UK Protection Insurance market including Retail Distribution Review, robo-advice and technology 2017

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Description

"UK Protection Insurance 2017: Term and Whole of Life", covers the market for individual regular premiums, concentrating on the main market for all types of consumers seeking their own cover. Taking protection as a whole, it focuses on the major and closely related product lines of term and whole of life insurance that broadly provide financial compensation in the risk-measured event of death or severe health issues. The report examines the size of the protection market over time, and how the distribution landscape is changing and being impacted by technology and direct propositions. It discusses the top market players and their propositions. The report forecasts how the size of the market will change over the next five years, discusses consumer engagement with protection products, and highlights how providers propositions are likely to change in the future.

The UK life protection market for regular, individual premiums has entered a quiet period, with a new normal level of business of reduced contracts and premiums since 2013. With the protection market fairly stable in terms of premiums, the real story lies in changes in distribution. The non-advised channel is starting to gain momentum for term products that can be easily commoditized. Term distribution is expected to move away from independent financial advisors (IFAs) and begin to mirror the general insurance market, where policies are sold directly and through aggregators. Providers propositions are also changing. Policies are becoming more personalized to individual risk, with insurers developing policies for specific risk groups. Providers are also trying to actively help their customers manage their health.

Scope

- The protection market is dominated by a few key players. Legal & General holds the largest share of the term market, whereas SunLife holds the largest proportion of the whole of life market.
- Providers are trying to actively help their customers manage their health by investing in diagnostic healthcare technology, launching wellbeing apps, and providing customers with virtual GP services.
- Following the Retail Distribution Review, robo-advice and technology will help bridge the advice gap for less affluent consumers.

Reasons to buy

- Understand how customers perceive protection products and what can be done to make them more attractive.
- Remain competitive by discovering how providers are changing their propositions.
- Discover how technology and robo-advice are being used to simplify the distribution of protection products.
- See how the UK protection market is forecast to grow over the next five years.

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Table of Contents
1. EXECUTIVE SUMMARY 3
1.1. Protection has reached a new normal, but innovation is coming 3
1.2. Key findings 3
1.3. Critical success factors 3

2. MARKET DYNAMICS 9
2.1. Introduction 9
2.2. The protection market remained steady in 2016 10
2.2.1. The UK protection market has reached a new normal of lower business levels since the RDR 10
2.2.2. Term products dominate the protection market 11
2.3. The term market dictates the performance of the total protection market 12
2.3.1. The term market recorded slight growth of 2.0% following four years of decline 12
2.3.2. Growth in mortgage lending is an opportunity for term policy providers 14
2.3.3. But providers are finding it difficult to sell life insurance alongside a mortgage 15
2.3.4. Mortgage lending will begin to slow, reducing the opportunity for term products 15
2.4. Whole of life is a market of two halves 16
2.4.1. The whole of life market has returned to its decline after a year of growth 16

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