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市場調查報告書
英國銀行保險市場：銀行銷售的生命・綜合保險 - 2011
UK Bancassurance: Bank Distribution of Life and General Insurance 2011
| 出版商 |
Datamonitor |
| 出版日期 |
2011年12月 |
商品編碼 |
229264 |
| 內容資訊 |
英文 Pages: 62 |
| 價格 |
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英國銀行保險市場：銀行銷售的生命・綜合保險 - 2011 是由出版商Datamonitor在2011年12月所出版的。
這份英文市場調查報告書包含Pages: 62 價格從美金4495起跳。
銀行保險事業者、對應逐漸改變的規範環境、以及「純物流」到「保險商品製作及接收」的兩極化的最佳銀行保險模式的選定、有著重大的決斷。
本報告書內容包括:英國的銀行保險市場為焦點、其整體狀況及未來發展的策略重點、主要消費者層的購買行動分析、非傳統型通路到現行商業模式威脅所掌控的最新資訊的彙整、內容綱要摘記如下:
概要
實施摘要
- 銀行保險、基本來說與非生命保險比較下生命保險為強的通路
- 此領域的規範重視傾向增加、從長期的觀點來看有高度的競争力
- 消費者在保險契約中銀行保險事業者有輕視的狀況、但今後在主要交易銀行中有追求財務顧問的傾向
- 「純物流契約」到「保險業子公司系列化」為止、銀行保險無規定的單一模式的存在。
- 銀行保險勝利的方程式因素為、實質的運用元件、客戶本位的計畫、以及交錯銷售
市場環境
- 介紹
- 保險商品物流中、市場佔有率所獨立的財經顧問無認定的銀行保險事業者
- 綜合保險商品的物流經由經紀人及供應商直接銷售路徑的集中
- 提升的規範重視傾向、有很多短期的課題、長期的來看有有利的競争條件之構成
- Basel III and Solvency II的規範來看、資金困難及風險選好的轉換所相對的銀行保險事業者
- Datamonitor的預測來看、銀行保險通路維持保險商品物流的市場佔有率
- 非生命保險的銷售預測中、銀行保險顯示維持世代保險領域的競争力
消費者所看到的銀行保險事業者的關係
- 介紹
- 保有個人保險的消費者、對於各種商品線有各式各樣
- 消費者在使用保險契約時、輕視銀行保險事業者、仲介業者的使用或與供應商的直接交易接觸
- Datamonitor的Financial Services Consumer Insight Survey中判斷銀行所持的交錯銷售手脘的欠缺
- 消費者在追求、財務顧問時使用主要交易銀行、今後此姿勢會維持不變
競爭企業動態
- 介紹
- 與保險事業者的現行關係的狀況來看、銀行保險不存在單一的模式
- 銀行保險事業者、在Retail Distribution Review的壓力下、開始策略性的對應
- 聚合保險的接受者為商品製作的銀行保險事業者、受到合資事業者的影響、會有不同的影響力
- 非傳統型保險物流模式的抬頭、對銀行保險帶來威脅
策略行動的重點
- 介紹
- 銀行保險事業者伴隨、Retail Distribution Review上級市場的轉移後剩餘的獨立財經顧問的意見空白中、立即持有可接觸的客戶集團
- 銀行保險事業者、對客戶來說具有可達成特別差異化的重要領域
- 追求銀行保險勝利的模式、需要銀行與保險事業者對事業基本幹部構要素精查的姿態
- 銀行保險事業者、利用現存客戶基礎中的交錯銷售機會
- 銀行保險事業者、對於規範的起因之資本制約問題的計畫有3種選項
- 銀行具有在評價保險事業賣掉的選項機會視野
- 集團資本結構的強化及對抗規範提案的風險管理方法的著手
- 銀行檢討將商品合理化及資本集約度的低物流模式進行轉移
附錄
圖表
Description
INTRODUCTION
Bancassurers are facing major decisions in terms of reacting to an increasingly changing regulatory environment and choosing the best bancassurance model from the extremes of "pure distribution" to "manufacture and underwrite."
FEATURES AND BENEFITS
- Access comprehensive analysis and strategic action points for the UK bancassurance market to drive future innovation.
- Plan your strategy effectively by having primary consumer insight to consumer attitudes towards using banks when seeking financial advice.
- Identify the threats to your bancassurance model from non-traditional channels.
HIGHLIGHTS
- Datamonitor's Financial Services Consumer Insight (FSCI) Survey 2011 highlights how UK consumers typically ignore bancassurers and instead utilize intermediaries or go direct through a life or general insurance provider when taking out a policy.
- Consumers use their primary bank when seeking financial advice, and intend to utilize this channel for their future financial advice requirements. However, Datamonitor's FSCI 2011 Survey reveals that banks suffer from a distinct lack of cross-selling abilities.
