MarketResearchReports.Biz
announces addition of new report "UK Protection Insurance 2017:
Term and Whole of Life" to its database.
"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. The
report examines the size of the protection market over time, and how
the distribution landscape is changing and being impacted by
technology and direct propositions. It discusses the top market
players and their propositions. The report forecasts 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 future.
The
UK life protection market for regular, individual premiums has
entered a quiet period, with a new 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 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. Providers propositions are
also changing. Policies are becoming more personalized to individual
risk, with insurers developing policies for specific risk groups.
Providers are also trying to actively help their customers manage
their health.
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Scope
- The protection market is
dominated by a few key players. Legal & General holds the largest
share of the term market, whereas SunLife holds the largest
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.
Reasons to buy
- Understand how customers
perceive protection products and what can be done to make them more
attractive.
- Remain competitive 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.
Table Of Contents
1. EXECUTIVE SUMMARY 3
1.1. Protection has reached a new normal, but innovation is coming 3
1.2. Key findings 3
1.3. Critical success factors 3
2. MARKET DYNAMICS 9
2.1. Introduction 9
2.2. The protection market remained steady in 2016 10
2.2.1. The UK protection market has reached a new normal of lower
business levels since the RDR 10
2.2.2. Term products dominate the protection market 11
2.3. The term market dictates the performance of the total protection
market 12
2.3.1. The term market recorded slight growth of 2.0% following four
years of decline 12
2.3.2. Growth in mortgage lending is an opportunity for term policy
providers 14
2.3.3. But providers are finding it difficult to sell life insurance
alongside a mortgage 15
2.3.4. Mortgage lending will begin to slow, reducing the opportunity
for term products 15
2.4. Whole of life is a market of two halves 16
2.4.1. The whole of life market has returned to its decline after a
year of growth 16
2.4.2. Whole of life premiums have been propped up by rate increases
16
3. DISTRIBUTION 19
3.1. The RDR changed the distribution landscape 19
3.1.1. The total protection market shows a decline in the restricted
advice channel 19
3.2. Term products are still dominated by IFAs 20
3.2.1. The non-advised channel is making gains in the term market 20
3.2.2. Non-mortgage term products are driving changes in distribution
in the term market 21
3.2.3. Distribution for mortgage-related term products remains fairly
steady 21
3.2.4. Term products have the higher capacity to be commoditized and
sold on a direct basis 22
3.3. Distribution of whole of life products is as divided as ever 23
3.3.1. The majority of guaranteed acceptance products are sold
without advice 23
3.3.2. Underwritten whole of life policies are complex and so are
distributed through IFAs 23
3.4. Technology is being used to improve the customer journey 24
3.4.1. Protection products are lacking in ease of purchase compared
to other industries 24
3.4.2. Distribution will begin to echo the general insurance market
as self-service will grow 24
3.4.3. To operate directly, customer journeys have started to be
streamlined 25
3.4.4. Growth is predicted for life insurance aggregators 25
3.4.5. Robo-advice will fill the advice gap for the less affluent 26
3.4.6. Aviva has a calculator to help customers understand how much
cover they need 27
3.4.7. Certua will launch a robo-life service where policies can be
adapted to customer needs 27
3.4.8. NAB has a digital advice service to empower those without an
IFA 28
3.4.9. Exaxe has launched a robo-advice platform 28
3.4.10. Legal & General is considering entering the robo-advice
space 28
3.4.11. Royal London has launched machine learning mortgage
protection 29
3.4.12. Concierge services could be adapted for the life insurance
market 29
3.4.13. Artificial intelligence is being used to manage claims with
greater efficiency 29
4. COMPETITION 31
4.1. The life insurance market is dominated by a few key players 31
4.1.1. Legal & General dominates the individual term assurance
market 31
4.1.2. SunLife holds the largest share of the whole of life market 31
4.1.3. Legal & General offers a range of life insurance policies
32
4.1.4. Aviva has a term assurance policy in addition to an over 50s
life insurance policy 33
4.1.5. SunLife offers term family life insurance and an over 50s
policy 34
4.1.6. Competitive advantage will be gained through innovative
products and direct distribution 34
4.1.7. Vitality has brought innovation to the market by rewarding
healthy customers 34
4.1.8. Virgin Money has partnered with BGL to launch a new life
insurance product 35
4.1.9. Royal London partners with Post Office Money to launch new
life insurance products 35
5. THE MARKET GOING FORWARD 37
5.1. The protection market is forecast to remain steady 37
5.1.1. Distribution will have the largest impact on the protection
market towards 2021 37
5.2. Customer engagement with protection policies could be improved
38
5.2.1. Uptake of life insurance could be increased 38
5.2.2. Life insurance policies should be framed differently 39
5.2.3. Protection insurance is still regarded as being too expensive
39
5.2.4. Providers need to be more empathetic with their customers 40
5.3. Protection products are becoming more personalized 40
5.3.1. Wearable healthcare technology will be able to assess the risk
of particular individuals 40
5.3.2. Facial analytics has been developed to estimate life
expectancy 40
5.3.3. Genomic profiling could be used to assess risk in the future
41
5.3.4. Personalization could create an uninsurable underclass 42
5.3.5. Royal London has launched a specialist policy for diabetics 42
5.3.6. Pulse Insurance launched cover for individuals with HIV 43
5.4. Providers want to help individuals manage their health 43
5.4.1. Providers could offer wearable technology that diagnoses and
manages medical conditions 43
5.4.2. Aviva has invested in technology to detect early signs of
cancer 44
5.4.3. Life insurance providers are launching their own wellbeing
apps 44
5.4.4. Providers are launching digital healthcare and virtual GP
services 44
6. APPENDIX 46
6.1. Abbreviations and acronyms 46
6.2. Bibliography 46
6.3. Further reading 48
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