Press release
Financial Services - UK Protection Insurance 2017: Term and Whole of Life
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.
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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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