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UK Travel Insurance: Distribution & Marketing 2018

UK Travel Insurance: Distribution & Marketing 2018

  • February 2019
  • 34 pages
  • ID: 4487445
  • Format: PDF

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UK Travel Insurance: Distribution & Marketing 2018

Summary
Competition is high within the travel insurance market, with the top five players accounting for 30.1%. The retail and banking channels have increasingly displaced the market leadership of insurers. The banking channel has seen resurgence, potentially utilizing its cross-selling capabilities alongside the purchase of travel money. The largest percentage of promoters are found within affinity and banking channels. Across the top three providers in all channels, at least three in 10 customers are passive, highlighting the need for providers to improve customer perceptions and satisfaction.

Similar is the case of price comparison sites, which face significant churn in market share as competitive options prevail.The preference for price comparison sites appears to be inversely related to age.

The converse, however, is valid in the case of the broker channel. Such demographic relationships are crucial to factor in while planning marketing expenditure in order to ensure expansion of the customer base.

There has also been a significant shift to purchasing via a smartphone or tablet, demonstrating the need for all providers to offer digital solutions.Technology-enabled products such as wearables could potentially expand the scope for the travel insurance market.

This is because increasing data available about travelers will enable providers to ensure better pricing and management of expenses and claims.

The report "UK Travel Insurance: Distribution & Marketing 2018", examines consumer purchasing behavior and how consumer preferences are changing over time.It explores 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 travel market over the next few years.

Scope
- 87.3% of consumers purchased travel insurance prior to traveling.
- The travel insurance market is becoming increasingly competitive, with consumers purchasing through a greater variety of channels.
- 23% of consumers undertook no pre-purchase activity.

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 insurers can adapt their products and services to meet their needs.
- Discover which providers lead the way in the travel insurance space, and how providers are revolutionizing the market through new innovations.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.

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