英国の生命保険・年金商品の流通販売環境

Abstract

Introduction

An overview of the UK life and pensions distribution landscape. The report looks at what products are sold through the key distribution channels in the UK, who the largest players are, and the factors that are shaping the market.

Scope

This report examines the retail distribution of life and pensions products in the UK. Data covers 2000-2006, with forecast data to 2011. The impact of the FSA' s retail distribution review was analyzed, including on alternative distribution channels such as direct and worksite marketing. Extensive secondary research was undertaken to ascertain the way the market is operating and to draw conclusions for the market from the FSA' s RDR.

Highlights

The retail distribution of life and pensions products in the UK has been dominated by IFAs, and to a lesser extent, bancassurance. The FSA' s RDR and other market reforms, along with technological changes will challenge this dominance and the UK is likely to see a changing distribution landscape. IFAs are increasingly moving their business upmarket, toward those with more sophisticated financial needs, opening the way for a more vanilla Primary Advice to be taken up by banks. Technology and communications, along with pension market reforms, are having dramatic changes on alternative forms of sales, such as direct and worksite marketing. It is likely that sales via these channels will increase.

Reasons to Purchase

Offers unique insights into the distribution of life and pensions and looks at legislative and other changes that are driving changes in the market. Provides details of current single and regular premium sales via different channels and forecasts their growth to 2011. Assists those operating in the market to improve market share & those entering the market to develop their propositions.

Table of Contents

• DATAMONITOR VIEW
• CATALYST
• SUMMARY
• ANALYSIS
• IFAs remain the dominant distributor in the retail market for life assurance, pensions and retail investment products in the UK
• Independent Financial Advisors dominate the provision of investment products and financial advice
• The IFA channel accounts for over 70% of total life and pensions sales in the UK
• The Financial Advisor channel is forecast to remain dominant going forward
• The most popular product areas among UK investors are SIPPs, REITs and Wraps according to IFAs
• IFAs are well-established in the market but many are shifting their focus upmarket
• The bancassurance channel is growing in market share, with about 15% of total life and pensions sales
• The current bancassurance market is dominated by unit-linked bonds and mortgage-related and savings-related term assurance
• Bancassurance going forward will continue to be dominated by unit-linked bonds and mortgage-related and savings-related term assurance
• Direct and worksite marketing are on the increase
• Direct marketing and sales of life and pensions products and retail investments in the UK
• Direct marketing is sent directly to the consumer and has traceable, measurable results
• Technology is affecting the way providers and advisors conduct their business
• Worksite marketing of life and pensions products and retail investments in the UK
• IFAs and providers both undertake worksite marketing
• Worksite marketing is likely to grow in prominence
• The FSA' s Retail Distribution Review aims to increase consumer access to financial products and services through offering a tiered system of financial advice
• The FSA' s Review of Retail Distribution takes place within a developing and changing legislative and technological market
• The FSA' s Retail Distribution Review has developed five key themes for reform
• There are five key themes to the FSA' s Retail Distribution Review
• Sustainability of the distribution sector
• Professionalism and reputation of the sector
• Impact of incentives
• Customer access to financial products and services
• Regulatory barriers and enablers
• The Review suggests two key industry features would improve the delivery of products and services appropriate to the needs of consumers
• Higher standards could increase costs for firms
• Wider access may require the development of other types of less comprehensive and less costly services
• The market for advice will be segmented in terms of the services provided to consumers
• The RDR is likely to impact on UK distribution channels by segmenting the IFA structure and, in the context of a changing legislative environment, increase direct and worksite marketing
• The dominance of IFAs will be challenged in the new regime
• The market for financial advice is adapting to allow more customers to benefit from advice
• Full and focused financial advice analyses financial needs in greater depth
• Primary Advice is a regulated service providing straightforward financial advice
• There exists a wide range of potential suppliers of primary advice
• There is the potential for banks to challenge the dominance of IFAs via the Primary Advice service
• Some financial advisory firms may find the provision of Primary Advice is compatible with their core business
• There is the potential for different financial services firms to offer Primary Advice by worksite marketing
• Pension market reforms will increase worksite marketing and change its nature
• Worksite marketing at large firms requires providers to have a specific infrastructure
• Enhanced technology and communications tools support worksite marketing
• IFAs are well-established in the market but many are shifting their focus upmarket

