At a time of excessive monetary pressures, UK shoppers should not solely turning to brokers for specialist and technical recommendation when taking out life insurance coverage, however additionally they understand that they can assist them get higher worth for his or her cash, as per GlobalData findings. Seizing the chance, dealer group Howden has accomplished the acquisition of well being and life insurance coverage dealer Assist Me Examine Group—also called ActiveQuote—which can strengthen its presence on this area.
In keeping with GlobalData’s 2023 UK Insurance coverage Client Survey, 28.6% of shoppers purchased time period assurance insurance policies—the principle kind of life insurance coverage—by brokers or impartial monetary advisers (IFAs) in 2023, making it the second-largest channel for the distribution of such merchandise after direct gross sales. Specifically, the suggested channel is the principle avenue for buying mortgage-related time period assurance, accounting for 45.5% of the gross sales.
Life insurance coverage insurance policies are typically extra complicated in nature than different extra commoditised non-life insurance policies, driving demand for suggested gross sales. Certainly, 26% of shoppers felt they wanted specialist recommendation when taking out time period assurance, as per additional findings from GlobalData’s 2023 UK Insurance coverage Client Survey. In the meantime, the proportion of respondents citing they used a dealer or an IFA as a result of they felt advisors might get them a greater deal surged to 26%, up from 19.7% a 12 months prior. Given the sharp enhance in propensity—and with the cost-of-living disaster exhibiting no indicators of going away—it is smart for brokers to hunt methods to capitalise on the chance. Howden’s acquisition of Assist Me Examine Group, a UK dealer specialised within the well being and life insurance coverage class, will strengthen the middleman’s place on this area, together with the flexibility to cater to a broader vary of purchasers. Earlier this 12 months, Howden acquired French worker advantages dealer AGEO Group, signalling the corporate’s technique to strengthen within the safety class. Whereas there are some indicators that the cost-of-living disaster is slowing down, many households are feeling the pinch and can proceed doing so over the brief time period. Money-strapped shoppers must evaluate their funds and prioritise making selections primarily based on what’s perceived as offering a very good worth for his or her money, together with in relation to life insurance coverage coverage decisions.
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