Sales of term assurance rose in 2016, as the market is starting to see more innovation across new product types, distribution channels and underwriting.
Albany, NY -- (SBWIRE) -- 08/08/2017 -- The term assurance sales growth has increased tremendously in the year 2016, driven by the various innovations across new product types, and distribution channels. To discuss in detail, Market Research Hub (MRH) has lately added a study titled as "U.K. Term Assurance - June 2017" to its vast report repository. The analysis shows that life insurance continues to be low down in the consumers' list of priorities, which needs to be extra dealt with various marketing tactics.
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Firstly, the report starts with the products covered under the U.K. term assurance market followed by the market summary. The detailed overview shows various scenarios for the U.K. consumers, such as there is term assurance sales and average annual premium rise by 2% in 2016, the market is forecast to grow, 2012-2022, the growth of non-advised protection sales, and over half population have less than £5,000 in savings and investments. Moreover, the report also depicts the companies and brands in the U.K. term assurance market.
Secondly, the study evaluates market consumer in a precise manner. According to the analysis, less than a third hold life insurance and the most common type of policy is the term assurance. Also, it has been noted that the price comparison websites are used as a benchmark for costs assessment, cash benefits attract most consumer interest and the short-term goals take financial priority over life insurance. Further, the issues and insights are depicted that show various market facts and implications. In the next section, market, market size & forecast, and market segmentation are also represented in the detailed research study. The study shows that the term assurance market is forecasted to grow in the coming years.
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Thirdly, the market drivers, companies & brands, market share, and their competitive strategy is shown and carefully described in the research. The report highlights the growth in FTB mortgages, Brexit and transparency in payment of claims acts as the driving force for the term assurance market. Moreover, the various competitive strategies featured in the report include; investment in technology, Aviva merges businesses that have focussed on online, Robo life insurance, instant term assurance, people-first policies, tailored policies that serve the under-served and finally prevention rather than payouts performance. Lastly, the consumers are analyzed followed by the type of life insurance, benefits of life insurance, financial priorities and various data sharing interest of consumers with life insurance providers.
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