UK Personal Insurance Distribution: Banks & Retailers
"UK Personal Insurance Distribution: Banks & Retailers", report explores the significance of banks and retailers within personal lines. It addresses the benefits and challenges of distributing through the channels and provides a competitive overview of where retailers, banks, and building societies rank within the home, motor, pet, and travel insurance markets. This is followed by analysis of the main UK retailers and banks with regards to which insurance products they offer, how significant insurance is to them, what customer incentives they offer, and how much they spend on advertising general insurance. The key insurers that underwrite policies for affinities are also analyzed in relation to what their product strengths are, which companies they underwrite for, and what they offer as a partner.
An affinity scheme is a partnership in which an insurer underwrites insurance to be distributed via another company whose primary product or service is not insurance. This includes banks and retailers, which together account for just under a fifth of GWP from the personal lines market. Banks and building societies are strong within home insurance due to close links with mortgage arrangement, and in travel insurance because cover is often provided with added-value current accounts. Retailers are particularly strong within the pet insurance market. Affinities rely on their strong brand identities in order to cross-sell insurance to existing customers, using incentives such as discounts and loyalty schemes to boost uptake. Insurers play to their strengths within the affinity channel; they tend to underwrite lines in which they are already strong. Brokers provide affinities with access to multiple insurers, and thus are still important within the affinity channel – especially in motor insurance.
– The affinity channel is worth £2.7bn in GWP.
– 52.5% of this share is accounted for by banks and building societies and 48.5% by high-street retailers.
– Tesco remains the leading affinity brand.
– Advertising spend continues its sharp decline in the affinity channel.
Reasons to Buy
– Realise the significance of the affinity channel as a method of product distribution.
– Be prepared for the opportunities banks and retailers offer insurers.
– Ensure your products are successfully marketed and incentivized through the affinity channel.
– Benchmark yourself against other affinities and insurers in the market.
– Identify the key players in the market and see which insurers they are partnered with.
U K Insurance
Table of Contents
Table of Contents
The Affinity Channel
Banks and Building Societies
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.