Key Channels in the UK Protection Insurance Market by Contracts
February 8, 2023 ⚊ 1 Min read ⚊ Views 76 ⚊ BUSINESS
The key channels in the UK protection insurance market are independent advice, restricted advice, and non-advised.
Independent financial advisors (IFAs) remain fundamental to the distribution of protection products. IFAs sold more contracts in 2021 than in 2020 and for a higher average value, leading to an increase in new business premiums through this channel. Customers are more likely to buy insurance through IFAs when policies are complicated, whereas simpler policies are better suited to the non-advised channel. Concerns about the impact of COVID-19 coupled with market volatility drove more people to purchase protection policies through advisors in 2020 and 2021.
Tags: UK Protection Insurance
