UK Consumers and Insurance Innovation Market Report
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the Consumers and Insurance Innovation market, and the behaviours, preferences and habits of the consumer.
Mintel has the answers you’re looking for
What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this report
For the purposes of this Report, Mintel has used the following definitions:
General insurance is insurance that covers (non-life) risks for a limited period, typically one year.
The main sectors are:
Motor – Motor policies cover the legal liabilities arising from the use of a motor vehicle, such as a private car or motorcycle. Comprehensive policies additionally cover damage to the vehicle.
Household – Household policies cover specified property that may be damaged or destroyed by events or perils such as fire, storm, subsidence or theft.
Accident and health – Comprises two main types of business: personal accident and medical expenses. Personal accident policies will pay a lump sum or weekly benefits in the event of accidental death or a specified injury. PMI (Private medical insurance) will pay the costs of medical treatment for acute conditions.
Pecuniary loss – Relates to financial losses that may have occurred, includes travel insurance, pet insurance, legal expenses, etc.
Other lines – includes extended warranties and mobile phone and gadget insurance.
Also relevant for this report:
Protection products – cover a person or their dependents should they lose their ability to earn an income. The largest sectors are term assurance and whole-of-life insurance.
General liability – covers third-party injury or damage claims. Includes public and product liability and employers’ liability.
Key points included
- Innovation cannot be allowed to threaten financial inclusion
- Security is still the key barrier to adopting new services
- Innovation is generally seen to be positive
Expert analysis from a specialist in the field
Written by Irene Salazar, a leading analyst in the Financial Services sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Innovative and tech-based approaches to insurance are here to stay, but remain niche and are yet to significantly shake up the industry. Partnerships between traditional providers and start-ups will become more common to please that minority that values technology most, but effective overall innovation needs to start at the beginning: simplifying existing channels and processes and rewarding loyalty.
Financial Services Analyst
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This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
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Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
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