UK B2C Insurance Distribution

Goals

Determine the distribution of B2C insurance in the UK market. The information will be used to understand the customer journey for insurance within the country.

Early Findings

B2C Insurance Purchase Distribution Insights

  • Around 46% of consumers surveyed opted to purchase life insurance from online channels.
  • For non-life insurance plans, 26% of consumers got their plans from online sites, through web or mobile devices.
  • Around 68% of consumers expressed interest in downloading and using an app from insurance firms.
  • Around 50% of insurance policies in the UK were purchased online.
  • Thirty-six percent of those surveyed also mentioned that they would require on-call support if ever they decide to buy online.
  • Approximately 34% of those surveyed are willing to buy plans from their banks, 15% from high-street brokers, ~14% from major retail brands and internet search engine companies, 11% from internet retailers or healthcare providers, 9% from bank telemarketing agents or technology providers, 8% from customer websites and forums, 7% from mobile phone operators, and 5% from social networks.
  • Around 22% prefer to buy personally from insurance agents.
  • For the 18 to 24 year-old demographic, 34% mentioned that they would turn to the internet to purchase their insurance plans.
  • In terms of the breakdown of purchase from overall purchasing channels, 56% will most likely turn directly to life insurance firms to buy their plans.
  • Around 36% will most likely buy from price comparison sites.
  • Approximately 30% of consumers plan to buy their insurance plans from their banks.
  • Twenty-five percent are considering purchasing from their advisors.

Customer Sentiments

  • One possible contributing factor on why some consumers do not have a policy yet could be the lengthy process involved when purchasing a plan.
  • Based also on the survey, consumers were found to prefer a shorter application process even if the premiums are slightly higher than those plans with a longer application process.
  • Customers prefer insurers to give them simpler and more accessible processes.
  • They also demand that all the prices and information on insurance plans should already be available on the platform that they use.
  • Based on a survey, 71% of consumers conducted online research prior to purchasing a plan.

Proprietary Database Search Results

In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.

Proposed next steps:

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