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Challenger banks could stimulate growth in the travel insurance market by targeting Generation Z customers, says GlobalData
Findings from GlobalData’s 2018 UK Insurance Consumer Survey indicates that 11.9% of individuals have travel insurance provided through their bank account, highlighting that the banking channel is already well established. Yet, this share could grow further with new challenger banks tapping into the younger demographic, says GlobalData, a leading data and analytics company.
The Association of British Travel Agents found that in 2017, 40% of 18–24 year olds were not purchasing travel insurance when travelling abroad.
Daniel Pearce, General Insurance Senior Analyst at GlobalData, comments: “The partnerships with challenger banks, whose customer base is typically comprised of younger people, will provide underwriters an opportunity to engage with a demographic who are not buying travel insurance through traditional methods.”
The UK travel insurance market saw gross written premiums fall considerably in 2018, dropping by 11% to £548.2m.
Pearce adds: “AXA’s latest partnerships with innovators in the banking industry could help spur growth at a time when the market needs it most, allowing the insurer to reach new customers such as the Generation Z audience.”
AXA Partners recently announced a partnership with leading challenger bank Monzo. The agreement will result in AXA Partners underwriting a policy that covers medical bills, lost valuables, trip cancellation costs and winter sports for Monzo Plus account holders.
Pearce concludes: “GlobalData estimates that AXA was the second-largest underwriter in the UK travel insurance market in 2018 with a 10.7% share of the market. Clearly partnering with such a significant player in the travel insurance market highlights the continuing importance of the banking channel in the distribution of policies.”
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