• Definitions
• Single premium policy
• Regular premium
• New business
• Wrap accounts
• Product definitions
• Life based savings products
• Life Assurance
• Single Premium Life
• With-profit bond
• Unit-linked bond
• Income and growth bonds
• Guaranteed Equity bonds
• Distribution bonds
• Purchased Life Annuities
• Other bonds
• Annual Premium Life
• Endowment Policy
• Whole of Life Insurance
• Term Assurance
• Income Protection
• Critical Illness
• Collective Life
• ISAs
• Personal Pensions
• Stakeholder Pensions
• Group personal pensions
• DSS Rebates
• Employer Sponsored Stakeholder pension (ESS)
• SIPPs (Self Invested Personal Pensions)
• FSAVC (Free-Standing Additional Voluntary Contributions)
• ABI definitions of distribution channels
• Independent Financial Advisors (IFAs)
• Direct sales forces
• Tied agents
• Multi-tied agents
• Bancassurance
• Direct marketing
• Telesales
• Other
• Matrix-Data definitions
• IFA firm types
• Grossed Annual Aggregate Turnover
• IFA sales people
• Methodology
• Further reading
• Relevant links
• Ask the analyst
• Datamonitor consulting
• Disclaimer

• Table 1: Historic single premium life sales through the FA channel, 2000-2006, £m APE
• Table 2: Historic regular premium life sales through the FA channel, 2000-2006, £m APE
• Table 3: Historic single premium pensions through the FA channel, 2001-2006, £m APE
• Table 4: Historic regular premium pensions through the FA channel, 2001-2006, £m APE
• Table 5: Forecast single premium life sales through the financial advisor channel, 2007-2011, £m APE
• Table 6: Forecast regular premium life sales through the financial advisor channel, 2007-2011, £m APE
• Table 7: Forecast single premium pensions through the financial advisor channel, 2007-2011, £m APE
• Table 8: Forecast regular premium pensions thorough the financial advisor channel, 2007-2011, £m APE
• Table 9: Forecast regular premium pensions through the financial advisor channel, 2007-2011, £m APE
• Table 10: Historic single premium life sales through the bancassurance channel, 2000-2006, £m APE
• Table 11: Historic regular premium life sales through the bancassurance channel, 2000-2006, £m APE
• Table 12: Historic single premium pensions sales through the bancassurance channel, 2001-2006, £m APE
• Table 13: Historic regular premium pensions sales through the bancassurance channel, 2001-2006, £m APE
• Table 14: Forecast single premium life sales through the bancassurance channel, 2007-2011, £m APE
• Table 15: Forecast regular premium life sales through the bancassurance channel, 2007-2011, £m APE
• Table 16: Forecast single premium pensions through the bancassurance channel, 2007-2011
• Table 17: Forecast regular premium pensions through the bancassurance channel, 2007-2011, £m APE
• Table 18: Pensions advertising expenditure, £ and by company (top 20 spenders) as a % of total2006
• Table 19: Life insurance advertising expenditure, £ and by company (top 20 spenders) as a % of total

• Figure 1: Financial Advisors dominate life and pensions new business 3
• Figure 2: Unit-linked bonds account for 83% of total single premium life sales through the FA channel
• Figure 3: Savings-related and mortgage-related term assurance dominate regular premium life sales through the FA channel
• Figure 4: Personal pensions currently dominate single premium pension sales through the FA channel
• Figure 5: Group personal pensions sales dominate the regular premium pensions market through the FA channel
• Figure 6: Unit-linked bonds are forecast to dominate single premium life sales through the financial advisor channel
• Figure 7: Savings-related and mortgage-related term assurance are forecast to dominate regular premium life sales through the financial advisor channel
• Figure 8: SIPPs are forecast to dominate single premium pensions sales through the financial advisor channel by 2011
• Figure 9: Personal pensions are forecast to decline in their dominance of the regular premium pensions market through the financial advisor channel as clients move into SIPPs and prepare for personal accounts
• Figure 10: Multi-tie FAs are increasing their share of total life and pensions new business
• Figure 11: Unit-linked bonds currently account for 65% of total single premium life sales through the bancassurance channel
• Figure 12: Mortgage-related & savings-related term assurance account for 85% of total regular premium life sales through the bancassurance channel
• Figure 13: Stakeholder and personal pensions currently dominate single premium pensions sales through the bancassurance channel, 2001-2006, £m APE
• Figure 14: Stakeholder pensions continue to dominate the regular premium pensions market through the bancassurance channel, 2001-2006, £m APE
• Figure 15: Unit-linked bonds are forecast to continue to dominate single premium life sales by bancassurance
• Figure 16: Mortgage-related and savings-related term assurance is forecast to continue to dominate regular premium life sales through the bancassurance channel
• Figure 17: Stakeholder pensions are forecast to continue to dominate the single premium pensions market through the bancassurance channel
• Figure 18: Forecast regular premium pensions through the bancassurance channel, 2007-2011
• Figure 19: Norwich Union dominates pensions advertising expenditure, 2006
• Figure 20: Axa Sun Life dominates life assurance advertising expenditure, 2006
• Figure 21: The future of retail distribution: proposed services