Home Insurance - UK - December 2016
“New technology has the potential to substantially boost consumer engagement by providing policyholders with a means to take greater control of their home insurance policies, leaving behind the passive products of the past. With start-ups waiting in the wings, insurers must rise to the occasion and use the technology to their advantage to build brand trust and advocacy, as well as forge new partnerships with tech suppliers and specialist insurance providers to maximize reach.”
– Deborah Osguthorpe, Category Director, UK Financial Services Research
This report examines the following areas:
- Insurtech firms are starting an app-based revolution with ‘on-demand’ cover
- Insurers can leverage digital platforms to drive customer service renaissance
- Connected home systems must heed consumer concerns to maximise potential
Brexit will be a major source of uncertainty for the next few years. Any impact on the home insurance sector is likely to be fairly limited in terms of existing business, as people will be reluctant to forego cover. However, a squeeze in incomes due to higher prices and slower wage growth could increase the amount of ‘shoparound’ behaviour. Mintel’s research shows that this has been fairly static over the last four years, but could increase as people find that their budget is reduced. Lower housing transactions will also reduce the potential for new business.
Beyond this, the market is currently grappling with new technology as insurers try to figure out how to embrace this technology to manage and reduce risk, as well as develop more customer-centric policies. The decline in home ownership is also driving innovation as insurers try to engage with a younger, more transitory demographic by developing more flexible products.
This Report examines the UK home insurance market, providing insight into market issues, competitor activity and consumer attitudes towards home insurance. It looks at the size of the market and provides a forecast for the next five years. Presenting Mintel’s exclusive consumer research, the Report examines home insurance ownership and looks at the factors that influence people to stay or switch. It also looks at consumer behaviour around renewal and factors influencing choice of home insurance provider, as well as attitudes towards the connected home and insurance.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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