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UK Personal Insurance Distribution: Banks and Retailers

09-24-2018 11:00 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ReportsWeb

ReportsWeb

ReportsWeb

Publisher's "UK Personal Insurance Distribution: Banks and 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 the analysis of 14 of the main UK retailers and banks in regards to: what 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 six main insurers that underwrite policies for affinities are additionally analyzed in relation to what their product strengths are, who they underwrite for, and what they offer as a partner.

Get Sample Copy at https://www.reportsweb.com/inquiry&RW0001277138/sample

Report Summary

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, with banks generating two thirds of this. Banks and building societies are strong within the home insurance market due to close links with mortgage arrangements, and also travel insurance where cover is often provided as a benefit of 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, and use incentives such as discounts and loyalty scheme rewards to do so. Insurers play to their strengths within the affinity channel. They tend to underwrite lines in which they are already strong compared to their other products and other insurers; however, it must also be acknowledged that brokers, which provide affinities with access to multiple insurers, are still important within the affinity channel, especially within motor insurance.

Key Findings

- The affinity channel is worth £3.1bn in GWP.
- 30.6% of travel insurance policies are distributed through a bank or building society.
- Tesco is the leading affinity brand.
- Advertising spend is decreasing for the affinity channel.

Reason to Buy

- Realize the significance of the affinity channel as a method of product distribution. Be prepared for the opportunities that banks and the retail channel offer insurers.
- Ensure your products are successfully marketed and incentivized through the affinity channel.
- Benchmark yourself against other affinities and insurers in the market.

Make an Inquiry https://www.reportsweb.com/inquiry&RW0001277138/buying

Key Players Mentioned:

Post Office
Tesco Bank
Sainsbury's Bank
M&S Bank
The Co-operative
Asda Money
John Lewis
Nationwide
Halifax
Lloyds Bank
NatWest
Santander
Barclays
HSBC
RSA
Aviva
AXA
Ageas
Direct Line Group
Allianz.

Contact Us:
Call: +1-646-491-9876
Email: sales@reportsweb.com

ReportsWeb.com is a one stop shop of market research reports and solutions to various companies across the globe. We help our clients in their decision support system by helping them choose most relevant and cost effective research reports and solutions from various publishers. We provide best in class customer service and our customer support team is always available to help you on your research queries.

Pune, India

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