Marktanalyse - Channel Metrics: Consumer Distribution Trends in UK Financial and Professional Services - Overview Report
Finaccord
3 / 2012
249 Seiten
| Typ: | Marktanalyse |
| Sprache: | deutsch |
| Regionen: | Vereinigtes Königreich |
| Verfügbarkeit: | verfügbar |
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Marktanalyse - 'Channel Metrics: Consumer Distribution Trends in UK Financial and Professional Services - Overview Report'
The Channel Metrics series is the most detailed and up-to-date guide to distribution trends in consumer financial and professional services in the UK available on a published basis. It covers 20 separate retail financial products and services, plus legal services, giving it a unique level of detail and information on products that are ignored elsewhere. It analyses: how consumers acquire these products and services - e.g. online, telephone, post or in person; from whom they acquire them - e.g. direct from the provider, through brokers or affinity schemes; and how often they acquire them - i.e. how many consumers acquired a product in the last year, either for the first time or by switching provider instead of renewing or carrying on with an existing product. Findings from this survey, which represents trends in 2011, are compared with those from 2005, 2007 and 2009 to show trends over time. Each of the 20 products or services is covered by its own briefing, while an overview report features them all plus additional, comparative analysis of distribution trends. Overall, the Channel Metrics series offers detailed and unique insights into trends in usage of distribution interfaces and channels across 20 distinct financial or professional products and services - with a dedicated briefing having been produced for each - as follows: Car and home Breakdown recovery insurance home emergency insurance Household insurance Motor insurance Life and health Dental insurance Health / hospital cash plans Life insurance Personal accident insurance Private medical insurance Niche insurance Annual travel insurance Pet insurance Single-trip travel insurance Banking products Credit cards Mortgages Personal loans Prepaid cards Savings accounts Travel money Professional services Financial advice Legal service
Key questions addressed by the research include the following:
- is customer loyalty on the decline?
- have online aggregators reached their limit for motor and household insurance, and can they sell products such as life insurance and mortgages effectively?
- what is the impact of cashback websites?
- what is the ‘brand stretch’ of commercial partners? Which products can a supermarket sell? Does the Post Office brand and branch ‘footprint’ work for all products?
- what financial products are still sold face-to-face, and why has this increased for prepaid cards?
- what are the distribution trends for rarely-researched products such as breakdown recovery and home emergency insurance? Channel Metrics: Consumer Distribution Trends in UK Financial and Professional Services is based on the results of an online survey of 1,000 consumers per product or service undertaken during November and December 2011.
The Channel Metrics series is the most detailed and up-to-date guide to distribution trends in consumer financial and professional services in the UK available on a published basis. It covers 20 separate retail financial products and services, plus legal services, giving it a unique level of detail and information on products that are ignored elsewhere. It analyses: how consumers acquire these products and services - e.g. online, telephone, post or in person; from whom they acquire them - e.g. direct from the provider, through brokers or affinity schemes; and how often they acquire them - i.e. how many consumers acquired a product in the last year, either for the first time or by switching provider instead of renewing or carrying on with an existing product. Findings from this survey, which represents trends in 2011, are compared with those from 2005, 2007 and 2009 to show trends over time. Each of the 20 products or services is covered by its own briefing, while an overview report features them all plus additional, comparative analysis of distribution trends. Overall, the Channel Metrics series offers detailed and unique insights into trends in usage of distribution interfaces and channels across 20 distinct financial or professional products and services - with a dedicated briefing having been produced for each - as follows: Car and home Breakdown recovery insurance home emergency insurance Household insurance Motor insurance Life and health Dental insurance Health / hospital cash plans Life insurance Personal accident insurance Private medical insurance Niche insurance Annual travel insurance Pet insurance Single-trip travel insurance Banking products Credit cards Mortgages Personal loans Prepaid cards Savings accounts Travel money Professional services Financial advice Legal service
Key questions addressed by the research include the following:
- is customer loyalty on the decline?
- have online aggregators reached their limit for motor and household insurance, and can they sell products such as life insurance and mortgages effectively?
- what is the impact of cashback websites?
- what is the ‘brand stretch’ of commercial partners? Which products can a supermarket sell? Does the Post Office brand and branch ‘footprint’ work for all products?
- what financial products are still sold face-to-face, and why has this increased for prepaid cards?
- what are the distribution trends for rarely-researched products such as breakdown recovery and home emergency insurance? Channel Metrics: Consumer Distribution Trends in UK Financial and Professional Services is based on the results of an online survey of 1,000 consumers per product or service undertaken during November and December 2011.
Inhaltsverzeichnis Marktanalyse - "Channel Metrics: Consumer Distribution Trends in UK Financial and Professional Services - Overview Report"
0.0 EXECUTIVE SUMMARY
Five products are held by more than half of all consumers...
…but competitors need to win the business of ‘switchers’ in order to grow
Banks may have stifled switching by a lack of competition on interest rates…
...since switching rates continue to rise for insurance products
Internet distribution surged between 2009 and 2011, and has not yet reached its peak for most products…
...though it has levelled off for motor insurance
Online sales were propelled upwards by aggregators and cashback websites...
...because of the success of aggregators in products such as life insurance, personal loans and mortgages...
...while cashback websites have won share in the price-driven fields of motor and household insurance
1.0 INTRODUCTION
Research rationale
A number of motivating factors underpin the Channel Metrics report and series of briefings
Updating the results from previous surveys
Analysis of consumers making an active distribution choice
Analysis of consumers purchasing or taking out financial services in prior years
Analysis of distribution interfaces and distribution channels
Expanding upon the results from previous surveys
Finaccord
Channel Metrics briefings
Car and home
Niche insurance
Life and health
Banking products
Professional services
Other UK consumer research publications
UK affinity and partnership marketing publications
2.0 CHANNEL COMPARISONS
Introduction
Overall customer take-up rates, 2011
Household and motor insurance have the highest take-up rates
One or both types of professional service were used by 17.5% of respondents
Available customer base, 2011
Switchers outnumber new customers for 18 out of 20 products and services…
… and can exceed 20% of the total sample…
…while new buyers never went beyond 5%
Trends in switching behaviour, 2005, 2007, 2009 and 2011
Trends in switching rates are different between banking and insurance products...
... they rose for personal loans, but not for savings accounts or credit cards...
...and increasing switching rates for insurance products indicate that consumer volatility continues to grow
Distribution interfaces
Overview
Internet sales continue to rise…
… and even to accelerate between 2009 and 2011
Face-to-face environment
Only three products or services were mostly distributed face to face in 2011
Internet
Online motor insurance appears to be reaching its peak…
…but other products continue to shift to internet distribution
Online sales of prepaid and credit cards fell as banks and building societies increased their market share
Inbound telephone
Inbound calling is important for niche products, especially where particular distributors rely on it
Outbound telephone
Low-cost accident and health products can be sold through outbound calling
Post
The share of credit cards sold by post rose in 2011 after several years of decline
Distribution channels
Overview
Two channels increased their share of the market…
…and direct sales ceased to be the leading channel for the first time
Direct sales
Direct providers are strongest for banking products...
