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UK Private Motor Insurance: Distribution & Marketing 2018

UK Private Motor Insurance: Distribution & Marketing 2018

  • February 2019
  • 36 pages
  • ID: 4487444
  • Format: PDF
  • By GlobalData

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UK Private Motor Insurance: Distribution & Marketing 2018

Summary
The purchasing preferences of Private Motor Insurance customers changed in 2018.Price Comparison Websites (PCWs) are now the most popular channel.

In a period of record high premiums, customer loyalty has waned: 63.4% of respondents used a PCW to conduct research before buying their latest policy.

PCWs overtook direct contact with an insurer as the most popular distribution channel for private motor insurance in 2018.Brokers saw a slight decrease in popularity, while banks saw a slight increase.

The publishing of price changes at renewal is encouraging policyholders to shop around.

The Civil Liabilities Act passed through the House of Lords in November 2018.This will have a meaningful impact on both the claims culture and motor premiums in the UK.

On the other hand, Aviva recorded the highest Net Promoter Score (NPS). Admiral had the worst NPS of the top three, although it did significantly improve on its 2017 score.

With the rising prominence of PCWs, more customers are also shifting their purchasing methods online, with approximately 70% of respondents purchasing their motor insurance policy either on a PC or handheld device.

The report "UK Private Motor Insurance: Distribution & Marketing 2018", explores consumer purchasing behavior, and how preferences are changing over time.It discovers what is most influential to customers when purchasing a policy, and also reveals the most popular providers in the market.

New trends and innovations are highlighted, as well as the key factors that will influence the private motor insurance market over the next few years.

Scope
- 37.4% of private motor insurance customers purchased via a price comparison website in 2018.
- 69.8% of customers purchased online.
- 13.2% of customers held a policy with Admiral.
- 72.5% of customers shopped around at last renewal.

Reasons to buy
- Understand consumer purchasing decisions and how these will influence the market over the next few years.
- Improve customer engagement by recognizing what is most important to them and how to adapt products and services to meet their needs.
- Learn which providers lead the way in the private motor insurance space.
- Discover which insurers spend the most on advertising and which channels they are using.

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