YOUR KEY QUESTIONS ANSWERED
- Will bancassurers take away market share from IFAs in the distribution of protection products over the next five years?
- Which bank is more successful than its peers at cross-selling insurance products to their primary account holders?
- What proportion of UK consumers intend to use their primary bank when seeking financial advice in the future?
- What strategic action can be taken to address the problems posed by capital constraints through regulation for retail banks?
TOC
OVERVIEW
EXECUTIVE SUMMARY
- Bancassurance is a consistently stronger channel in life than in non-life
- There is an increased regulatory focus on the sector but it will provide the competitive advantage in the long-term
- Consumers neglect bancassurers when taking out insurance policies, but intend to use their primary banks to seek financial advice in the future
- There is no single model for bancassurance, with the options ranging from a pure distribution agreement to an insurance subsidiary wholly owned by the bank
- A winning bancassurance formula hinges on essential operational components, customer-centric approaches, and effective cross-selling
MARKET CONTEXT
- Introduction
- Bancassurers have not been able to take market share aware from independent financial advisors in the distribution of protection
- Bancassurers have held their market share in the distribution of protection products over the past five years
- Bancassurance is a growing channel in the distribution of income protection but not critical illness insurance
- In keeping with market trends, bancassurers have seen mortgage-related protection sales decline over the past five years
- The distribution of general insurance products is focused through brokers and direct from providers
- Banks and building societies have gained the most in GWP for property liability products
- The increased regulatory focus will be a short-term challenge but potentially a long-term source of competitive advantage
- The RDR will change the size and shape of the UK bancassurance market going forward
- Rule changes relating to the sale of payment protection insurance will change the bancassurance approach to distribution
- Bancassurers face a capital challenge and changes to risk appetite from the Basel III and Solvency II regulations
- The impact of capital strain on banks may mean that bancassurance will get higher priority
- There is a need for banks to rebalance towards non-capital and non-risk bearing products
- Solvency II will introduce consistent capital requirement measures
- Basel III will lead to banks reassessing their insurance assets
- Datamonitor forecasts that the bancassurance channel will maintain its market share for the distribution of protection
- Bancassurance will have a steady share of the protection market over the next five years
- Bancassurance is not anticipated to lose its share in the term assurance market going forward
- Standalone CII sales through bancassurance are anticipated to remain on an extremely limited scale
- IP sales through bancassurance will slowly increase over the next five years
- Forecasts for non-life distribution show that bancassurance will remain competitive in the household insurance space
- As the UK comes out of recession, consumers will regain confidence in banks, and bancassurers could gain private motor insurance market share
- Bancassurers are predicted to retain the largest share of the UK property insurance market
CONSUMERS' RELATIONSHIP WITH BANCASSURERS
- Introduction
- Consumer holding of personal insurance varies across products lines
- Consumers are more likely to purchase combined buildings and contents insurance policies
- Life insurance has greater penetration among UK consumers than general insurance products
- Consumers neglect bancassurers, instead utilizing intermediaries or going direct with providers when taking out insurance policies
- Consumers are also confident when it comes to taking out insurance policies direct from providers
- The use of price comparison sites is more pertinent for opening general insurance products than life insurance products
- Employers are not a common channel for consumers taking out an insurance policy
- Datamonitor's FSCI Survey highlights banks' lack of cross-selling success
- Across the board, consumers do not use their primary banks to take out insurance policies
- Banks are slightly more successful at cross-selling life insurance compared to general insurance
- Santander is more successful than its peers at cross-selling insurance to customers that use it as their primary bank
- Consumers use their primary bank when seeking financial advice, and will continue doing so in the future
COMPETITOR DYNAMICS
- Introduction
- Current relationships with insurers show that there is no single model for bancassurance
- The core operating models deployed for bancassurance range from distribution-only to fully owned insurance subsidiary
- An integrated bancassurance model is the most effective and efficient
- Barclays maintains its multi-tie arrangement with life providers, but its range has diminished over the years
- Santander's acquisition of Alliance & Leicester and Bradford & Bingley enhanced the group's bancassurance commitment
- Lloyds Banking Group is a bancassurance force for banking services in the mass market
- However, the business model chosen is largely irrelevant to customers
- Bancassurers have started reacting strategically in response to pressure from the Retail Distribution Review
- Barclays has closed its Financial Planning arm as a strategic response to the RDR, while Santander and RBS have invested heavily in training branch advisors
- However, Santander is no longer advising on Aviva's protection products within its branches
- Aggregators have differing impacts for bancassurers that manufacture their own products and for those with joint venture models
- Bancassurers that manufacture their own insurance policies may find that aggregators are impacting upon direct sales
- For those offering life insurance, having a branch presence is more important than an aggregator presence
- However, aggregator-instigated sales continue to increase as a proportion of total business