...and their loss of channel share may at last be slowing for core insurance products
Advisers, brokers and aggregators
Financial advisers, and loan, mortgage and insurance brokers
Mortgages are the only products where brokers are still important
Online aggregators
Aggregators’ share of sales may at last be levelling off for motor, household and single-trip travel insurance...
...but is growing fast for many other products
Not-for-profit affinity groups
Charities
Charities have become less and less important for the distribution of financial services
Educational institutions
No respondent took out a credit card through an educational institution in 2011
Professional and trade associations
Associations constitute a significant distribution channel for professional services...
Sports organisations
...with legal services a leading area for sports organisations...
Trade unions
... and also important for trade unions
Financial partners
Banks and building societies (acting as intermediaries)
Banks’ and building societies’ role as intermediaries has declined since 2007
Credit card companies (acting as intermediaries)
Travel insurance can be cross-sold by credit card companies
Insurance companies (acting as intermediaries)
Fewer consumers bought home emergency and breakdown recovery insurance from insurers...
...with the result that their highest share of sales came from financial advice
Non-financial commercial partners
Automotive associations
Increased sales of non-motor-related policies may not compensate for lost share in their core business
Cashback websites
Cashback websites are responsible for the latest disruption to traditional distribution channels
Catalogue and other retailers
Payment card sales through retailers fell in 2011 compared to 2009
Estate agents
Mortgages and legal services are the main areas of activity for estate agents
Football and other sports clubs
Football club affinity credit cards have faded away
Loyalty schemes
Loyalty schemes’ share of sales rose for most of the products that they offer
Magazines, newspapers and other media entities
Use of this channel declined between 2009 and 2011
The Post Office
Travel money is the flagship financial product for the Post Office, but its share of sales dipped in 2011
Supermarkets
Supermarkets have found it hard to maintain a significant share of sales over time
Utility (electricity, gas and water) companies
Utilities gained share of sales for home emergency insurance in 2011...
...but this could be reversed if aggregators and cashback websites continue to expand for this product
Sector-specific distribution channels
Specialists are holding onto their share of sales in total
Travel agents and tour operators still sell travel money effectively, but have weakened for travel insurance
The worksite
The worksite is a significant channel for financial advice
3.0 PRODUCT ANALYSIS
Introduction
Car and home
Niche insurance
Life and health
Banking products
Professional services
Motor insurance
Switching rates and brand new sales: 2011
More than a third of all consumers with motor insurance acquired their policy in 2011
Distribution interfaces used in 2011 compared to previous years
Online sales continue to grow, albeit at a far slower rate than in previous years
Distribution channels used in 2011 compared to previous years
Overview
Insurance aggregators and brokers remain vital, although their share of sales has fallen slightly
Detailed analysis
Cashback websites are becoming highly significant in the distribution of motor policies…
…whereas the roles played by car dealers and supermarkets are diminishing
Breakdown recovery insurance
Switching rates and brand new sales: 2011
Around 30% of consumers with breakdown recovery insurance acquired their policy in 2011
Distribution interfaces used in 2011 compared to previous years
Online sales continue to flourish at the expense of all other interfaces
Distribution channels used in 2011 compared to previous years
Overview
Distribution by financial partners accounts for around a quarter of all sales
Detailed analysis
In a relatively short space of time, cashback websites have captured 9.9% of sales…
…whilst insurance companies and brokers are among the distribution channels losing ground
Household insurance
Switching rates and brand new sales: 2011
Nearly a third of all consumers with household insurance took out their policy in 2011
Distribution interfaces used in 2011 compared to previous years
Online sales continue to grow, though at a slower rate
Distribution channels used in 2011 compared to previous years
Overview
Insurance aggregators and brokers account for nearly half of all new policies
Detailed analysis
Cashback websites are the emerging force in online distribution...
...while the challenge posed by supermarkets has receded
Home emergency insurance
Switching rates and brand new sales: 2011
Around 20% of consumers with home emergency insurance acquired their policy in 2011
Distribution interfaces used in 2011 compared to previous years
Sales made via the internet continue to strengthen, as do inbound telephone sales
Distribution channels used in 2011 compared to previous years
Overview
The significance of non-financial commercial partners is rising rapidly
Detailed analysis
Cashback websites now account for more than 5% of all policy distribution…
…with estate agents also increasing their share of sales between 2009 and 2011
Annual travel insurance
Switching rates and brand new sales: 2011
Around 40% of annual travel insurance policyholders acquired their cover in 2011
Distribution interfaces used in 2011 compared to previous years
Inbound telephone sales and the internet are both gaining ground in this market
Distribution channels used in 2011 compared to previous years
Overview
Direct sales now account for less than 20% of all policy distribution
Detailed analysis
Cashback websites are not gaining ground when it comes to annual travel cover
…whereas online aggregators now account for almost 30% of sales
Single-trip travel insurance
Switching rates and brand new sales: 2011
Customer loyalty is extremely low for this type of travel policy
Distribution interfaces used in 2011 compared to previous years
Online sales now account for more than 70% of the market
Distribution channels used in 2011 compared to previous years
Overview
Around 20% of single-trip policies are sold directly by the insurers
Detailed analysis
Online aggregators now account for more than a third of new buyers and switchers
…whereas consumers no longer look to not-for-profit affinity groups for this type of cover
Pet insurance
Switching rates and brand new sales: 2011
Around a third of all consumers with pet insurance made a distribution choice in 2011
Distribution interfaces used in 2011 compared to previous years
The ways in which consumers acquire pet insurance have changed very little over time
Distribution channels used in 2011 compared to previous years
Overview
Direct sales continue to lose ground to aggregators and other types of distributor
Detailed analysis
A growing proportion of pet cover is acquired through cashback websites…
…with sales by charities and vets also being on the increase
Life insurance
Switching rates and brand new sales: 2011
Two thirds of consumers do not hold life insurance
Distribution interfaces used in 2011 compared to previous years
