UK Protection Insurance Market 2018: Critical Illness and Income Protection Analysis By Key Companies like Legal & General, Aviva, Vitality, Friends Life, Royal London, LV=, AIG, The Exeter, Zurich

"UK Protection Insurance 2018: Critical Illness & Income Protection", report discusses the IP and CII market, looking at market size with regards to changes in contracts and premiums, in addition to claims. It highlights the barriers to consumer engagement, how products are distributed, and the main players and their propositions. It provides five-year forecasts of market size in premiums to 2022, and discusses how the market is likely to change as healthcare technology is developed.

Both the income protection (IP) and critical illness insurance (CII) markets experienced strong growth in 2017. Combined, they increased their share of the total protection market for the fourth year in a row, accounting for 10% of premiums in 2017. This indicates growing demand for illness- and injury-oriented products. The IP and CII markets remain locked in a dynamic where products are sold as opposed to bought; as a result, the advisory channel has remained the main way in which IP and CII products are distributed. But consistent growth is occurring in the non-advisory channel (to a greater extent in the CII market), which suggests that over the coming years we may see a shift towards products being bought rather than sold.

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Scope:
- The number of contracts in the IP market increased in 2017 to 132,949, up 11.3% compared with the previous year. Premiums grew by 11% compared with 2016, reaching £53.63m.
- The standalone CII market experienced considerable growth in 2017, with premiums and contracts increasing by 37% and 46.2% respectively.
- Legal & General remained the largest provider of CII products in 2017, accounting for 25.5% of new contract sales. Meanwhile Aviva accounted for 24.6%, with its strong performance largely due to the incorporation of Friends Life.

Key Players:
• Legal & General
• Aviva
• Vitality
• Friends Life
• Royal London
• LV=
• AIG
• The Exeter
• Zurich
• Guardian Financial Services

Reasons to buy:
- Understand the barriers of uptake for CII and IP, and learn how to increase consumer engagement.
- Explore how the distribution landscape is changing for these products.
- Discover which providers lead the way in CII and IP.
- See how the CII and IP markets are forecast to grow over the next five years.

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Key Points from TOC:
1. EXECUTIVE SUMMARY 2
1.1. Market summary 2
1.2. Key findings 2
1.3. Critical success factors 2
2. MARKET DYNAMICS 8
2.1. Introduction 8
2.2. The total protection market grew in 2017 8
2.2.1. Contract levels and premiums both experienced strong growth in 2017 8
2.3. IP and CII contracts and premiums experienced strong growth in 2017 10
2.3.1. IP and CII contracts account for the greatest share of the total protection market since 2012 10
2.3.2. The IP market continued to grow in 2017 12
2.3.3. IP policies with a shorter-term payout are seen as one method of limiting the cost of claims 13
2.3.4. Universal Credit and IP products remain a sticking point 14
2.3.5. UK households are continuing to save less 14
2.3.6. The standalone CII market experienced a second year of unprecedented growth 14
2.3.7. CII is more common when sold as a rider rather than standalone 16
2.3.8. CII as a rider has the greatest penetration in the mortgage-related term market 16
2.3.9. The group life market continued to shrink in 2017 18
2.4. Cancer remains the largest cost for CII insurers 19
2.4.1. The number of claims relating to cancer increased by 8% in 2017 19
2.4.2. Insurers should emphasize the frequency of successful claims in order to increase engagement 21
2.4.3. The total number of claims in the IP market fell in 2017 22
3. DISTRIBUTION DYNAMICS 24
3.1. IP is reliant on the advisory channel 24
3.1.1. The independent advice channel increases its dominance within IP distribution 24
3.2. CII has seen continued growth in the non-advised channel 26
3.2.1. The independent advice channel saw the number of CII contracts double 26
3.2.2. CII comparison sites will aid the advisory process 27
4. COMPETITOR DYNAMICS 28
4.1. The protection market is ruled by a small number of players 28
4.1.1. Legal & General and Aviva dominated the CII market in 2017 by number of new contracts 28
4.1.2. IP gets a new market leader following Aviva and Friends Life tie-up 29
4.2. Competitor profiles for the leading CII and IP providers 31
4.2.1. Legal & General’s CII product gives policyholders access to a number of additional benefits 31
4.2.2. Legal & General’s IP product can be tailored to reduce premiums 32
4.2.3. Aviva offers two types of CII products to consumers tailored for different circumstances 32
4.2.4. Aviva’s Income Protection+ provides flexibility that allows product tailoring 33
4.2.5. LV=’s CII product is only available as a rider alongside term life insurance 33
4.2.6. LV= offers two main types of IP products to consumers 33
4.2.7. Zurich to launch new protection platform in September 2018 34
4.2.8. Guardian Financial Services aims to shake up the protection market 34
4.2.9. Vitality’s cover operates on a severity scale when assessing claims 34
4.3. The continued complexity of products could result in a new classification system 35
4.3.1. CII and IP could look to other markets to help consumers understand products 35
4.3.2. The number of conditions offered by the top five CII providers varies considerably 35
4.3.3. The increasing number of individuals purchasing without advice may lead to the development of more comparison services 37
5. THE FUTURE MARKET 38
5.1. The number of contracts is forecast to grow in the IP market 38
5.1.1. IP premiums will rise slower than contracts from 2020 to 2022 38
5.2. Both premiums and contracts will grow in the standalone CII market 39
5.2.1. Standalone CII contracts are forecast to rise by 7% by 2022 39
5.3. Insurers will use technology to develop more personalized products 40
5.3.1. Protection products will begin to incorporate the Internet of Things to change the focus to claims prevention 40
5.3.2. The data insurers collect - and how they collect it - will continue to evolve 41
5.3.3. Genome profiling could become widespread in the protection market 41
5.4. AI and robo-advice will increasingly be utilized 42
5.4.1. AI will help to streamline the claims process 42
5.4.2. Robo-advice will gain importance in the distribution of protection products 42
6. APPENDIX 43

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