- Aggregators have placed pressure on margins for providers through their focus on price, but they are looking to shift from price to quality
- The emergence of non-traditional insurance distribution models poses a threat to bancassurance
- Virgin Money has the potential to contend with the largest bancassurance players almost overnight
- Tesco Bank is well-suited to become a bancassurance heavyweight in the future
STRATEGIC ACTION POINTS
- Introduction
- Bancassurers have a ready pool of clients from the advice vacuum left by independent financial advisors shifting their focus upmarket due to the Retail Distribution Review
- Bancassurers have key areas where particular differentiation can be achieved for consumers
- Banks must focus on building emotional ties with customers instead of marketing purely on a commodity basis
- Building customer relationships will offset the consumer cynicism created during the recession
- Banks should look towards simplifying the purchasing process and improving the buying experience
- A winning bancassurance model requires banks and insurers to assess key components of the operation
- Risk appetite assessment must be undertaken by banks when determining a bancassurance model
- The attitudes towards classes of business that banks should manufacture or distribute must be considered
- Competitive advantage and differentiation must be established, especially in distribution-only models
- The desired level of profitability on the capital employed must be assessed to ascertain whether bancassurance should be adopted at all
- Capital requirements will have a major impact on the bancassurance model chosen
- Insurers also need to be aware that distribution channels cannot be viewed independently of each other
- Bancassurers must take advantage of cross-selling opportunities within their existing customer base
- Banks should use their ability to cross-sell within branches as an opportunity to increase revenue
- Careful segmentation is a necessity to target insurance cross-sales
- Banks should also facilitate customer cross-buying, rather than just focusing on cross-selling
- Bancassurers have three options to address the problems posed by capital constraints through regulation
- Banks may take the opportunity to reassess the option of divesting their insurance operations
- Group capital structures can be enhanced and risk management undertaken to address regulatory proposals
- Banks may undertake product rationalization and move to less capital-intensive distribution models
APPENDIX
- Supplementary data
- Definitions
- Critical illness
- Income protection
- Term assurance
- Association of British Insurers' definitions of distribution channels
- Further reading
- Datamonitor research
- Ask the analyst
- Disclaimer
TABLES
- Table: Protection new business premiums market share by distribution channel (£m APE), 2006-10
- Table: Protection new business through bancassurance (£m APE), 2006-10
- Table: Total personal general insurance GWP market share by distribution channel, 2006-10
- Table: Personal insurance GWP (£m), 2006-10
- Table: Forecast motor insurance GWP distribution by channel, 2011-15f
- Table: Forecast property insurance GWP distribution by channel, 2011-15f
- Table: How did you apply for your most recent insurance policy?
- Table: Percentage of customers who arranged their insurance policy through their primary bank
- Table: Forecast protection new business premiums market share by distribution channel (£m APE), 2011-15f
- Table: Mortgage-related term new business premiums by distribution channel (£m APE), 2006-10
- Table: Non-mortgage-related term new business premiums by distribution channel (£m APE), 2006-10
- Table: Income protection new business premiums by distribution channel (£m APE), 2006-10
- Table: Standalone critical illness new business premiums by distribution channel (£m APE), 2006-10
- Table: Whole-of-life new business premiums by distribution channel (£m APE), 2006-10
- Table: Forecast critical illness new business premiums (%), 2011-15f
- Table: Forecast term assurance new business premiums (%), 2011-15f
- Table: Forecast income protection new business premiums (%), 2011-15f
FIGURES
- Figure: The RDR will create a new world of financial advice
- Figure: The bancassurance channel has held its market share in the distribution of protection
- Figure: Certain protection products are more successfully sold through the bancassurance channel
- Figure: Whole-of-life sales through bancassurance increased in 2010
- Figure: Brokers and direct channels are the dominant distribution methods for general insurance products
- Figure: The bancassurance channel is growing in the distribution of motor insurance
- Figure: Personal property lines generate the most GWP for bancassurers
- Figure: Several key changes are featured in the Solvency II proposals
- Figure: Bancassurance will maintain a steady market share in the distribution of protection
- Figure: The distribution of term will still be dominated by IFAs and single-tie arrangements
- Figure: CII is anticipated to have very low visibility through the bancassurance channel
- Figure: Bancassurance will slightly increase its IP market share over the next five years
- Figure: Direct distribution will continue to dominate motor insurance
- Figure: Bancassurance will remain a competitive channel for the distribution of property insurance over the next five years
- Figure: More consumers own life insurance policies than general insurance policies such as home contents insurance
- Figure: Bancassurance is not a popular channel for consumers opening a personal insurance policy
- Figure: Consumers are most inclined to use their primary bank to seek financial advice
- Figure: Consumers intend to use their primary bank to seek financial advice in the future
- Figure: The tied arrangements of life insurers and major banks as of November 2011
- Figure: Leading aggregators offer a comprehensive range of protection products
- Figure: Bancassurers can address the service vacuum for mass affluent and mass market consumers
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