United Kingdom (UK) Personal Lines Insurance Distribution Dynamics and Future Market, 2023 Update

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United Kingdom (UK) Personal Lines Insurance Market Report Overview

The direct channel was the preferred choice for personal insurance purchases in the UK in 2023. Consumers are increasingly opting for online insurance purchases driving insurers and distributors to continue enhancing their online capabilities.

Consumers prioritize affordability and trustworthiness when selecting an insurance provider, regardless of distribution channel. Hence, across all lines of distribution, the primary factors influencing consumers’ choice is either related to the cost of premiums or the provider’s reputation. Additionally, the cost-of-living crisis and consumers’ inclination to seek savings wherever possible further contribute to their prioritization of affordability when selecting a provider.

The United Kingdom (UK) personal lines insurance market research report examines consumer channel preferences in the personal lines space and how these have changed over time, including the drivers behind customers’ choices. It also forecasts the future of personal line distribution to 2027.

Key Distribution Channels ·       Direct Channel

·       Broker Channel

·       Bank Channel

·       Affinity Channel

·       Price Comparison Website Channel

Key Drivers ·       Cost of the Premium

·       Prompt and Full Payment Claims

·       The Provider’s Reputation

·       Transparency of Pricing

·       Popularity of Brand Name

Key Providers ·       Aviva

·       Admiral

·       Hastings Direct

·       Saga

·       Halifax

·       Nationwide

·       Tesco Bank

·       Sainsbury’s

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UK Personal Lines Insurance Industry – Drivers

A few of the key factors driving the consumer’s choice of insurance providers include the cost of premium, prompt and full payment claims, the provider’s reputation, transparency of pricing, and popularity of brand name, among others.

The ongoing cost-of-living crisis has left individuals and families financially stretched. As a result, they prioritize affordability in all aspects of their spending, including insurance coverage and are more sensitive to changes in premium prices leading them to seek out options that offer the best value for their money. Hence, consumers may rank the cost of premiums as their top priority while choosing providers.

UK Personal Lines Insurance Industry Analysis by Drivers, 2023 (%)

UK Personal Lines Insurance Industry Analysis by Drivers, 2023 (%)

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UK Personal Lines Insurance Distribution Channels

The key distribution channels consumers use to purchase UK personal lines insurance are direct channel, broker channel, bank channel, affinity channel, and price comparison website channel. In 2023, the direct channel accounted for the highest share of personal line purchases.

Direct Channel: The direct channel remains the primary choice for personal insurance, and we anticipate its continued dominance in distribution as insurers enhance their digital capabilities and online customer experiences. Moreover, in the aftermath of the cost-of-living crisis, consumers are likely to favor insurers that are perceived as trustworthy, reinforcing the prominence of the direct channel.

In 2023, majority of consumers purchased their insurance online via a PC or laptop. Moreover, compared to 2021, there was an increase in consumer purchases via a smartphone/tablet. Greater digital convenience, improved mobile interfaces, and the impact of the COVID-19 pandemic on consumer behavior drove this increase. However, a very small percentage of consumers buying insurance via the direct channel used a provider’s app. Limited app awareness, concerns about data security, and preferences for other online platforms might be posing challenges for app usage.

UK Personal Lines Insurance Industry Analysis by Distribution Channels, 2023 (%)

UK Personal Lines Insurance Industry Analysis by Distribution Channels, 2023 (%)

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UK Personal Lines Insurance Industry – Competitive Landscape

A few of the key providers associated with the UK personal lines insurance market are Aviva, Admiral, Hastings Direct, Saga, Halifax, Nationwide, Tesco Bank, and Sainsbury’s, among others. Aviva is the top player in motor and home insurance and also ranks in the top three for travel insurance. Within the direct channel, the popular is popular across three of the four major lines. Meanwhile, Admiral is also well-represented in the motor, home, and travel markets.

UK Personal Lines Insurance Industry Analysis by Providers, 2023

UK Personal Lines Insurance Industry Analysis by Providers, 2023

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Segments Covered in the Report

UK Personal Lines Insurance Distribution Channel Outlook (2023)

  • Direct Channel
  • Broker Channel
  • Bank Channel
  • Affinity Channel
  • Price Comparison Website Channel

Key Highlights

  • According to GlobalData’s 2023 UK Insurance Consumer Survey, Aviva is the leading brand in the personal lines market. It is the top player in motor and home while also ranking in the top three for travel insurance.
  • Across all lines, online methods are the preferred purchasing option.
  • Customers who use PCWs show a greater inclination to switch compared to those utilizing other channels.
  • The primary factors influencing consumers’ choice of insurance provider relate to either the cost of premiums or the reputation of the provider.

Reasons to Buy

  • Understand how certain distribution channels in the UK general insurance market performed in 2022.
  • Ascertain how underlying factors and drivers in these markets will shape them going forward.
  • Discover preferred methods of purchasing through each respective distribution channel.
  • Understand switching behaviors in each channel.
  • Explore future market shares for personal lines distribution to 2027.

Aviva
Admiral
Hastings Direct
Direct Line
Petplan
Tesco Bank
Animal Friends
Staysure
ManyPets
InsureandGo
RSA
Lemonade
Marmalade
Gallagher
Hastings Direct
Ardonagh
Makerstudy
Halifax
Nationwide
ASDA
Barclays
Lloyds Bank
Natwest
HSBC
Monzo
Qover
Sainsburys
M&S
Pets at Home
Post Office
American Express
Sky
Prestige
Policy Expert
Churchill
Compare the Market
Go.Compare
Money Super Market
Confused.com

Table of Contents

Executive Summary

Introduction

Direct Channel

Broker Channel

Bank Channel

Affinity Channel

Price Comparison Website Channel

Future Market

Appendix

Frequently asked questions

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