UK General Insurance Market Continues to Witness Steady Growth, Transparency and Ease of Access Key Influencing Factors

The general insurance market in UK continues to witness steady growth, with insurance providers consistently trying to gain more consumers by launching attractive schemes and discounts. However, the average UK general insurance subscriber is wary of changing his/her current insurance provider unless there is a really attractive offer. These insights are according to a new research titled “CONSUMERS AND GENERAL INSURANCE - UK - DECEMBER 2017” that has been added to the comprehensive database of Market Research Hub (MRH).

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According to the report, the general insurance premiums witnessed an increase of 600 million in the year 2016, with motor insurance among the most widely subscribed schemes. In addition to motor insurance, home insurance is another key contributor to the overall general insurance sector in the UK. Premium rates and higher degree of customization and flexibility remain the key factors that influence consumers to switch financial providers.

Transparency is of utmost importance to consumers, and open banking is being seen as a credible system of gaining unbiased and accurate information. According to the report, insurers can do themselves a lot of good if they adopt open banking systems. The FCA is also initiating measures to boost transparency in the system, with FCA calling for a higher level of access to the details.

The report also offers detailed information on the competitive strategies adopted by insurers to consolidate their position in the market. Advertising and marketing remain effective tools for insurers, and the spending on online displays and direct mail advertising has witnessed an increase. Information on the ad spending of top 20 brands in the UK general insurance market has been shared with the readers. Television advertising remains the most preferred and effective medium of advertising for insurers in the UK, and it is highly likely that ATL spending on TV advertising will continue to grow in the future as well.

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Multichannel communication will continue to gain importance in the UK general insurance sector, and it is highly likely that insurers will focus on developing effective channels during the assessment period. The onus on offering information and service through online channels is also likely to gain traction in the near future. Effective utilization of reward schemes, combined with offering touch points through smart devices can open up new avenues of growth for insurers. Although technology is enabling higher degree of access, concerns about confidentiality and data breaches have meant that a significant percentage of consumers in the UK is wary of sharing data with their insurance providers.

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