Partner Metrics: Consumer Attitudes towards Alternative Distribution Partners in UK Financial Services

Partner Metrics: Consumer Attitudes towards Alternative Distribution Partners in UK Financial Services is a study of consumer attitudes towards 140 major non-financial brands in the UK, to test their willingness to acquire financial services through them. It looks at nine separate insurance and banking products, so that it can quantify the market potential for these 140 brands for specific products. In particular, it seeks to answer the following questions: how many customers does each organisation have and what is the profile of these customers in terms of their frequency of contact as well as their gender, age and household income? how much do consumers in general trust each organisation and how much do the organisations’ own customers trust them? do customers currently buy insurance or banking products from these organisations? if not, what is the evidence that they are willing to do so in future?

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The answers to each of these questions are combined to produce an estimate for each organisation’s potential for a specific product, thus identifying where the best opportunities lie - and which should be avoided. Partner Metrics focuses on nine financial products, concentrating on the products most appropriate to each brand. The list of products and the number of organisations researched for each product is: motor insurance: 75 organisations; household insurance: 70 organisations; travel insurance :70 organisations; pet insurance: 55 organisations; accident and health insurance: 55 organisations; life insurance: 55 organisations; personal loans: 80 organisations; payment cards: 130 organisations; savings accounts: 60 organisations. Key findings from the Partner Metrics report include: high street retail brands command the highest volumes of customer relationships and the greatest level of awareness, with a much wider ‘reach’ than other types of organisation; Saga has the highest actual or viable cross-selling rate amongst its own customers, reaching as much as 30% for travel insurance and 40% for motor and household insurance; the two organisations with the greatest unrealized opportunity in financial services are Boots and Morrisons, with large customer bases and high levels of trust; travel agents and airlines have strong cross-selling rates for travel insurance, but hotel chains have little apparent opportunity to act as distributors of this product; The Money Shop, Western Union and the Women’s Institute all have high interest from their customers for specific products, making them interesting potential niche partners.Market Research

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