Published on : Jul 12, 2016
ALBANY, New York, July 12, 2016: ResearchMoz.us has announced the addition of a new market study to its growing market intelligence database. The report is titled ‘UK Personal Insurance Distribution: Banks and Retailers’ and is available for sale on the official website of ResearchMoz.us. The report studies the UK personal insurance market closely to examine their role in the overall economic scenario. The various channels of personal insurance distribution utilized in the UK market are profiled in the report.
The report focuses on affinity schemes as a major channel for personal insurance distribution. According to the report, affinity insurance had a GWP (gross written premiums) valuation of US$3.1 bn. Affinity schemes are a form of partnership in which the primary dealer of the insurance makes another entity, usually one not specializing in insurance though offering it, responsible for the distribution and management of the insurance. This allows the primary dealer to minimize their losses and provide the customer access to areas in which they may not specialize.
The areas in the insurance contract in which the primary dealer has expertise are underwritten in affinity schemes, with the affinity partners relying on a strong brand image among existing customers to cross-sell insurance. However, insurance brokers who provide affinities to multiple insuring parties still hold a crucial role in the global market. Auto insurance is a conspicuous example of the latter.
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The role of three major components of the affinity channel is examined in the report: Insurers, retailers, and banks and building societies. Retailers hold a strong position in the pet insurance market, but banks and building societies are the dominant entities in the affinity channel. According to the report, together with retailers, banks account for close to a fifth of the total gross written premiums in personal lines.
The increasing importance of banks and building societies in the affinity insurance channel is due to their close link to mortgages, which gives them insight into the dynamics of the insurance sector for construction. This is also closely linked to the growing demand for travel insurance, which is usually based on the applicant’s current worth and the availability of added-value services on their current account. This is illustrated by the fact that a whopping 30.6% of travel insurance policies are distributed through banks or building societies.
The report analyzes the UK markets for home, pet, motor, and travel insurance and provides a complete overview of the major banks, retailers, and building societies active in each segment. 14 key UK banks and retailers are profiled in the report to provide information on various aspects of their insurance services, such as the importance of the insurance services to the company, the product catalog of the company, the incentives on offer in their insurance services, and their expenses on advertising their general insurance services.
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