The insurance add-ons market is a rich source of income for the UK motor insurance industry, but with changing regulations, differing consumer behaviour and a wide range of insurer strategies at play, it is becoming increasingly difficult for insurers to determine the best approach to market for add-on policies.
This unique data set, focused on the motor add-ons market, enables you to benchmark your add-on pricing strategy against your competitors and understand the impact of the new PCW question sets implemented as a result of the Insurance Distribution Directive.
Our data set shows who is offering which products and how your brand compares to the wider market. By looking at individual product pricing you can model changes to your competitive position.
Additional Product View is available as a standalone product, but by coupling it with our Offers and Incentives data, you can widen the lens in which you view the market; a complete view of premiums, additional product premiums and marketing offers.
Evaluate competitor strategies
Understand the impact on your overall competitive position
Model new strategies to understand impact on competitiveness
Monitor and support development of competitive strategies
Support confident strategic decision making
Consider where to spend resource to maximise conversion
Additional Product View is an invaluable tool for brands operating in the motor insurance market.
Each month, we run 3,600 risks on the big 4 PCWs for the following five motor insurance add-ons:
Additional Product View provides the clarity you need to make confident decisions when it comes to your add-ons strategy, enabling you to gain the competitive edge.
|Motor insurance customers hold an average of 2.4 paid-for add-ons per motor policy|
|Younger drivers are much more likely to pay for add-ons in addition to their standard policy|
|Motor insurance claimants are much more likely to be aware of the importance of add-ons|
|Some 89% of drivers say they are willing to pay for at least one add-on policy with their motor insurance|
This report includes an overview of the motor insurance add-ons market, revealing exclusive insight which explores what consumers are willing to pay for and which demographics are buying, as well as average pricing for add-on policies. Not only does the report give you unique insight and never before seen consumer data, but also the ability to benchmark your add-on pricing strategy against the leading insurers. Insight that builds confidence and helps you to make bold strategic decisions.
This product is currently delivered as a raw data file. However, we are in the process of developing interactive views that will be available through our online portal by the end of March 2021.
This data set is collected as part of our core motor collection. Each month, we run a total of 3,600 risks across the big 4 price comparison websites.
Additional Product View can be purchased as a standalone product. However, you can gain a wider view of the market by purchasing this product alongside Market View and Offers and Incentives View.