Robo Advice in UK Insurance Sector – Another Move Towards Adoption of Advanced Technology - Ken Research

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Robo Advice in UK Insurance Sector – Another Move Towards Adoption of Advanced Technology

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UK life insurance market has witnessed a steady downfall over the past years. The life insurance market is fairly stable in terms of premiums with the changes in distribution. Term distribution is expected to progress from independent financial advisors (IFAs) and reflect the UK Group Life Insurance Market Report. The policies are sold directly and through aggregators in the UK Life insurance industry competition. Majority of the life policies in UK are already sold without advice. Robo-advice and technology are introduced in this sector that will bridge the advice gap for less affluent customers. Also, Retail Distribution Review (RDR) is introduced to streamline the consumer journey of purchase protection products. The life insurance policies are becoming more personalized to individual risk by using big data from wearables, with insurers developing policies for specific risk groups. All the providers are guiding their customers to manage their health by investing in diagnostic healthcare technology, launching well being apps, and providing customers with virtual GP services.

According to the research report “Life Insurance in the UK, Key Trends and Opportunities to 2020”, the life insurance market is dominated by very few key players. UK customers are more confident making their own decisions and self-serving. The leading competitor Legal & General holds the largest share in the life insurances followed by SunLife. Robo-advice offers consumers solutions that help identify the advice products that are most suitable and bridge the advice gap for less affluent individuals. The Top Five Life Insurances in UK Analysis focuses on the major and closely related product lines of term and whole of UK Property Insurance Regulatory Framework Analysis that broadly provide financial compensation in the risk-measured event of death or severe health issues.

The leading companies in the UK’s life insurance are Legal & General, SunLife, Scottish Friendly, Aviva, Royal London,  Virgin Money, Post Office,AA Life Insurance, Aegon Life Insurance, AIG Life Life Insurance, Aviva Life Insurance, Fortify Insurance Solutions Limited Life Insurance, Legal & General Life Insurance, LV= Life Insurance, , NatWest Life Insurance, Old Mutual Wealth Life Insurance, Royal Bank of Scotland Life Insurance, Royal London Life Insurance, Scottish Widows Life Insurance, The Exeter Life Insurance, Ulster Bank Life Insurance, VitalityLife Insurance, Zurich Life Insurance.

The UK Life Insurance Regulatory Research Report industry created huge opportunities to become the retail interface between the UK’s workforce, pensioners and their retirement savings. It was observed that the UK Life Insurance Key Factors will grow at a whooping rate in the next decade. Insurers who share this growth are huge valuable businesses and will be offered with a long-term dividend. The average share prices across the UK Life Insurance Segment, Product and Market Share in the next decade would be 50% higher than today. The Europe life insurance industry research that best capture such opportunities will outperform in terms of volume and sales. Consumers are focused on dividend growth as the main measure of long-term value.

The UK Individual Life Insurance Market Report is the defensive, retreating from with profitable lines of business in wealth management and unable to make strategic decisions in the face of legal and regulatory uncertainty. The life insurance industry serves as a private sector component of the social security system in UK, helping workers to save for their retirements, to manage their savings post-retirement, and to protect themselves and their dependents from major risks to their employ ability. It was observed that there are many opportunities in the life insurance sector with-profits and other forms of investment guarantee which will encourage the growth of the industry over the coming years.

The insurance industry in UK is the third largest in the world with over three lakh employees and 772 authorized insurance companies. This accounts for one-third of the entire financial services jobs in the country.

To know more, click on the link below.

https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/life-insurance-uk/129012-93.html

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