United Kingdom (UK) Travel Insurance Distribution Dynamics and Future Market, 2022 Update

United Kingdom (UK) Travel Insurance Distribution Dynamics and Future Market, 2022 Update

Summary
This report explores consumer purchasing behaviors and preferences for travel insurance. New trends and innovations are highlighted, as well as the key factors that will influence the market over the next few years.

Conducting research by visiting price comparison websites (PCWs) before purchasing a travel insurance policy is the most popular pre-purchase activity undertaken by customers, indicating a high degree of price sensitivity. Research online via a broker/insurer website as a pre-purchase activity also increased. This highlights the value of advice amid ever-changing travel restrictions due to the COVID-19 pandemic. Digital methods remain the most popular option for purchasing travel insurance.

Scope

• PCWs are most popular among customers aged 18–24. In general, our findings suggest younger demographics are more price-driven when it comes to travel insurance.
• With fraud related to travel cancellations on the rise, deep learning and artificial intelligence technology will help facilitate a reduction in fraudulent claims in the UK.
• Due to travel restrictions and medical risk, COVID-19 had a significant impact on trips abroad. The pandemic drove an increase in staycations, which looks set to continue as a result of the cost-of-living crisis.

Reasons to Buy

• Understand consumer purchasing decisions and how they influence the travel insurance market.
• Improve customer engagement by recognizing what is most important to them and how to adapt products and services to meet their needs.
• Compare the Net Promoter Scores of key travel insurance providers.
• Discover which providers lead the way in the travel insurance space and learn about new product innovations.
• Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.