Direct to Customer in Insurance – Thematic Research

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Published: April 30, 2020 Report Code: GDIN-TR-S017-TH

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As digitization continues to shape customers’ attitudes and purchasing behaviors, insurers are being forced to rethink their distribution models and put a greater focus on the direct channel. For both non-life and life products, price and reputation are at the heart of the customer decision-making process. Established players have the largest market shares for direct sales, but new entrants have focused their efforts on the direct channel and have excelled at removing friction from the customer journey. This is helping them differentiate their brands. Most insurers continue to hold strong ties with intermediaries, but the prospect of improved margins will incentivize them to continue investing in the direct channel.

Scope

• The direct channel is experiencing the fastest growth with both non-life and life products, although it is still more prominent for the former.

• Direct sales are also better established within personal lines than commercial products, as consumers’ willingness to pay for financial advice dissipates and online media facilitates direct interaction.

• As the direct channel grows, insurers are putting a greater focus on the user experience and overall customer journey. Insurers are increasingly present across different media, including social media and messaging apps.

Reasons to Buy

• Examine the size of the direct channel across selected key countries.

• Understand the key factors contributing to the rapid growth of the direct channel.

• Learn what insurance companies are doing to successfully communicate and engage with customers

• Improve the customer journey and brand loyalty by understanding what matters to consumers.

• Discover which are the most selected providers in the direct channel by non-life and life product lines (UK only).

Zhong An
Lemonade
Aviva
Admiral
LV=
Direct Line
Zurich
AXA
Liberty Mutual
Vitality
Berkshire Hathaway
LINK4
Wipro
Bupa
Oscar
DeadHappy
Bought By Many
Metromile
By Miles
Marmalade
Igloo
Trov
Zego
Toffee
Clover Health
Root
Allianz
Spixii
Amazon
Google

Waggle
Trustpilot
Halifax
Lloyds Bank
NatWest
Arthur J Gallagher
Petplan
Animal Friends
InsureandGo
Legal & General
Royal London
NFU Mutuak
Beagle Street
MAPFRE
Munich Re
Alibaba Ping An
apparent
Hippo
Root
Confused.com
GoCompare
GEICO
Facebook
LinkedIn
Twitter
Defaqto
reevoo
WeChat
MetLife
Pacific Insurers
Taikang Life Insurance
Jubilee Insurance
WhatsApp
Bharti AXA
eBay
Fubon Property & Casualty
The Co-operative
AIG Life
yulife
Swiss Re

Table of Contents

Players

Thematic briefing

What’s the difference between the direct and indirect channels?

Enablers of the direct channel

What’s driving the direct channel?

Trends

Technology trends

Industry trends

Macroeconomic trends

Regulatory trends

Industry analysis

Competitive analysis

Timeline

Value chain

Product development

Marketing and distribution

Underwriting and risk profiling

Claims management

Customer service

Companies section

Public companies

Private companies

Glossary

Further reading

Appendix: Our thematic research methodology

Frequently asked questions

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