European insurance distribution : a battle for the customer: more losers than winners

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      <subfield code="a">European insurance distribution</subfield>
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      <subfield code="a">Throughout Europe, a battle for customer ownership is being waged between, on the one hand, insurers who have traditionally relied on exclusive agents and independent brokers, and on the other hand, challengers such as banks, independent sales forces and direct marketers who are steadily gaining market share by selling directly to the customer. Benefiting not only from lower distribution costs, these channels are also setting new technology-based standards of customer service and segmenting markets to improve risk selection and tailor products to the needs of these segments. To evaluate the possible outcome of this battle and provide insight to investors in the European insurance sector, we interviewed more than 60 institutions active in the distribution sector of six major markets - France, Germany, Italy, the Netherlands, Spain, and the United Kingdom - as well as a number of regulators and independent observers. We found that banks in all markets are gaining market share-perhaps eventually one third of the market in relatively simple products - as they expand their product lines, improve their selling culture and exploit the goodwill of the most active 20%-25% of their retail customer base. Within the banking sector, the winners tend to be those who have fully integrated their insurance business in organizational, compensation and systems terms.</subfield>
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