Published on : May 04, 2016
ALBANY, New York, May 04, 2016: The U.K. is the biggest insurance market in Europe and has occupied the third position in the world insurance market. This research report studies various attitudinal demographic groups residing in the U.K. and provides a clear understanding of insurance customers and their product and service requirements to market participants.
According to the study, women are the prime convenience insurance customers in the U.K. The segment of customers under the age group of 18 to 30 years also acquires a considerable share in the overall market. The increasing penetration of smartphones, tablets, and laptops has expanded the base of convenience customers, as these devices offer smart platforms to check, compare, and purchase insurance suitable for them from anywhere. ‘Value for money’ is the most important factor, on which convenience customers base their decision of purchasing insurances.
Brand reputation of insurance providers is the second most widely sought factor among these customers. As ‘trust’ plays a prominent role in financial dealings, customers are more inclined towards brands with a faultless record, notes the market study.
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Further, the study discusses the challenges faced by insurance providers in the U.K. According to it, the biggest issue these providers are facing is to increase their clientele. Customer retention is also emerging as a major concern for market participants.
The competitive landscape of the U.K. insurance market has also been analyzed in this research report by evaluating the company profiles of major participants on the basis of their performance in the recent times and their growth prospects. As per the study, the increasing adoption of customer-centric approach among insurance providers has propelled the sale of insurance products significantly. Tesco, LV=, Barclays, Endsleigh, Churchill, Saga, AXA, Aviva, Admiral, and Direct Line are the major players in the U.K. insurance market, states the research report.
The report assists the U.K. insurance providers in gaining competitive advantages by providing an overview of the key market trends that influence the consumer choices. It also provides a clear picture of this market and explains the significance of being led by customers.
The strategies adopted by key companies, specifically those that provide value for money, with insights on their impact on customers’ demand scenario have also been discussed at length in this report.
The study attempts to assist stakeholders to gain a clear understanding of this market and help them in the further expansion of their businesses.
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