United Kingdom Mobile Phone Insurance Market 2019: Consumer Research Report - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 9, 2019--
The “UK Mobile Phone Insurance Market 2019: Consumer Research Report” report has been added to ResearchAndMarkets.com’s offering.
This report examines the motivations, experiences and opinions of the UK mobile phone insurance customer. It will identify and analyse consumer attitudes towards mobile phone insurance, look at the claims experience of policyholders, and investigate why they choose one route to purchase over another. In addition, it will explore how price sensitivity is impacting the market.
Essentially, the report studies the policyholder’s customer journey from the point where they recognise a requirement to make a purchase, to the point when they are a customer and may run into issues like claiming and eventually may decide to switch to another provider.
Some of the key findings from this report are:
Around eight-in-ten consumers own a mobile phone used for personal purposes and around one-quarter of mobile owners are covered by mobile phone insurance. This means that just over 10 million adults are covered by a mobile phone insurance policy.
Around half of insured mobile owners own a separate/standalone policy, with just under one half saying their cover is bundled into another financial product, mainly a packaged bank account. This means just over 5 million consumers are covered by standalone policies.
Around one-in-ten policyholders are new to the market each year, i.e. they are First Time Buyers (FTBs) who have never owned mobile insurance before. This means around nine-in-ten policyholders are not new to the market, so their decision is to either renew with their current provider or switch provider at the start of their annual customer journey.
The vast majority of the repeat journey takers ultimately decide to renew their insurance with their existing providers: in the past year, less than one-in-ten of all policyholders switched provider. Because policyholders have renewed with an existing provider, this does not mean they have all passively accepted a renewal offer. Renewing involves many of the same actions as a Switcher would undertake but with a different final outcome (staying rather than leaving). A clear majority of those renewing either search for alternative deals and/or engage with their incumbent provider to try and negotiate a better deal.
Mobile phone holders with insurance focus their deal finding on price comparison websites (PCWs) and online resources in general. PCWs are used so heavily for policy deal research because they offer information on the insurance products mobile owners are interested in, and in an easy to use format.
However, while over six-in-ten mobile owners have consulted a PCW over the past two years, when they were asked where they purchased their last policy from, less than one-in-five said they purchased by going through a PCW. Of more significance was going direct to the provider, using a bank or building society and buying through a mobile network provider.
The importance of banks and building societies as a purchasing channel stems primarily from policyholders who acquired their cover via packaged bank accounts. Among policyholders who did not get their cover from a packaged account, three purchase channels are important: direct to provider, PCWs and the phone trade (primarily network operators).
Key Topics Covered
1. Executive Summary
3. Profile of the Insured Mobile Owner
4. How Mobile Owners Approach Insurance
5. The Customer Journey Begins
6. Price, Cover or Brand
7. Being a Policyholder
8. Ending the Journey: Customer Loyalty & Switching
9. Market Size & Trends
For more information about this report visit https://www.researchandmarkets.com/r/1ll7dq
View source version on businesswire.com:https://www.businesswire.com/news/home/20190909005698/en/
Laura Wood, Senior Press Manager
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KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSUMER ELECTRONICS TECHNOLOGY INSURANCE MOBILE/WIRELESS
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 09/09/2019 11:09 AM/DISC: 09/09/2019 11:09 AM