Online and telephone sales combine low costs with high quality underwriting processes
Distribution channels used in 2011 compared to previous years
Overview
Non-financial commercial partners have take market share away from direct sales
Detailed analysis
The rise of aggregator, cashback and supermarket sales explains the boom in internet distribution
Private medical insurance
Switching rates and brand new sales: 2011
Switching rates are low for private medical insurance
Distribution interfaces used in 2011 compared to previous years
Postal sales remain high, though face-to-face sales decline
Distribution channels used in 2011 compared to previous years
Overview
Direct sales and the worksite are the major distribution channels
Detailed analysis
Aggregators have displaced financial advisers even for private medical insurance
Dental insurance
Switching rates and brand new sales: 2011
Switching rates for dental insurance are low
Distribution interfaces used in 2011 compared to previous years
Telephone sales have become the main distribution interface for dental insurance
Distribution channels used in 2011 compared to previous years
Overview
All generic channels play a role in the distribution of dental insurance
Detailed analysis
Direct insurers and dentists were the most important distribution channels
Health / hospital cash plans
Switching rates and brand new sales: 2011
The vast majority of policyholders choose to carry on with their existing provider
Distribution interfaces used in 2011 compared to previous years
Online and telephone sales appear to be prospering in this small and volatile market
Distribution channels used in 2011 compared to previous years
Overview
Non-financial commercial partners are gaining ground as distributors of these policies
Detailed analysis
Cashback websites have established a presence in this market…
…and online aggregators have increased their share of sales in recent years
Personal accident insurance
Switching rates and brand new sales: 2011
Most customers with personal accident insurance kept with their provider
Distribution interfaces used in 2011 compared to previous years
Face-to-face sales continue to account for more than a fifth of this market
Distribution channels used in 2011 compared to previous years
Overview
The direct sales channel is consistently the leader
Detailed analysis
The distribution of personal accident insurance is becoming more fragmented
Mortgages
Switching rates and brand new sales: 2011
Almost 15% of current mortgage holders acquired their loan during 2011
Distribution interfaces used in 2011 compared to previous years
Face-to-face remains the dominant interface, although online sales are gaining ground
Distribution channels used in 2011 compared to previous years
Overview
Not-for-profit affinity groups are playing an increasingly important role in this market
Detailed analysis
Mortgage brokers account for around a quarter of new sales…
…whilst educational institutions and professional associations are increasing their shares
Personal loans
Switching rates and brand new sales: 2011
Around a third of personal loan customers acquired their loan during 2011
Distribution interfaces used in 2011 compared to previous years
Face-to-face and online sales jointly account for around 70% of all distribution
Distribution channels used in 2011 compared to previous years
Overview
The role of online aggregators in the distribution of personal loans is becoming more important
Detailed analysis
The share of sales attributed to loan brokers has fallen…
…whereas various types of not-for-profit affinity group continue to do well
Credit cards
Switching rates and brand new sales: 2011
Around 15% of all consumers with credit cards acquired their card during 2011
Distribution interfaces used in 2011 compared to previous years
Online sales account for almost two thirds of new credit card distribution
Distribution channels used in 2011 compared to previous years
Overview
Direct sales by credit card companies have been a in slow but steady decline for years
Detailed analysis
Cashback websites and sports organisations are shown to be active distributors of credit cards…
…with supermarkets and other retailers also playing an important role in this market
Prepaid cards
Switching rates and brand new sales: 2011
More than a third of those consumers with prepaid cards acquired their card during 2011
Distribution interfaces used in 2011 compared to previous years
Face-to-face distribution is now the predominant way for consumers to acquire these cards
Distribution channels used in 2011 compared to previous years
Overview
Direct sales are losing out to distribution via non-financial commercial partners, among others
Detailed analysis
Banks and building societies account for a growing proportion of prepaid card distribution…
…whereas the role of charities and sports organisations is declining
Savings accounts
Switching rates and brand new sales: 2011
Two thirds of respondents held a savings account
Distribution interfaces used in 2011 compared to previous years
Online and face-to-face sales make up the bulk of the market
Distribution channels used in 2011 compared to previous years
Overview
Direct sales have not lost market share since 2007
Detailed analysis
Online-only channels are not the driving force in the growth of internet sales...
...while the challenge from supermarkets has faded
Travel money
Switching rates and brand new sales: 2011
Switching rates are high for a transactional, ‘one-off’ product
Distribution interfaces used in 2011 compared to previous years
Face-to-face sales remain high...
...but online ordering should continue to grow
Distribution channels used in 2011 compared to previous years
Overview
Non-financial commercial partners are the dominant category of provider
Detailed analysis
The Post Office has lost a substantial share of the market...
...but does it cross-sell travel money to travel insurance customers, or the other way round?
Financial advice
Switching rates and brand new sales: 2011
Nearly a quarter of consumers taking financial advice did not use a firm of advisers they had used before
Distribution interfaces used in 2011
Face-to-face advice remains most popular, with the internet and inbound telephone interfaces on the rise
Distribution channels used in 2011 compared to previous years
Overview
Financial partners vie with financial advisers...
Detailed analysis
...with banks and building societies as the leading financial partners, ahead of insurance companies
Reasons for taking financial advice
Non-pension savings accounted for the majority of financial advice
Legal services
Consumers use legal services as transactions, not as long-term relationships
Distribution interfaces used in 2011
While customers are moving to remote channels, the telephone is preferred above the internet
Distribution channels used in 2011 compared to previous years
Overview
Direct contact with solicitors remains the main distribution channel...
...though web-based brokers are becoming established
Detailed analysis
Professional or trade associations and trade unions see more ‘repeat business’...
... while estate agents are best suited to one-off transactional services
Reasons for arranging legal services
Wills and inheritance tax are the main reasons for using legal services...
