E-commerce: Internet rules UK personal lines distribution market
The internet is fast becoming the "only" way to purchase personal lines insurance in the UK as online customers become less loyal and more price sensitive, according to a recent consumer survey.
Global management consultants Accenture found that the UK led the rest of Europe in the extent and pace of online insurance with 81% of online motor insurance customers planning to shop around at renewal and only 17% planning to renew with their current provider.
Steve Lathrope, of the insurance industry practice at Accenture, said the impact of these trends had been exacerbated by the "phenomenal" rise of the aggregator channel.
"Providers will need to develop distinctive capabilities to
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Personal
Covéa cuts losses but underwriting deficit grows
Covéa Insurance has posted an £87.3m loss after tax for last year with underwriting losses across commercial, personal and speciality lines.
Winslow reunited with Aviva CFO Poole at DLG
Direct Line Group has appointed Jane Poole as group chief financial officer of the company, subject to regulatory approval.
FSCS details £23m MCE Insurance Company recovery from £90m hit
The Financial Services Compensation Scheme has secured £23m from the estate of Gibraltar-based Green Realisations 123, formerly known as MCE Insurance Company, after paying out approximately £90m in compensation to the firm’s customers.
Aviva completes on £453m AIG Life deal
Aviva has confirmed that, following receipt of all necessary approvals, it has completed the acquisition of AIG Life UK.
17% of brokers report unprofitable quarter to FCA financial resilience survey
An average three-month net profit of £22,636.50 has ranked insurance brokers and intermediaries as the third most profitable sector in the latest Financial Resilience Survey by the Financial Conduct Authority.
Asset manager ICG invests in Staysure
Global asset manager ICG has taken a minority stake in travel insurance specialist Staysure.
Kingfisher drives further into classic car market with Lynbrook buy
Kingfisher Insurance has bought Lynbrook Insurance to expand its presence in the classic vehicle market.
FOS confirms levy cut but forecasts more insurance complaints
The Financial Ombudsman Service has set its levy for 2024/25 at £70m despite anticipating an increase in operating expenditure and caseload.
Most read
- In Depth: Managing cyber risk in an ever-changing security landscape
- RSA confirms trading structure ahead of NIG integration
- In Depth: Cyber risk and AI – friend or foe?