UK Household Insurance: Distribution & Marketing 2018

UK Household Insurance: Distribution & Marketing 2018

Summary

"UK Household Insurance: Distribution & Marketing 2018", report explores consumer purchasing behavior and how consumer preferences are changing over time for contents, buildings, and combined cover. It discovers what is most influential to customers when purchasing a 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 household insurance market over the next few years.

Purchasing household insurance direct from an insurer was the most popular method in 2018, although there was increased competition from price comparison sites due to the proliferation of online purchasing methods. Purchasing household insurance online is now more popular than ever. There was a slight decrease in online purchases conducted via a PC, which was offset by a substantial increase in the number of smartphone and tablet purchases. There is also continued competition within the market for all products (contents, buildings, and combined) as the top 10 providers from 2017 were challenged by new entrants in 2018.

Scope

- Purchasing household insurance on a smartphone or tablet is becoming increasingly popular.
- Purchasing direct from insurers is the most popular channel. However, price comparison sites will threaten the status quo as more customers go online.
- 35% of customers who visited a price comparison site prior to purchasing combined household insurance went on to purchase through this channel.

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.
- Discover which providers lead the way in the household insurance space and how providers are revolutionizing the market through new innovations.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.

Executive Summary
The Purchasing Journey
Provider Engagement
Channel View
Marketing
Future Market
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