How Customers Purchase Income Protection 2019

How Customers Purchase Income Protection 2019

  • March 2020 •
  • 23 pages •
  • Report ID: 5774665 •
  • Format: PDF
How Customers Purchase Income Protection 2019

Summary
Customers purchasing income protection in the UK are influenced by factors including financial concerns, product features, and even who they seek financial advice from.With over half of survey respondents aged below 35, insurers have a key segment to tap into.

Given mobile-based platforms are popular in purchases and the direct sales channel is key, insurers are well positioned to target this demographic.

This report explores the attitudes, behaviors, and preferences of customers who purchased an income protection 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 market using Association of British Insurers data.

Scope
- Accident and sickness cover was the leading consumer choice in 2019, accounting for 43.9% of income protection purchases.
- Consumers have moved away from researching and purchasing via price comparison sites, in favor of insurance brochures and visiting their existing provider’s website.
- The highest proportion of policies fall in the £20-£29 per month range.

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 you can adapt products and services to meet their needs.
- Discover which providers lead the way in the income protection space.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.
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