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SixthSense™

Insurance
£2500

Content
  • Introduction & ScopeToggle
    • Report coverage
    • Definitions
    • Abbreviations
    • Methodology
  • Report SummaryToggle
    • The recession takes its toll
    • Only one in ten are not insured
    • Watch that soft underbelly
    • The five demand drivers
    • Most adults have cancelled a policy
    • The recession causes cover re-evaluation
    • A knowledgeable policyholder base
    • Most policyholder don’t need advice…
    • …but some do
  • Expenditure and Market TrendsToggle
    • Consumer spending dives in the recession
    • With gross written premiums also falling
    • The Coalition Government makes life harder
    • Fraud a growing problem
    • Household and motor insurance the two main sectors of the market
    • Creditor insurance hardest hit
    • Motor insurance
    • Home insurance
    • Private medical insurance: consumer go back to the NHS
    • Regulatory moves undermine creditor/payment protection insurance
    • Travel insurance: the staycation limits demand
    • Pet insurance: pets as members of the family
  • Insurance Ownership PatternsToggle
    • Virtually everyone is covered for something
    • Most households opt for combined cover
    • High value home insurance
    • Most consumers opt for comprehensive motor cover
    • Private medical insurance: married, mature and affluent
    • Travel insurance: multiple trip cover favoured
    • Creditor/PPI insurance: single policy ownership preferred
    • Pet Insurance
  • Policy Holder Typologies and the Attitudes to RiskToggle
    • One third cover everything
    • Attitudes to Risk
    • Attitudes to risk drive policy ownership
    • Targeting implications
  • Market DynamicsToggle
    • Policy ownership momentum
    • Causes of policy cancellation
    • Cover versus costs
    • Standalone contents and buildings owners switch to combined policies
    • Third party cover migrates to comprehensive
    • Those cancelling travel insurance abandon the market…
    • Those cancelling PPI leave the market
    • When policies were cancelled
    • Recession causes adults to re-evaluate their cover
  • Policy SwitchingToggle
    • Policyholders have their finger on the pulse
    • Knowledge and reviewing linked with loyalty and policy ownership
    • Policy holders do it once a year
    • Annual renewal spurs policy evaluation and deal searching
    • Hunter or gatherer?
    • Hunters like to give a sucker a second chance
  • Distribution DynamicsToggle
    • Intermediaries and direct dominate
    • The Internet becomes numero uno…
    • Price comparison sites on the up…
    • But that does not mean the broker is on the way down…
    • Moreover, it’s not all rosy in the comparison site garden
    • Providers and distributors must treat customer fairly
    • Policyholders can do it for themselves
    • But around one-in-five do want help
    • The search for advice determines the use of the net
    • Tentative searchers the most in need of help
    • Internet lowers search costs
    • But not everyone goes and compares
    • Hunters like to hunt in every corner of the market
  • Policyholder Typologies and Demand FactorsToggle
    • Premiums and recognitions the two prime demand drivers
    • Five forces
    • Drivers vary by product
    • Value for money a key driver for combined policies
    • The web drives third party sales but price drives comprehensive cover
    • Price and product fit drive PPI sales
    • Hunters hunt on price…
    • While Gatherers gather on reputation
    • Price comparison sites cater to the impatient
  • Brandscape Toggle
    • Policyholders can tell their insurer from their distributors..
    • But most policyholders know where they bought their policies from
    • The big insurance brands
    • Home Insurance brands
    • Motor Insurance brands
    • Travel insurance
    • Pet insurance
    • PPI/Creditor insurance
    • PMI Insurance
    • Key variations between the main brands
  • AppendixToggle
    • Insurance Ownership Clusters
    • Attitudes to Risk
    • Policy Dynamics
  • DownloadsToggle
    • Questionnaire
    • Report PDF
    • Datasheet
    • Updates
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LATEST RESEARCH | 22 May 2013
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