... with the falling property market reducing the demand for conveyancing
4.0 APPENDIX
Research sample and mechanics
Research methodology and structure
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
Switching rates continue to rise for insurance policies, but not for savings and lending products
Over half of all financial products and services were sold online in 2011
Direct sales ceased to be the primary distribution channel for financial products and services in 2011
1.0 INTRODUCTION
The financial services distribution universe: distribution channels and distribution interfaces
2.0 CHANNEL COMPARISONS
Available customer base for 20 financial products and services, 2011
Available customer base for 20 financial products and services, 2011 (data)
Switching rates for six banking products, 2005, 2007, 2009 and 2011
Switching rates for 12 insurance products, 2005, 2007, 2009 and 2011
Switching rates for 20 financial products, 2005, 2007, 2009 and 2011 (data)
Analysis of distribution interfaces used for acquiring 20 financial products, 2011 and all previous years
Analysis of distribution interfaces used for acquiring 20 financial products, 2011 and all previous years (data)
Analysis of distribution interfaces used for acquiring 12 financial products, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring 12 financial products, 2011, 2009, 2007, 2005 and all previous years (data)
% of customers acquiring financial products and services face-to-face, 2011, 2009, 2007, 2005 and all previous years compared (data)
% of customers acquiring financial products and services by the internet, 2011, 2009, 2007, 2005 and all previous years compared (data)
% of customers acquiring financial products and services by inbound telephone, 2011, 2009, 2007, 2005 and all previous years compared (data)
% of customers acquiring financial products and services by outbound telephone, 2011, 2009, 2007, 2005 and all previous years compared (data)
% of customers acquiring financial products and services by post, 2011, 2009, 2007, 2005 and all previous years compared (data)
Analysis of generic distribution channels used for acquiring 20 financial products, 2011 and all previous years
Analysis of generic distribution channels used for acquiring 20 financial products, 2011 and all previous years (data)
% of customers acquiring financial products and services through direct contact with the ultimate provider, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through financial advisers, and loan, mortgage and insurance brokers, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through online aggregators, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through charities, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through educational institutions, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through professional and trade associations, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through sports organisations, 2011 and all previous years compared
% of customers acquiring financial products and services through trade unions, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through banks and building societies (acting as intermediaries), 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through credit card companies (acting as intermediaries), 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through insurance companies (acting as intermediaries), 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through automotive associations, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through cashback websites, 2011 and all previous years compared
% of customers acquiring financial products and services through catalogue and other retailers, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through estate agents, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through football and other sports clubs, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through loyalty schemes, 2011, 2009, 2007 and all previous years compared
% of customers acquiring financial products and services through magazines, newspapers and other media entities, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through the Post Office, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through supermarkets, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through utility (electricity, gas and water) companies, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through sector-specific distribution channels, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through the worksite, 2011, 2009, 2007, 2005 and all previous years compared
3.0 PRODUCT ANALYSIS
Motor insurance
% of consumers switching provider or acquiring motor insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring motor insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring motor insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring motor insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring motor insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring motor insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring motor insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Breakdown recovery insurance
% of consumers switching provider or acquiring breakdown recovery insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring breakdown recovery insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring breakdown recovery insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring breakdown recovery insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring breakdown recovery insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring breakdown recovery insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring breakdown recovery insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Household insurance
% of consumers switching provider or acquiring household insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring household insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring household insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring household insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring household insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring household insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring household insurance, 2009, 2007, 2005 and all previous years (data)
Home emergency insurance
% of consumers switching provider or acquiring home emergency insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring home emergency insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring home emergency insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring home emergency insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring home emergency insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring home emergency insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring home emergency insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Annual travel insurance
% of consumers switching provider or acquiring annual travel insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring annual travel insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring annual travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring annual travel insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring annual travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring annual travel insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring annual travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Single-trip travel insurance
% of consumers switching provider or acquiring single-trip travel insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring single-trip travel insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring single-trip travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring single-trip travel insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring single-trip travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring single-trip travel insurance, 2011
Detailed analysis of distribution channels used for acquiring single-trip travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Pet insurance
% of consumers switching provider or acquiring pet insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring pet insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring pet insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring pet insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring pet insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring pet insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring pet insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Life insurance
% of consumers switching provider or acquiring life insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring life insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring life insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring life insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring life insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring life insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring life insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Private medical insurance
% of consumers switching provider or acquiring private medical insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring private medical insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring private medical insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring private medical insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring private medical insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring private medical insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring private medical insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Dental insurance
% of consumers switching provider or acquiring dental insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring dental insurance, 2011, 2009 and all previous years
Analysis of distribution interfaces used for acquiring dental insurance, 2011, 2009 and all previous years (data)
Analysis of distribution channels used for acquiring dental insurance, 2011, 2009 and all previous years
Analysis of distribution channels used for acquiring dental insurance, 2011, 2009 and all previous years (data)
Detailed analysis of distribution channels used for acquiring dental insurance, 2011, 2009 and all previous years (data)
Health / hospital cash plans
% of consumers switching provider or acquiring a health / hospital cash plan for the first time, 2011
Analysis of distribution interfaces used for acquiring health / hospital cash plans, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring health / hospital cash plans, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring health / hospital cash plans, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring health / hospital cash plans, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring health / hospital cash plans, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring health / hospital cash plans, 2011, 2009, 2007, 2005 and all previous years (data)
Personal accident insurance
% of consumers switching provider or acquiring personal accident insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring personal accident insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring personal accident insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring personal motor insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring personal accident insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring personal accident insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring personal accident insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Mortgages
% of consumers switching provider or taking out a mortgage for the first time, 2011
Analysis of distribution interfaces used for taking out mortgages, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for taking out mortgages, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for taking out mortgages, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for taking out mortgages, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for taking out mortgages, 2011 and all previous years
Detailed analysis of distribution channels used for taking out mortgages, 2011, 2009, 2007, 2005 and all previous years (data)
Personal loans
% of consumers switching provider or taking out a personal loan for the first time, 2011
Analysis of distribution interfaces used for taking out personal loans, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for taking out personal loans, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for taking out personal loans, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for taking out personal loans, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for taking out personal loans, 2011 and all previous years
Detailed analysis of distribution channels used for taking out personal loans, 2011, 2009, 2007, 2005 and all previous years (data)
Credit cards
% of consumers switching provider or acquiring credit cards for the first time, 2011
Analysis of distribution interfaces used for acquiring credit cards, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring credit cards, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring credit cards, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring credit cards, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring credit cards, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring credit cards, 2011, 2009, 2007, 2005 and all previous years (data)
Prepaid cards
% of consumers switching provider or acquiring prepaid cards for the first time, 2011
Analysis of distribution interfaces used for acquiring prepaid cards, 2011, 2009 and all previous years
Analysis of distribution interfaces used for acquiring prepaid cards, 2011, 2009 and all previous years (data)
Analysis of distribution channels used for acquiring prepaid cards, 2011, 2009 and all previous years
Analysis of distribution channels used for acquiring prepaid cards, 2011, 2009 and all previous years (data)
Comparison of main distribution channels used for acquiring prepaid cards, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring prepaid cards, 2011, 2009 and all previous years (data)
Savings accounts
% of consumers switching provider or taking out a savings account for the first time, 2011
Analysis of distribution interfaces used for taking out savings accounts, 2011, 2009, 2007 and all previous years
Analysis of distribution interfaces used for taking out savings accounts, 2011, 2009, 2007 and all previous years (data)
Analysis of distribution channels used for taking out savings accounts, 2011, 2009, 2007and all previous years
Analysis of distribution channels used for taking out savings accounts, 2011, 2009, 2007 and all previous years (data)
Comparison of main distribution channels used for taking out savings accounts, 2011 and all previous years
Detailed analysis of distribution channels used for taking out savings accounts, 2011, 2009, 2007 and all previous years (data)
Travel money
% of consumers switching provider or acquiring travel money insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring travel money, 2011, 2009 and all previous years
Analysis of distribution interfaces used for acquiring travel money, 2011, 2009 and all previous years (data)
Analysis of distribution channels used for acquiring travel money, 2011, 2009 and all previous years
Analysis of distribution channels used for acquiring travel money, 2011, 2009 and all previous years (data)
Comparison of main distribution channels used for acquiring travel money, 2011
Detailed analysis of distribution channels used for acquiring travel money, 2011, 2009 and all previous years (data)
Financial advice
% of consumers switching provider or taking financial advice for the first time, 2011
Analysis of distribution interfaces used for taking financial advice, 2011
Analysis of distribution interfaces used for taking financial advice, 2011 (data)
Analysis of distribution channels used for taking financial advice, 2011
Analysis of distribution channels used for taking financial advice, 2011 (data)
Comparison of main distribution channels used for taking financial advice, 2011
Detailed analysis of distribution channels used for taking financial advice, 2011 (data)
Reasons for taking financial advice, 2011
Legal services
% of consumers switching provider or arranging legal services for the first time, 2011
Analysis of distribution interfaces used for arranging legal services, 2011
Analysis of distribution interfaces used for arranging legal services, 2011 (data)
Analysis of distribution channels used for arranging legal services, 2011
Analysis of distribution channels used for arranging legal services, 2011 (data)
Comparison of main distribution channels used for arranging legal services, 2011
Detailed analysis of distribution channels used for arranging legal services, 2011 (data)
Reasons for arranging legal services, 2011
4.0 APPENDIX
Sample breakdown by age group, household income band and geographical location
0.0 EXECUTIVE SUMMARY
Five products are held by more than half of all consumers...
