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Recent changes to the regulation of the home emergency market are forcing providers to rethink their sale strategies. Insurers are currently striving to adhere to the new market rules while ensuring the processes that initially brought success remain intact, such as selling products as add-ons to a regular household insurance policy. A sizable proportion of consumers still purchase home emergency cover as a standalone product - with good reason, as these often contain a more comprehensive range of coverage and additional features. The challenge is for insurers to drive add-on home emergency polices while retaining a coverage level similar to that of a standalone product. Consumers are also beginning to recognize the potential of smart technology in the home but remain largely uninterested and/or unwilling to embrace such devices. A lack of understanding about the use of smart home products is the most pertinent factor here, despite most customers recognizing the benefits they could have on their energy consumption. However, the responsibility lies with the insurer in promoting the benefits of the "connected home" and the impact these devices could have on premiums following their installation. This could perhaps be achieved by offering a variance of incentives.
- The 2015 home emergency insurance market was worth £1.3bn.
- Home emergency is a "supplementary" product and customers benefit from being able to add-on.
- Opt-out sales have been banned, meaning the customer has more control over certain features.
- The market is forecast to grow incrementally, reaching GWP of £1.4bn by 2020.
Verdict Financial's "UK Home Emergency Insurance 2016" provides an in-depth analysis of the UK insurance market for essential features and appliances in residential properties. Among the points discussed include the size of the market, the current and forecast value of home emergency GWP, and the use of smart technology in the home. The report provides a thorough overview of the market, including commentary on the introduction of a new set of rules and regulations surrounding the insurance add-ons market.
Reasons To Buy
- Benchmark yourself against the rest of the market and its top performers. Ensure you remain competitive as new innovations and significant market developments are introduced.
- Be informed of the "connected home" concept, and the application of these products to general insurance and the home emergency market.
- British Gas/Centrica
- Scottish Power
- and EDF Energy