How Customers Purchase Term Assurance 2019

How Customers Purchase Term Assurance 2019

  • May 2020 •
  • 28 pages •
  • Report ID: 5774664 •
  • Format: PDF
How Customers Purchase Term Assurance 2019

Summary
This report examines the attitudes, behaviors, and preferences of customers who purchased a term assurance policy in the last 12 months.It explores distribution and the purchasing journey, policy purchase triggers, the financial concerns of customers, perceptions around activity trackers, and brand selection.

It also sizes the term assurance market using data from the Association of British Insurers.

The attitudes, preferences, and behaviors of customers purchasing term assurance in the past 12 months differed depending on whether the policy purchased was linked to a mortgage or not. This affects factors including whether they purchased independently or with advice, what triggered them to purchase a policy, their top financial concerns, and the product features they sought.

Scope
- Speaking to an independent financial advisor or broker was the most common pre-purchase activity in 2019 among mortgage-related term assurance customers.
- Purchasing directly from an insurer was the most common channel used by non-mortgage-related term assurance customers, increasing its share of distribution in 2019.

Reasons to Buy
- Understand consumer purchasing decisions and how these will influence the market over the next few years.
- Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
- Discover which providers lead the way in the term assurance space.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.
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