Term Assurance – UK – June 2019: Increased Preference for Faster Life Insurance

Posted by Deeksha on August 27th, 2019

The term assurance market in the United Kingdom has been going through a period of inconsistent growth in the past few years. However, growth in terms of new contract sales has been going up. This rise can be largely attributed to the activity in the non-mortgage related market, with direct-to-consumer policies of the non-advised type, which are witnessing increased popularity among consumers. On the other hand, policies that are related to mortgages are witnessing little growth, as people are increasingly avoiding the conventional avenues of setting up policies along with mortgage advisors. Consumers are also displaying an increased preference for faster life insurance applications. However, such policies may cost consumers, especially those with ongoing conditions, or those who are seeking a more personalized experience. A study of the UK term assurance industry is compiled and published in the report titled, “TERM ASSURANCE - UK - JUNE 2019” that has been added to the massive research repository of Market Research Hub (MRH).

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Simplification and faster applications are key factors that have increased the appeal of term assurances for consumers. On the other hand, owing to the rise in direct to consumer products, major changes are required in the methods service providers use to target new customers.

Those customers who have ongoing conditions or very specific insurance needs have to be made aware of all the options available, as increased segmentation would help in increasing the relevance of life insurance.

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Term Assurance - UK – June 2019: Report Overview

The report on the term assurance industry for the UK in June 2019 provides the readers with a detailed analysis on the landscape of the insurance industry operating in the UK. Industry-based forecasting models include a full analysis of the research publication and primary interviews with industry participants in addition to consumer data.

The report also includes detailed interviews conducted by leading market analysts with industry savants, mortgage experts and industry analysts to provide key validations of the sales volume and relevant assumptions in the study.

The term assurance industry report for the UK in June 2019 foresees the performance of the market progress in terms of volumes forecast by different categories including sales, marketing, technology, and costs, in addition to factors such as the growth of the UK term assurance market.

For each of these categories, business development strategies and market projections adopted by key market players for specific strategies has also been added to the report. Valuable insights which can be helpful for manufacturers operating in the UK term assurance market are provided in the report.

Assessment of pricing analysis, supply-demand equation, market expansion strategies, and barriers to market entry, makes the report a highly credible source of data for business professionals interested in the UK term assurance market.