Welcome to our 2024 annual report Beneath the Surface
Beneath the Surface is an annual report produced by Pacific Life Re using in-depth consumer research and market expertise to explore important questions facing the protection market in the UK & Ireland.
This year, with customer value becoming even more front of mind for the insurance industry, thanks in part to Consumer Duty in the UK, we have focused on how well the industry is currently serving different customer segments. Through our survey of over 2,000 consumers across the UK and Ireland we’ve sought to identify those groups that are not as well served and examine what could be done to both better serve and grow the protection market.
We hope you find the report insightful. Should you wish to discuss any of these topics further please do get in touch.
Customers with a disability are 17% less likely to have any protection cover, and are 10% less likely to have Individual Protection
Customers who have group insurance are 20% more likely to have individual protection
The LGBTQ+ cohort are 11% less likely to have individual protection than those identifiying as heterosexual
Authors
Richard Purcell
Director, Client Solutions
Ashley Hannah
Client Solutions Actuary
Aaron Saldanha
Client Solutions Actuary
Previous Editions
Navigating the ocean of Value-Added Services
Our first edition, highlights key insights from customers and providers, looking at the future of Value-Added Services (VAS).
This important topic for the protection industry highlights that these services can provide opportunities for insurers to not only engage with customers in ways that have previously been out of reach, but also increase the overall value of Protection products too.
Building a Sustainable Protection Market
Our second Beneath the Surface Report focuses on 'Building a Sustainable Protection Market'.
As we face new challenges and opportunities within the UK and Irish protection markets, these will undoubtedly shape the long-term sustainability of the individual protection market.