Introduction

The UK & Irish protection markets continue to innovate, and while a lot of this has centred on the core products and their distribution, more recently we’ve seen a greater focus on Value-Added Services (VAS). This is particularly due to their increased usage during the Covid-19 pandemic.

These services can take many forms, and provide a way for insurers to give more value to customers, and engage with them in a way not previously possible. VAS can also provide a way for the protection industry to transform itself from a market focused on commoditised products that historically are infrequently used, to one that’s characterised by highly beneficial services that are regularly used by customers.

In this report, we’ll:

• Analyse the current VAS landscape in the UK & Irish protection markets.
• Look to understand the views and experiences of customers, with the aim of assessing how much value these services are really adding today.
• Look at what insurers say, and consider what the future might hold for the development of VAS.