"The Report UK
Protection Insurance: Critical Illness & Income Protection
provides information on pricing, market analysis, shares, forecast,
and company profiles for key industry participants. -
MarketResearchReports.biz"
Summary
Individual
product performance in the protection market is a turbulent and
confusing picture, with erratic premium behavior across the board.
While term (and specifically non-mortgage term) products are still
the dominant force with over 70% of protection share, there has been
downward pressure on every product line in recent times, reflecting
the uncertain, fragile national macroeconomic picture. Indeed, in the
absence of major market-driven change it is the macro-environment
that dictates performance.
Key Findings
-Although
the Retail Distribution Review (RDR) was aimed at the retail
investment market, and commission-based business is still permitted
for protection products, the net effect has been that advisors
offering a range of services have had to adapt their models. In
addition to RDR, a new emphasis on conduct has been ushered in with
the Financial Conduct Authority, and key protagonists in the
financial services markets have been overwhelmed with the volume of
regulatory change in the last few years.
-Individual
product performance in the protection market is a turbulent and
confusing picture, with erratic premium behavior across the board.
While term (and specifically non-mortgage term) products are still
the dominant force with over 70% of protection share, there has been
downward pressure on every product line in recent times, reflecting
the uncertain, fragile national macroeconomic picture.
View Report At
http://www.marketresearchreports.biz/analysis/852861
Synopsis
Verdict
Financials UK Protection Insurance: Critical Illness & Income
Protection examines the protection market, focusing on two products:
critical illness and income protection. It examines how the market
has performed and explores the key drivers shaping the market going
forward. It also highlights the impact of RDR and provides a forecast
for the next five years.
ReasonsToBuy
-Review
your strategy against both existing and new challenges regarding the
critical illness and income protection markets.
-See
where the opportunities are for digital disruption and how insurers
need to respond.
Download
Sample copy of this Report at :
http://www.marketresearchreports.biz/sample/sample/852861
Table
of Contents
Table of Contents
EXECUTIVE SUMMARY
Protection has reached a new
normal and needs to be reinvigorated
Key findings
Critical success factors
MARKET DYNAMICS
Introduction
The protection market has seen
major changes
Protection is sold not bought,
making advisors gatekeepers to the market
Contract levels have reduced
due to the RDR
Banks have retrenched to core
business and reduced their advisory capabilities
Protection products are
exhibiting varying performance levels
IP and CII account for a mere
7.2% of the total protection market
Prices rises have sustained the
market
The IP sector has struggled to
recover its 2012 market position
The product offers significant
benefits, but awareness and engagement is low
Confusion exists about the
types of cover
The application process is long
Little is done to spread the
word on policy benefits
CII penetration is very low,
and has been declining
Issues affecting IP also impact
CII take-up
The impact of ill health is
well publicized
CII is more likely to be added
to another protection product
The product has received
negative press regarding claims
Like IP, the CII sales process
is long
With-rider products
significantly expand the CII market
Half of mortgage-related term
assurance has CII added
The group life market can
detract from individual protection
Pressure from new regulation is
currently minimal
The protection market is out of
the spotlight for now
All quiet on the regulation
front
RDR has effectively excluded
less-affluent consumers from the market
Subtle social change is taking
place, while a lack of proactive customer engagement means the market
is stalled
Industry disruption has been
catching its breath
Insurers are focused on
operational pressures
PRODUCT DISTRIBUTION TRENDS
RDR has changed the
distribution landscape for protection products
The total protection market
picture reveals the collapse of restricted advice
However, the premiums story
shows the value of advice
Frustrations are creeping in
among advisors
IP is still a product that
needs advisors
The restricted advice channel
has shrunk
The independent channel
provides more value per contract
The independent advice channel
has shrunk back from CII
The restricted advice channel
has held firm
Pure direct channels are
gaining ground
More changes are afoot in the
advice market
About
us
MarketResearchReports.biz
is the most comprehensive collection of market research reports.
MarketResearchReports.Biz services are specially designed to save
time and money for our clients. We are a one stop solution for all
your research needs, our main offerings are syndicated research
reports, custom research, subscription access and consulting
services. We serve all sizes and types of companies spanning across
various industries.
Contact
State
Tower
90
Sate Street, Suite 700
Albany,
NY 12207
Tel:
+1-518-621-2074
No comments:
Post a Comment