UK Bancassurance Distribution Dynamics 2023 Full Year Update – Lloyds Bank Emerges as the Overall Market Leader in Commercial Lines
Dublin, May 14, 2024 (GLOBE NEWSWIRE) — The “UK Bancassurance Distribution Dynamics, 2023 Full Year Update” report has been added to ResearchAndMarkets.com’s offering.
The bancassurance distribution landscape in the UK varies between personal and commercial lines. Banks account for 6.2% of business within personal lines and 19.9% within commercial lines, respectively.
Bancassurance plays a crucial role as it enables customers to conveniently purchase insurance products. These products are often bundled with a bank account or offered as an optional addition through their banking provider. Insurance providers gain access to a larger pool of potential customers through partnerships, while banks benefit from targeting customers seeking services beyond traditional banking. Despite challenges such as the ongoing closure of bank branches, certain banks continue to regard bancassurance as a vital revenue stream. As a result, they are investing in new technologies to maintain a competitive edge.
This report discusses the bancassurance landscape for UK personal and commercial insurance. This includes discussion of the SME market, with due consideration given to smaller businesses and their comparatively simpler insurance needs. In addition, market leaders are outlined and consumer purchasing and switching behaviors are discussed.
Market Insights
- Leadership varies across different channels; notably, Nationwide commands a 25.4% market share in travel insurance. It boasts a Net Promoter Score (NPS) of 34.4 for travel insurance and 26.2 for home insurance, respectively. This high level of customer satisfaction places Nationwide in a competitive position.
- Switching behavior is predominantly focused on policy renewals; however, motor insurance sees the most consumer movement. This trend is driven by current premium inflation and the heightened competition among insurers in this segment.
- Lloyds Bank emerges as the overall market leader in commercial lines, commanding a 14.7% market share. It ranks first in 10 out of the 16 surveyed products.
Report Scope
- Understand the key consumer and SME switching and purchasing behaviors in the bank channel
- Discover how the market leaders have strategized to achieve their success
- Learn about the key partnerships and offerings from market leaders
- Identify competitor challenges through promoter scoring
Company Coverage:
- Aviva
- Halifax
- Admiral
- Nationwide
- Lloyds Bank
- Barclays
- Asda
- Animal Friends
- HSBC
- Santander
- RBS
- RSA
- U K Insurance Limited
- Allianz
- M&S Bank
- Chubb
- Monzo
- Qover
- NatWest
- AXA
- Arthur J. Gallagher
- Hiscox
- Churchill
- Ageas
- AIG
- Zurich
- Superscript
- TSB
- Virgin Money
For more information about this report visit https://www.researchandmarkets.com/r/r7xj9s
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