Banking channel policy sales suffer during pandemic as insurers take advantage of digitalisation
Insurers are taking advantage of remote working and social distancing policies to increase their market share of critical illness policies, according to new data. GlobalData's 2020 UK Insurance Consumer Survey shows that during 2020, insurers increased their market share of policy sales to 42.4%, up from 34.1% the year prior. At the same time, the banking channel has seen its share drop from 18.2% in 2019 to 11.3% last year, while brokers' market share remained relatively consistent, decreasing...
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