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Insurance companies employ a variety of different channels to offer and distribute their products. In addition to agents and brokers, those attached to a particular company or those working independently, other institutions such as affinity groups (i.e. car dealers), banks, and building societies also offer insurance products.

General insurance personal lines split by distribution

In 2019, the majority of personal lines of general insurance in the United Kingdom (UK) were purchased directly from the insurers (** percent of the market) and a further ** percent were purchased from independent intermediaries. In the last six years, the share of direct sales has been increasing, while the share of independent intermediaries has been decreasing. This can be explained by the fact that digital technology has made direct purchases much easier.

Insurtech in the UK

Insurtech is the buzz word in this area. Core insurtech business categories include direct online sales, comparison sites, as well as product development, risk assessment, and many others. Besides improving processes and cutting costs, insurtech aims at making insurance more consumer-friendly. Insurance comparison sites, for instance, provide potential clients with aggregated information which simplifies client decisions.