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UK Protection Insurance 2017: Term and Whole of Life

UK Protection Insurance 2017: Term and Whole of Life

  • June 2017
  • 49 pages
  • ID: 4978305
In this report:
Consumers around the world are open to robo-advice to help determine which bank account to open (##%), which insurance coverage to purchase (##%), and how to plan for retirement (##%) according to Accenture.
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.

Summary

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UK Protection Insurance 2017: Term and Whole of Life

Brief

UK life protection market for regular, individual premiums has entered a quiet period, with a additional 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 anticipated to move away from independent financial advisors and begin to mirror the general insurance market, where policies are sold directly and through aggregators.

Over 50s whole of life policies are already sold without advice. Robo-advice and technology will be increasingly used to bridge the advice gap for less affluent customers following the Retail Distribution Review, additionally to streamlining the customer journey to make it easier to purchase protection products. Providers' propositions are also changing. Policies are becoming more personalized to individual risk by using big data from wearables, with insurers developing policies for particular risk groups. Providers are also 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.

Key Finding include in this market report -

- Total protection premiums reached £672.5m in 2016, exhibiting growth of 2.00 percent for the year. Term premiums reached £476.3m following 2.00 percent year-on-year growth to 2016, whereas whole of life premiums shrank by 13.60 percent to £98.1m.

- The protection market is dominated by a few top players. Legal & General holds the most important share of the term market (32.60 percent), whereas SunLife holds the biggest proportion of the whole of life market (39.10 percent).

Critical success factors -

- Direct distribution: Consumers are more confident making their own decisions and self-serving. Providers should ensure they provide the capacity for clients to purchase cover directly and through aggregators.

- Robo-advice- Providers should offer solutions that help identify the advice products most suited to them. This is crucial to bridge the advice gap for less affluent individuals and those going direct.

- Customer-centric products: Providers must move away from being protectors and begin to actively help consumers manage their health and risk. Reframing products to talk about protection more positively and away from the point of death is an opportunity to increase penetration.

The market research "UK Protection Insurance 2017: Term and Whole of Life" includes the sector for individual regular premiums, concentrating on the principal market for all types of consumers seeking their own cover. Taking protection as a whole, it focuses on the main and closely related product lines of term and whole of life insurance that mostly provide financial compensation in the risk-measured event of death or severe health issues.

Moreover, this business report provides the following -

- Examines the size of the protection market over time, and how the distribution landscape is changing and being impacted by technology and direct propositions.

- Offers the best market players and their propositions.

- Estimations 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 outlook.

Firms mentioned in this industry report: Legal & General, SunLife, Scottish Friendly, Aviva, Royal London, Zurich, Vitality, Virgin Money, Post Office.

Overview

- The protection market is dominated by a few main players. Legal & General holds the most important share of the term market, whereas SunLife holds the biggest 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.

Great reasons to purchaseasons to Buy

- Understand how clients perceive protection products and what can be done to make them more attractive.

- Remain ambitious 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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