UK Personal Insurance Distribution: Banks and Retailers
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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.
- The affinity channel is worth Â£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:
Direct Line Group
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