…but competitors need to win the business of ‘switchers’ in order to grow
Banks may have stifled switching by a lack of competition on interest rates…
...since switching rates continue to rise for insurance products
Internet distribution surged between 2009 and 2011, and has not yet reached its peak for most products…
...though it has levelled off for motor insurance
Online sales were propelled upwards by aggregators and cashback websites...
...because of the success of aggregators in products such as life insurance, personal loans and mortgages...
...while cashback websites have won share in the price-driven fields of motor and household insurance
1.0 INTRODUCTION
Research rationale
A number of motivating factors underpin the Channel Metrics report and series of briefings
Updating the results from previous surveys
Analysis of consumers making an active distribution choice
Analysis of consumers purchasing or taking out financial services in prior years
Analysis of distribution interfaces and distribution channels
Expanding upon the results from previous surveys
Finaccord
Channel Metrics briefings
Car and home
Niche insurance
Life and health
Banking products
Professional services
Other UK consumer research publications
UK affinity and partnership marketing publications
2.0 CHANNEL COMPARISONS
Introduction
Overall customer take-up rates, 2011
Household and motor insurance have the highest take-up rates
One or both types of professional service were used by 17.5% of respondents
Available customer base, 2011
Switchers outnumber new customers for 18 out of 20 products and services…
… and can exceed 20% of the total sample…
…while new buyers never went beyond 5%
Trends in switching behaviour, 2005, 2007, 2009 and 2011
Trends in switching rates are different between banking and insurance products...
... they rose for personal loans, but not for savings accounts or credit cards...
...and increasing switching rates for insurance products indicate that consumer volatility continues to grow
Distribution interfaces
Overview
Internet sales continue to rise…
… and even to accelerate between 2009 and 2011
Face-to-face environment
Only three products or services were mostly distributed face to face in 2011
Internet
Online motor insurance appears to be reaching its peak…
…but other products continue to shift to internet distribution
Online sales of prepaid and credit cards fell as banks and building societies increased their market share
Inbound telephone
Inbound calling is important for niche products, especially where particular distributors rely on it
Outbound telephone
Low-cost accident and health products can be sold through outbound calling
Post
The share of credit cards sold by post rose in 2011 after several years of decline
Distribution channels
Overview
Two channels increased their share of the market…
…and direct sales ceased to be the leading channel for the first time
Direct sales
Direct providers are strongest for banking products...
...and their loss of channel share may at last be slowing for core insurance products
Advisers, brokers and aggregators
Financial advisers, and loan, mortgage and insurance brokers
Mortgages are the only products where brokers are still important
Online aggregators
Aggregators’ share of sales may at last be levelling off for motor, household and single-trip travel insurance...
...but is growing fast for many other products
Not-for-profit affinity groups
Charities
Charities have become less and less important for the distribution of financial services
Educational institutions
No respondent took out a credit card through an educational institution in 2011
Professional and trade associations
Associations constitute a significant distribution channel for professional services...
Sports organisations
...with legal services a leading area for sports organisations...
Trade unions
... and also important for trade unions
Financial partners
Banks and building societies (acting as intermediaries)
Banks’ and building societies’ role as intermediaries has declined since 2007
Credit card companies (acting as intermediaries)
Travel insurance can be cross-sold by credit card companies
Insurance companies (acting as intermediaries)
Fewer consumers bought home emergency and breakdown recovery insurance from insurers...
...with the result that their highest share of sales came from financial advice
Non-financial commercial partners
Automotive associations
Increased sales of non-motor-related policies may not compensate for lost share in their core business
Cashback websites
Cashback websites are responsible for the latest disruption to traditional distribution channels
Catalogue and other retailers
Payment card sales through retailers fell in 2011 compared to 2009
Estate agents
Mortgages and legal services are the main areas of activity for estate agents
Football and other sports clubs
Football club affinity credit cards have faded away
Loyalty schemes
Loyalty schemes’ share of sales rose for most of the products that they offer
Magazines, newspapers and other media entities
Use of this channel declined between 2009 and 2011
The Post Office
Travel money is the flagship financial product for the Post Office, but its share of sales dipped in 2011
Supermarkets
Supermarkets have found it hard to maintain a significant share of sales over time
Utility (electricity, gas and water) companies
Utilities gained share of sales for home emergency insurance in 2011...
...but this could be reversed if aggregators and cashback websites continue to expand for this product
Sector-specific distribution channels
Specialists are holding onto their share of sales in total
Travel agents and tour operators still sell travel money effectively, but have weakened for travel insurance
The worksite
The worksite is a significant channel for financial advice
3.0 PRODUCT ANALYSIS
Introduction
Car and home
Niche insurance
Life and health
Banking products
Professional services
Motor insurance
Switching rates and brand new sales: 2011
More than a third of all consumers with motor insurance acquired their policy in 2011
Distribution interfaces used in 2011 compared to previous years
Online sales continue to grow, albeit at a far slower rate than in previous years
Distribution channels used in 2011 compared to previous years
Overview
Insurance aggregators and brokers remain vital, although their share of sales has fallen slightly
Detailed analysis
Cashback websites are becoming highly significant in the distribution of motor policies…
…whereas the roles played by car dealers and supermarkets are diminishing
Breakdown recovery insurance
Switching rates and brand new sales: 2011
Around 30% of consumers with breakdown recovery insurance acquired their policy in 2011
Distribution interfaces used in 2011 compared to previous years
Online sales continue to flourish at the expense of all other interfaces
Distribution channels used in 2011 compared to previous years
Overview
Distribution by financial partners accounts for around a quarter of all sales
Detailed analysis
In a relatively short space of time, cashback websites have captured 9.9% of sales…
…whilst insurance companies and brokers are among the distribution channels losing ground
Household insurance
Switching rates and brand new sales: 2011
Nearly a third of all consumers with household insurance took out their policy in 2011
Distribution interfaces used in 2011 compared to previous years
Online sales continue to grow, though at a slower rate
Distribution channels used in 2011 compared to previous years
Overview
Insurance aggregators and brokers account for nearly half of all new policies
Detailed analysis
Cashback websites are the emerging force in online distribution...
