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UK Personal Insurance Distribution: Banks & Retailers

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Details

UK Personal Insurance Distribution: Banks & Retailers

Summary

"UK Personal Insurance Distribution: Banks & Retailers", report explores the significance of banks and retailers within personal lines. It addresses the benefits and challenges of distributing through the channels and provides a competitive overview of where retailers, banks, and building societies rank within the home, motor, pet, and travel insurance markets. This is followed by analysis of the main UK retailers and banks with regards to which insurance products they offer, how significant insurance is to them, what customer incentives they offer, and how much they spend on advertising general insurance. The key insurers that underwrite policies for affinities are also analyzed in relation to what their product strengths are, which companies they underwrite for, and what they offer as a partner.

An affinity scheme is a partnership in which an insurer underwrites insurance to be distributed via another company whose primary product or service is not insurance. This includes banks and retailers, which together account for just under a fifth of GWP from the personal lines market. Banks and building societies are strong within home insurance due to close links with mortgage arrangement, and in travel insurance because cover is often provided with added-value current accounts. Retailers are particularly strong within the pet insurance market. Affinities rely on their strong brand identities in order to cross-sell insurance to existing customers, using incentives such as discounts and loyalty schemes to boost uptake. Insurers play to their strengths within the affinity channel; they tend to underwrite lines in which they are already strong. Brokers provide affinities with access to multiple insurers, and thus are still important within the affinity channel - especially in motor insurance.

Scope

- The affinity channel is worth GBP 2.7bn in GWP.

- 52.5% of this share is accounted for by banks and building societies and 48.5% by high-street retailers.

- Tesco remains the leading affinity brand.

- Advertising spend continues its sharp decline in the affinity channel.

Reasons to buy

- Realise the significance of the affinity channel as a method of product distribution.

- Be prepared for the opportunities banks and retailers offer insurers.

- Ensure your products are successfully marketed and incentivized through the affinity channel.

- Benchmark yourself against other affinities and insurers in the market.

- Identify the key players in the market and see which insurers they are partnered with.

READ MORE

Table Of Content

Scope

Table of Contents

Executive Summary

The Affinity Channel

Retailers

Banks and Building Societies

Insurers

Appendix

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Section Purchase

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

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Products and Companies


Companies

Tesco Post Office Sainsbury's John Lewis Asda M&S The Co-operative Nationwide Halifax Lloyds Bank NatWest Santander Barclays HSBC Amazon Ageas U K Insurance Allianz RSA Aviva AXA

Company Profile

Company Profile Title

UK Personal Insurance Distribution: Banks & Retailers

Summary

"UK Personal Insurance Distribution: Banks & Retailers", report explores the significance of banks and retailers within personal lines. It addresses the benefits and challenges of distributing through the channels and provides a competitive overview of where retailers, banks, and building societies rank within the home, motor, pet, and travel insurance markets. This is followed by analysis of the main UK retailers and banks with regards to which insurance products they offer, how significant insurance is to them, what customer incentives they offer, and how much they spend on advertising general insurance. The key insurers that underwrite policies for affinities are also analyzed in relation to what their product strengths are, which companies they underwrite for, and what they offer as a partner.

An affinity scheme is a partnership in which an insurer underwrites insurance to be distributed via another company whose primary product or service is not insurance. This includes banks and retailers, which together account for just under a fifth of GWP from the personal lines market. Banks and building societies are strong within home insurance due to close links with mortgage arrangement, and in travel insurance because cover is often provided with added-value current accounts. Retailers are particularly strong within the pet insurance market. Affinities rely on their strong brand identities in order to cross-sell insurance to existing customers, using incentives such as discounts and loyalty schemes to boost uptake. Insurers play to their strengths within the affinity channel; they tend to underwrite lines in which they are already strong. Brokers provide affinities with access to multiple insurers, and thus are still important within the affinity channel - especially in motor insurance.

Scope

- The affinity channel is worth GBP 2.7bn in GWP.

- 52.5% of this share is accounted for by banks and building societies and 48.5% by high-street retailers.

- Tesco remains the leading affinity brand.

- Advertising spend continues its sharp decline in the affinity channel.

Reasons to buy

- Realise the significance of the affinity channel as a method of product distribution.

- Be prepared for the opportunities banks and retailers offer insurers.

- Ensure your products are successfully marketed and incentivized through the affinity channel.

- Benchmark yourself against other affinities and insurers in the market.

- Identify the key players in the market and see which insurers they are partnered with.

READ MORE

Scope

Table of Contents

Executive Summary

The Affinity Channel

Retailers

Banks and Building Societies

Insurers

Appendix

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

INQUIRE FOR COVID-19 IMPACT ANALYSIS


Companies

Tesco Post Office Sainsbury's John Lewis Asda M&S The Co-operative Nationwide Halifax Lloyds Bank NatWest Santander Barclays HSBC Amazon Ageas U K Insurance Allianz RSA Aviva AXA