Published on : Jul 25, 2017
Albany, New York, July 25, 2017: The report provides a comprehensive analysis of the insurance market for regular individual premiums and market condition for different types of consumers seeking insurance cover. Term life insurance and whole life insurance that provide the financial compensation in cases of severe health problems or in case of death are the major focusing points of the report. The report talks about the development of market, changes in distribution landscape and how advancing technology has impacted on the market.
The report on the UK protection insurance market closely examines how the market will flourish over a period of time, impact of the key players on the market and their propositions, how the consumer engagement with insurance products and propositions by the providers will change in the near future.
Since 2013, the UK life protection market has entered a quiet period for regular individual premiums. Overall, the market is dominated by term protection products, which recorded a slight growth of 2% following a decline of four years. One of the main reasons behind this is the reduced level of contracts and premium payments in the insurance business.
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Another major factor for the quiet period is the changes in distribution of insurance products. Non-advised channels are gaining more popularity for term insurance products where they can be easily commoditized. It is expected that term insurance product distribution will start moving away from the independent financial consultants and will be sold directly and/or through aggregators in the coming years. At an individual level, the insurance policies are becoming more customized taking personal needs into consideration and insurers developing insurance policies that are specific for a certain group risk.
The UK protection insurance market is dominated by a few key players. The term insurance market is largely dominated by Legal & General. On the other hand, SunLife holds the biggest share in the whole life insurance market. Aviva Life Insurance Company has term assurance policy in addition to its various life insurance policies. The report highlights how Vitality has contributed to innovation in the health insurance market by giving out rewards to healthy customers. In the current UK protection insurance market, the providers are actively trying to help their clients in managing their health by advising them to invest in diagnostic healthcare technology, proving clients with virtual GP services, and promoting wellbeing apps.
The report forecasts that the market going forward will remain steady. It estimates that distribution of insurance products will have the biggest impact on the protection insurance market during the report’s forecast period. It expects changes in approach of both providers and clients in the near future noting that providers need to be more empathetic towards their clients.
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