
AXA
Arthur J. Gallagher
Hiscox
Churchill
Ageas
AIG
Zurich
Superscript
TSB
Virgin Money

Table of Contents

Executive Summary

Personal Lines

SME Commercial Lines

Appendix

Frequently asked questions

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