DUBLIN--(BUSINESS WIRE)--The "UK Protection Insurance 2017: Term and Whole of Life" report has been added to Research and Markets' offering.
"UK Protection Insurance 2017: Term and Whole of Life" covers the market for individual regular premiums, concentrating on the main market for all types of consumers seeking their own cover. Taking protection as a whole, it focuses on the major and closely related product lines of term and whole of life insurance that broadly provide financial compensation in the risk-measured event of death or severe health issues.
Key Finding include in this report
- Total protection premiums reached £672.5m in 2016, exhibiting growth of 2.0% for the year. Term premiums reached £476.3m following 2.0% year-on-year growth to 2016, whereas whole of life premiums shrank by 13.6% to £98.1m.
- The protection market is dominated by a few key players. Legal & General holds the largest share of the term market (32.6%), whereas SunLife holds the largest proportion of the whole of life market (39.1%).
Critical success factors
- Direct distribution: Customers are more confident making their own decisions and self-serving. Providers should ensure they provide the capacity for customers 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 important 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 customers 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.
Key Topics Covered:
1. EXECUTIVE SUMMARY
1.1. Protection has reached a new normal, but innovation is coming
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.2. The protection market remained steady in 2016
2.3. The term market dictates the performance of the total protection market
2.4. Whole of life is a market of two halves
3.1. The RDR changed the distribution landscape
3.2. Term products are still dominated by IFAs
3.3. Distribution of whole of life products is as divided as ever
3.4. Technology is being used to improve the customer journey
4.1. The life insurance market is dominated by a few key players
5. THE MARKET GOING FORWARD
5.1. The protection market is forecast to remain steady
5.2. Customer engagement with protection policies could be improved
5.3. Protection products are becoming more personalized
5.4. Providers want to help individuals manage their health
- Legal & General
- Scottish Friendly
- Royal London
- Virgin Money
- Post Office
For more information about this report visit https://www.researchandmarkets.com/research/5ghvjl/uk_protection