Albany, US, 2017-Dec-07 — /EPR Network/ — “UK Travel Insurance: Distribution and Marketing 2017“, report added by Market Research HUB explores consumer purchasing behavior and how consumer preferences are changing over time. It explores what is most influential to customers when purchasing a policy and also reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the travel market over the next few years.
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Customers are now utilizing a variety of channels to purchase their travel insurance, with the market share of insurers and price comparison sites coming under threat from other channels. There is a high level of competition within the travel insurance market; no provider has a market share that exceeds 8.2%. Consumer purchasing behavior continues to shift towards the use of online platforms. In order to remain competitive and grow their market share, providers need to develop their online presence. In particular this will involve making these platforms easy to use via mobile devices, as consumers are beginning to adopt this method.
– 85% of consumers purchased travel insurance in the last 12 months prior to traveling.
– The travel insurance market is becoming increasingly competitive, with consumers purchasing through a greater variety of channels.
– 26% of consumers undertook no pre-purchase activity.
Reasons to buy
– Understand consumer purchasing decisions and how these will influence the market over the next few years.
– Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
– Discover which providers lead the way in the travel insurance space, and how providers are revolutionizing the market through new innovations.
– Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.
UK residents are making more visits abroad per year, which has been influential in driving the growth of annual policies. It is often more cost effective to buy one annual multi-trip policy than multiple single-trip policies if traveling numerous times per year. Annual policies are also more convenient as they provide longer-term cover, and renewal only occurs once a year.
There has also been a rise in the popularity of added-value current accounts, which has contributed to the increase in the number of annual policies sold as an account feature. Meanwhile there has been a decline in the number of customers buying travel insurance through a tour operator, travel agent, or as part of a package where single policies tailored to the needs of the arranged holiday are often a common add-on.
The Purchasing Journey
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