Studie - Channel Metrics: UK Motor Insurance - Consumer Distribution Trends

The Channel Metrics briefing about motor insurance is the most detailed and up-to-date guide to distribution trends in motor insurance in the UK available on a published basis. It analyses: how consumers acquire motor insurance - e.g. online, telephone, post or in person; from whom they acquire them - e.g. direct from the provider, through intermediaries or affinity schemes; and how often they acquire them - i.e. how many consumers acquired motor insurance 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 are compared with those from 2005 and 2007 to show trends over time.

TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY ................................................................................................................... 1

1.0 INTRODUCTION ............................................................................................................................... 3

Research rationale ................................................................................................................................ 4

A number of motivating factors underpin the Channel Metrics report and series of briefings .............. 4

Updating the results from the 2005 and 2007 surveys ........................................................................... 4

Analysis of consumers making an active distribution choice ................................................................. 4

Analysis of consumers purchasing or taking out financial services in prior years ................................. 4

Analysis of distribution interfaces ............................................................................................................. 4

Analysis of specific distribution channels................................................................................................. 5

Expanding upon the results from the 2005 and 2007 surveys ............................................................... 5

Finaccord ................................................................................................................................................ 7

Channel Metrics briefings ......................................................................................................................... 7

Other UK consumer research publications ............................................................................................. 8

UK affinity and partnership marketing research publications ................................................................. 9

UK small business financial services research publications .................................................................. 9

2.0 ANALYSIS OF RESULTS............................................................................................................... 10

Introduction .......................................................................................................................................... 11

Option for customised data analysis ................................................................................................ 11

Switching rates and brand new sales - 2009.................................................................................... 12

Switching rates are stable but high for motor insurance .......................................................................12

Distribution interfaces - 2009, 2007, 2005 and all previous buyers compared ........................... 13

Growth in online sales is slowing, as this interface reaches saturation point ...................................... 13

Distribution channels - 2009, 2007, 2005 and all previous buyers compared ............................ 16

Overview ................................................................................................................................................ 16

Direct sales by insurance companies held their ground between 2007 and 2009 ............................. 16

Detailed analysis .................................................................................................................................... 19

Online aggregators have taken market share at the expense of all other major channels ................ 19

3.0 APPENDIX ...................................................................................................................................... 22

Research sample and mechanics ...................................................................................................... 23

Research methodology and structure .............................................................................................. 25



GRAPHICS / TABLES

The financial services distribution channel universe - specific distribution channels and distribution interfaces 6

% of consumers switching provider or acquiring motor insurance for the first time, 2009 12

Analysis of distribution interfaces used for acquiring motor insurance, 2009, 2007, 2005 and all previous years 14

Analysis of distribution interfaces used for acquiring motor insurance, 2009, 2007, 2005 and all previous years

(data) 15

Overview of distribution channels used for acquiring motor insurance, 2009, 2007, 2005 and all previous years 17

Overview of distribution channels used for acquiring motor insurance, 2007, 2005 and all previous years (data) 18

Comparison of main distribution channels used for acquiring motor insurance, 2009 and all previous years 20

Detailed analysis of distribution channels used for acquiring motor insurance, 2009, 2007, 2005 and all previous

years (data) 21

Sample breakdown by age group, motor income band and geographical location 24



DISTRIBUTION CHANNELS INVESTIGATED FOR THIS PRODUCT

Direct sales

Insurance aggregators and brokers

namely

Aggregators

Insurance brokers

Not-for-profit affinity groups

namely

Automotive clubs

Charities

Educational institutions

Professional and trade associations

Trade unions

Financial partners

namely

Banks and building societies

Credit card issuers

Non-financial commercial partners

namely

Automotive associations

Car dealers

Car manufacturers

Catalogue and other retailers

Electricity, gas and water companies

Football and other sports clubs

Loyalty schemes

Magazines, newspapers and other media entities

Post Office

Supermarkets

Worksite

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