United Kingdom (UK) Private Motor Insurance - Distribution and Marketing 2020
Summary This report explores consumer purchasing behavior and how consumer preferences are changing over time.It discovers what is most influential to customers when purchasing a policy, and also reveals the most popular providers in the market.
New trends and innovations are highlighted, as well as the key factors that will influence the private motor insurance market over the next few years.
Insurers were the leading channel for motor insurance purchases in 2020.A rising number of partnerships between insurers and technology providers are expected to support sales through this channel.
For instance, in December 2020, Co-op Insurance announced a partnership with pay-by-mile car insurance provider By Miles, which will provide its customers with increased coverage options.
Scope - 39.6% of private motor insurance customers purchased via the direct channel in 2020.
- 14.5% of private motor insurance customers held a policy with Admiral in 2020.
- 74.6% of private motor insurance customers shopped around at their last renewal.
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 to adapt products and services to meet their needs.
- Discover which providers lead the way in the private motor insurance space and how providers are revolutionizing the market through new innovations.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.
- Discover which insurers spend the most on advertising and which channels they are using.
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