...while the challenge posed by supermarkets has receded
Home emergency insurance
Switching rates and brand new sales: 2011
Around 20% of consumers with home emergency insurance acquired their policy in 2011
Distribution interfaces used in 2011 compared to previous years
Sales made via the internet continue to strengthen, as do inbound telephone sales
Distribution channels used in 2011 compared to previous years
Overview
The significance of non-financial commercial partners is rising rapidly
Detailed analysis
Cashback websites now account for more than 5% of all policy distribution…
…with estate agents also increasing their share of sales between 2009 and 2011
Annual travel insurance
Switching rates and brand new sales: 2011
Around 40% of annual travel insurance policyholders acquired their cover in 2011
Distribution interfaces used in 2011 compared to previous years
Inbound telephone sales and the internet are both gaining ground in this market
Distribution channels used in 2011 compared to previous years
Overview
Direct sales now account for less than 20% of all policy distribution
Detailed analysis
Cashback websites are not gaining ground when it comes to annual travel cover
…whereas online aggregators now account for almost 30% of sales
Single-trip travel insurance
Switching rates and brand new sales: 2011
Customer loyalty is extremely low for this type of travel policy
Distribution interfaces used in 2011 compared to previous years
Online sales now account for more than 70% of the market
Distribution channels used in 2011 compared to previous years
Overview
Around 20% of single-trip policies are sold directly by the insurers
Detailed analysis
Online aggregators now account for more than a third of new buyers and switchers
…whereas consumers no longer look to not-for-profit affinity groups for this type of cover
Pet insurance
Switching rates and brand new sales: 2011
Around a third of all consumers with pet insurance made a distribution choice in 2011
Distribution interfaces used in 2011 compared to previous years
The ways in which consumers acquire pet insurance have changed very little over time
Distribution channels used in 2011 compared to previous years
Overview
Direct sales continue to lose ground to aggregators and other types of distributor
Detailed analysis
A growing proportion of pet cover is acquired through cashback websites…
…with sales by charities and vets also being on the increase
Life insurance
Switching rates and brand new sales: 2011
Two thirds of consumers do not hold life insurance
Distribution interfaces used in 2011 compared to previous years
Online and telephone sales combine low costs with high quality underwriting processes
Distribution channels used in 2011 compared to previous years
Overview
Non-financial commercial partners have take market share away from direct sales
Detailed analysis
The rise of aggregator, cashback and supermarket sales explains the boom in internet distribution
Private medical insurance
Switching rates and brand new sales: 2011
Switching rates are low for private medical insurance
Distribution interfaces used in 2011 compared to previous years
Postal sales remain high, though face-to-face sales decline
Distribution channels used in 2011 compared to previous years
Overview
Direct sales and the worksite are the major distribution channels
Detailed analysis
Aggregators have displaced financial advisers even for private medical insurance
Dental insurance
Switching rates and brand new sales: 2011
Switching rates for dental insurance are low
Distribution interfaces used in 2011 compared to previous years
Telephone sales have become the main distribution interface for dental insurance
Distribution channels used in 2011 compared to previous years
Overview
All generic channels play a role in the distribution of dental insurance
Detailed analysis
Direct insurers and dentists were the most important distribution channels
Health / hospital cash plans
Switching rates and brand new sales: 2011
The vast majority of policyholders choose to carry on with their existing provider
Distribution interfaces used in 2011 compared to previous years
Online and telephone sales appear to be prospering in this small and volatile market
Distribution channels used in 2011 compared to previous years
Overview
Non-financial commercial partners are gaining ground as distributors of these policies
Detailed analysis
Cashback websites have established a presence in this market…
…and online aggregators have increased their share of sales in recent years
Personal accident insurance
Switching rates and brand new sales: 2011
Most customers with personal accident insurance kept with their provider
Distribution interfaces used in 2011 compared to previous years
Face-to-face sales continue to account for more than a fifth of this market
Distribution channels used in 2011 compared to previous years
Overview
The direct sales channel is consistently the leader
Detailed analysis
The distribution of personal accident insurance is becoming more fragmented
Mortgages
Switching rates and brand new sales: 2011
Almost 15% of current mortgage holders acquired their loan during 2011
Distribution interfaces used in 2011 compared to previous years
Face-to-face remains the dominant interface, although online sales are gaining ground
Distribution channels used in 2011 compared to previous years
Overview
Not-for-profit affinity groups are playing an increasingly important role in this market
Detailed analysis
Mortgage brokers account for around a quarter of new sales…
…whilst educational institutions and professional associations are increasing their shares
Personal loans
Switching rates and brand new sales: 2011
Around a third of personal loan customers acquired their loan during 2011
Distribution interfaces used in 2011 compared to previous years
Face-to-face and online sales jointly account for around 70% of all distribution
Distribution channels used in 2011 compared to previous years
Overview
The role of online aggregators in the distribution of personal loans is becoming more important
Detailed analysis
The share of sales attributed to loan brokers has fallen…
…whereas various types of not-for-profit affinity group continue to do well
Credit cards
Switching rates and brand new sales: 2011
Around 15% of all consumers with credit cards acquired their card during 2011
Distribution interfaces used in 2011 compared to previous years
Online sales account for almost two thirds of new credit card distribution
Distribution channels used in 2011 compared to previous years
Overview
Direct sales by credit card companies have been a in slow but steady decline for years
Detailed analysis
Cashback websites and sports organisations are shown to be active distributors of credit cards…
…with supermarkets and other retailers also playing an important role in this market
Prepaid cards
Switching rates and brand new sales: 2011
More than a third of those consumers with prepaid cards acquired their card during 2011
Distribution interfaces used in 2011 compared to previous years
Face-to-face distribution is now the predominant way for consumers to acquire these cards
Distribution channels used in 2011 compared to previous years
Overview
Direct sales are losing out to distribution via non-financial commercial partners, among others
Detailed analysis
Banks and building societies account for a growing proportion of prepaid card distribution…
…whereas the role of charities and sports organisations is declining
Savings accounts
Switching rates and brand new sales: 2011
Two thirds of respondents held a savings account
Distribution interfaces used in 2011 compared to previous years
Online and face-to-face sales make up the bulk of the market
Distribution channels used in 2011 compared to previous years
Overview
Direct sales have not lost market share since 2007
Detailed analysis
Online-only channels are not the driving force in the growth of internet sales...
