HNW intermediaries facing bank and direct provider threat
High net worth (HNW) insurance intermediaries are coming under increasing market share pressure from banks and direct providers, according to research published today by Defaqto.
The financial research company urged intermediaries to focus on product differentiation in the face of heightened competition.
Defaqto described the HNW home insurance market as a "hot bed" of activity and reported there had been a 41% increase in the number of providers and a 28% rise in the amount of products available between 2008 and 2012.
It cited the entry of direct provider Greenbee, now known as John Lewis Insurance, back in October 2007 as the early catalyst.
In February 2011 Direct
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