United Kingdom (UK) Whole of Life Assurance Distribution Dynamics and Future Market, 2022 Update

United Kingdom (UK) Whole of Life Assurance Distribution Dynamics and Future Market, 2022 Update

Summary

This report explores consumer purchasing preferences for whole of life assurance, as well as how they have changed over time. It identifies what is most influential to customers when purchasing a whole of life policy and reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the market over the next few years.

Direct through insurers is the most popular channel for purchasing whole of life assurance policies, accounting for 50.7% of purchases in 2022. The channel’s share increased by 4.7pp, slowly returning to pre-pandemic levels. For guaranteed acceptance policies, visiting their existing provider’s website activity recorded an increase of 6.5pp to 24.3% in 2022. In 2022, the most popular action taken by underwritten whole of life policyholders was visiting a PCW (24%) and speaking to a friend for advice (16.3%).

Scope

• For guaranteed policies, phone-based purchases is the most popular method followed by online purchases via PCs/laptops and smartphones/tablets.
• For guaranteed policies, Aviva placed first in 2022, followed by Legal & General. The market shares of Aviva, SunLife, and LV= increased in 2022.
• SunLife offers a multitude of services to address a wide variety of consumer needs, such as providing mental health resources and support through digital platforms like Lumino Health.

Reasons to Buy

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