...while the challenge from supermarkets has faded
Travel money
Switching rates and brand new sales: 2011
Switching rates are high for a transactional, ‘one-off’ product
Distribution interfaces used in 2011 compared to previous years
Face-to-face sales remain high...
...but online ordering should continue to grow
Distribution channels used in 2011 compared to previous years
Overview
Non-financial commercial partners are the dominant category of provider
Detailed analysis
The Post Office has lost a substantial share of the market...
...but does it cross-sell travel money to travel insurance customers, or the other way round?
Financial advice
Switching rates and brand new sales: 2011
Nearly a quarter of consumers taking financial advice did not use a firm of advisers they had used before
Distribution interfaces used in 2011
Face-to-face advice remains most popular, with the internet and inbound telephone interfaces on the rise
Distribution channels used in 2011 compared to previous years
Overview
Financial partners vie with financial advisers...
Detailed analysis
...with banks and building societies as the leading financial partners, ahead of insurance companies
Reasons for taking financial advice
Non-pension savings accounted for the majority of financial advice
Legal services
Consumers use legal services as transactions, not as long-term relationships
Distribution interfaces used in 2011
While customers are moving to remote channels, the telephone is preferred above the internet
Distribution channels used in 2011 compared to previous years
Overview
Direct contact with solicitors remains the main distribution channel...
...though web-based brokers are becoming established
Detailed analysis
Professional or trade associations and trade unions see more ‘repeat business’...
... while estate agents are best suited to one-off transactional services
Reasons for arranging legal services
Wills and inheritance tax are the main reasons for using legal services...
... with the falling property market reducing the demand for conveyancing
4.0 APPENDIX
Research sample and mechanics
Research methodology and structure
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
Switching rates continue to rise for insurance policies, but not for savings and lending products
Over half of all financial products and services were sold online in 2011
Direct sales ceased to be the primary distribution channel for financial products and services in 2011
1.0 INTRODUCTION
The financial services distribution universe: distribution channels and distribution interfaces
2.0 CHANNEL COMPARISONS
Available customer base for 20 financial products and services, 2011
Available customer base for 20 financial products and services, 2011 (data)
Switching rates for six banking products, 2005, 2007, 2009 and 2011
Switching rates for 12 insurance products, 2005, 2007, 2009 and 2011
Switching rates for 20 financial products, 2005, 2007, 2009 and 2011 (data)
Analysis of distribution interfaces used for acquiring 20 financial products, 2011 and all previous years
Analysis of distribution interfaces used for acquiring 20 financial products, 2011 and all previous years (data)
Analysis of distribution interfaces used for acquiring 12 financial products, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring 12 financial products, 2011, 2009, 2007, 2005 and all previous years (data)
% of customers acquiring financial products and services face-to-face, 2011, 2009, 2007, 2005 and all previous years compared (data)
% of customers acquiring financial products and services by the internet, 2011, 2009, 2007, 2005 and all previous years compared (data)
% of customers acquiring financial products and services by inbound telephone, 2011, 2009, 2007, 2005 and all previous years compared (data)
% of customers acquiring financial products and services by outbound telephone, 2011, 2009, 2007, 2005 and all previous years compared (data)
% of customers acquiring financial products and services by post, 2011, 2009, 2007, 2005 and all previous years compared (data)
Analysis of generic distribution channels used for acquiring 20 financial products, 2011 and all previous years
Analysis of generic distribution channels used for acquiring 20 financial products, 2011 and all previous years (data)
% of customers acquiring financial products and services through direct contact with the ultimate provider, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through financial advisers, and loan, mortgage and insurance brokers, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through online aggregators, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through charities, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through educational institutions, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through professional and trade associations, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through sports organisations, 2011 and all previous years compared
% of customers acquiring financial products and services through trade unions, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through banks and building societies (acting as intermediaries), 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through credit card companies (acting as intermediaries), 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through insurance companies (acting as intermediaries), 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through automotive associations, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through cashback websites, 2011 and all previous years compared
% of customers acquiring financial products and services through catalogue and other retailers, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through estate agents, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through football and other sports clubs, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through loyalty schemes, 2011, 2009, 2007 and all previous years compared
% of customers acquiring financial products and services through magazines, newspapers and other media entities, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through the Post Office, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through supermarkets, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through utility (electricity, gas and water) companies, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through sector-specific distribution channels, 2011, 2009, 2007, 2005 and all previous years compared
% of customers acquiring financial products and services through the worksite, 2011, 2009, 2007, 2005 and all previous years compared
3.0 PRODUCT ANALYSIS
Motor insurance
% of consumers switching provider or acquiring motor insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring motor insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring motor insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring motor insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring motor insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring motor insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring motor insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Breakdown recovery insurance
% of consumers switching provider or acquiring breakdown recovery insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring breakdown recovery insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring breakdown recovery insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring breakdown recovery insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring breakdown recovery insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring breakdown recovery insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring breakdown recovery insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Household insurance
% of consumers switching provider or acquiring household insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring household insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring household insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring household insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring household insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring household insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring household insurance, 2009, 2007, 2005 and all previous years (data)
Home emergency insurance
% of consumers switching provider or acquiring home emergency insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring home emergency insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring home emergency insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring home emergency insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring home emergency insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring home emergency insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring home emergency insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Annual travel insurance
% of consumers switching provider or acquiring annual travel insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring annual travel insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring annual travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring annual travel insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring annual travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring annual travel insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring annual travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Single-trip travel insurance
% of consumers switching provider or acquiring single-trip travel insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring single-trip travel insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring single-trip travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring single-trip travel insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring single-trip travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring single-trip travel insurance, 2011
Detailed analysis of distribution channels used for acquiring single-trip travel insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Pet insurance
% of consumers switching provider or acquiring pet insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring pet insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring pet insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring pet insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring pet insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring pet insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring pet insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Life insurance
% of consumers switching provider or acquiring life insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring life insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring life insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring life insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring life insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring life insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring life insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Private medical insurance
% of consumers switching provider or acquiring private medical insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring private medical insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring private medical insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring private medical insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring private medical insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring private medical insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring private medical insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Dental insurance
% of consumers switching provider or acquiring dental insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring dental insurance, 2011, 2009 and all previous years
Analysis of distribution interfaces used for acquiring dental insurance, 2011, 2009 and all previous years (data)
Analysis of distribution channels used for acquiring dental insurance, 2011, 2009 and all previous years
Analysis of distribution channels used for acquiring dental insurance, 2011, 2009 and all previous years (data)
Detailed analysis of distribution channels used for acquiring dental insurance, 2011, 2009 and all previous years (data)
Health / hospital cash plans
% of consumers switching provider or acquiring a health / hospital cash plan for the first time, 2011
Analysis of distribution interfaces used for acquiring health / hospital cash plans, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring health / hospital cash plans, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring health / hospital cash plans, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring health / hospital cash plans, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring health / hospital cash plans, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring health / hospital cash plans, 2011, 2009, 2007, 2005 and all previous years (data)
Personal accident insurance
% of consumers switching provider or acquiring personal accident insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring personal accident insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring personal accident insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring personal motor insurance, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring personal accident insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring personal accident insurance, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring personal accident insurance, 2011, 2009, 2007, 2005 and all previous years (data)
Mortgages
% of consumers switching provider or taking out a mortgage for the first time, 2011
Analysis of distribution interfaces used for taking out mortgages, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for taking out mortgages, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for taking out mortgages, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for taking out mortgages, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for taking out mortgages, 2011 and all previous years
Detailed analysis of distribution channels used for taking out mortgages, 2011, 2009, 2007, 2005 and all previous years (data)
Personal loans
% of consumers switching provider or taking out a personal loan for the first time, 2011
Analysis of distribution interfaces used for taking out personal loans, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for taking out personal loans, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for taking out personal loans, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for taking out personal loans, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for taking out personal loans, 2011 and all previous years
Detailed analysis of distribution channels used for taking out personal loans, 2011, 2009, 2007, 2005 and all previous years (data)
Credit cards
% of consumers switching provider or acquiring credit cards for the first time, 2011
Analysis of distribution interfaces used for acquiring credit cards, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution interfaces used for acquiring credit cards, 2011, 2009, 2007, 2005 and all previous years (data)
Analysis of distribution channels used for acquiring credit cards, 2011, 2009, 2007, 2005 and all previous years
Analysis of distribution channels used for acquiring credit cards, 2011, 2009, 2007, 2005 and all previous years (data)
Comparison of main distribution channels used for acquiring credit cards, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring credit cards, 2011, 2009, 2007, 2005 and all previous years (data)
Prepaid cards
% of consumers switching provider or acquiring prepaid cards for the first time, 2011
Analysis of distribution interfaces used for acquiring prepaid cards, 2011, 2009 and all previous years
Analysis of distribution interfaces used for acquiring prepaid cards, 2011, 2009 and all previous years (data)
Analysis of distribution channels used for acquiring prepaid cards, 2011, 2009 and all previous years
Analysis of distribution channels used for acquiring prepaid cards, 2011, 2009 and all previous years (data)
Comparison of main distribution channels used for acquiring prepaid cards, 2011 and all previous years
Detailed analysis of distribution channels used for acquiring prepaid cards, 2011, 2009 and all previous years (data)
Savings accounts
% of consumers switching provider or taking out a savings account for the first time, 2011
Analysis of distribution interfaces used for taking out savings accounts, 2011, 2009, 2007 and all previous years
Analysis of distribution interfaces used for taking out savings accounts, 2011, 2009, 2007 and all previous years (data)
Analysis of distribution channels used for taking out savings accounts, 2011, 2009, 2007and all previous years
Analysis of distribution channels used for taking out savings accounts, 2011, 2009, 2007 and all previous years (data)
Comparison of main distribution channels used for taking out savings accounts, 2011 and all previous years
Detailed analysis of distribution channels used for taking out savings accounts, 2011, 2009, 2007 and all previous years (data)
Travel money
% of consumers switching provider or acquiring travel money insurance for the first time, 2011
Analysis of distribution interfaces used for acquiring travel money, 2011, 2009 and all previous years
Analysis of distribution interfaces used for acquiring travel money, 2011, 2009 and all previous years (data)
Analysis of distribution channels used for acquiring travel money, 2011, 2009 and all previous years
Analysis of distribution channels used for acquiring travel money, 2011, 2009 and all previous years (data)
Comparison of main distribution channels used for acquiring travel money, 2011
Detailed analysis of distribution channels used for acquiring travel money, 2011, 2009 and all previous years (data)
Financial advice
% of consumers switching provider or taking financial advice for the first time, 2011
Analysis of distribution interfaces used for taking financial advice, 2011
Analysis of distribution interfaces used for taking financial advice, 2011 (data)
Analysis of distribution channels used for taking financial advice, 2011
Analysis of distribution channels used for taking financial advice, 2011 (data)
Comparison of main distribution channels used for taking financial advice, 2011
Detailed analysis of distribution channels used for taking financial advice, 2011 (data)
Reasons for taking financial advice, 2011
Legal services
% of consumers switching provider or arranging legal services for the first time, 2011
Analysis of distribution interfaces used for arranging legal services, 2011
Analysis of distribution interfaces used for arranging legal services, 2011 (data)
Analysis of distribution channels used for arranging legal services, 2011
Analysis of distribution channels used for arranging legal services, 2011 (data)
Comparison of main distribution channels used for arranging legal services, 2011
Detailed analysis of distribution channels used for arranging legal services, 2011 (data)
Reasons for arranging legal services, 2011
4.0 APPENDIX
Sample breakdown by age group, household income band and geographical location
- CEO Perspectives on Banking Industry Dynamics in the Global Banking Industry 2012-2013: Survey Brief
- CEO Perspectives on Industry Dynamics, Growth, Threats and Opportunities in the Global Banking Industry 2012-2013: Survey Intelligence
- CEO Perspectives on Market Growth Outlook in the Global Banking Industry 2012-2013: Survey Brief
- CEO Perspectives on Marketing and Sales Behaviors and Strategies in the Global Banking Industry 2012-2013: Survey Brief
- CEO Perspectives on Marketing Spend Activity in the Global Banking Industry 2012-2013: Survey Brief
- CEO Perspectives on Marketing Spend Activity, Marketing and Sales Behaviors and Strategies in the Global Banking Industry in 2012–2013: Survey Intelligence
- CEO Perspectives on Threats and Opportunities in the Global Banking Industry 2012-2013: Survey Brief
- HSBC Holdings Plc in Consumer Finance (World)
- Banco Santander SA in Consumer Finance (World)
- Image der Banken 2012
- Royal Bank of Scotland Group in Consumer Finance (World)
- Standard Chartered Bank PLC in Consumer Finance (World)
- FINANCE DISCOUNT
- Banks in Asia-Pacific
- Banks in China
- Banks in Europe
- Banks in France
- Banks in Germany
- Banks in Italy
- Banks in Japan
*Alle Preise sind netto ausgewiesen. In Abhängigkeit von Ihrer Rechnungsanschrift ist hierauf noch USt. zu entrichten (Deutschland z.Z. 19%). Unser Angebot richtet sich ausschließlich an Unternehmen, Gewerbetreibende und Freiberufler.
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