UK Commercial Insurance Distribution 2018-AXA, Hiscox, NFU Mutual, Aviva, Allianz,  Simply Business, HSBC, Santander, Lloyds, RBS, TSB,  Towergate

"UK Commercial Insurance Distribution 2018", report provides an in-depth study into commercial insurance distribution trends. It discusses the influence of the different purchasing behaviors of SMEs compared to larger corporate businesses, and pays particular attention to the role and strategy of brokers within product distribution. It also addresses challenges in the market and the impact of technology on consumer channel preferences, before concluding with a distribution forecast for the coming years.

Commercial insurance remains a highly competitive space, and the distribution of the market's products continues to evolve. Brokers maintain a grip on the greatest share of the market, and the channel's footprint saw a rise in premium share in 2016 according to Association for British Insurers (ABI) statistics. With enduring dominance in non-SME markets and fast-flow business, digital brokers are finding success even against the threat of the direct channel in the SME space.

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The Key Players mentioned in our report:
AXA, Hiscox, NFU Mutual, Aviva, Allianz,  Simply Business, HSBC, Santander, Lloyds, RBS, TSB,  Towergate, Confused.com, Comparethemarket.com,  Moneysupermarket.com, Gocompare.com, Zurich, Barclays, Lloyds Bank, Arthur J. Gallagher, JLT, Marsh, Aon, Willis, AA, Saga, Tower Watson, Jelf, Insurance Times, Willis Tower Watson, Nimbla, Polaris, Brolly, CoverBuilder, Cytora

Scope

-Brokers dominate the distribution of commercial insurance with a 79.0% share of the market.
-The broker landscape has been transformed by digital offerings via price comparison sites and innovative players.
-Acquisitions were a key trend in 2017, with consolidation a priority for brokers and insurers amid tough conditions.

Reasons to buy

-Adapt your distribution strategy to ensure it still meets the needs of clients and intermediaries.
-Ensure you remain competitive as new innovations revolutionize the purchasing journey for clients and brokers.
-Benchmark yourself against other players in the market.
-Be prepared for how technology is set to impact the commercial insurance market.

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Table of Contents
1. EXECUTIVE SUMMARY 2
1.1. Brokers dominate as the direct channel's share falls 2
1.2. Key findings 2
1.3. Critical success factors 2
2. CHANNEL ANALYSIS 8
2.1. Introduction 8
2.2. Key regulatory updates 8
2.3. Brokers continue to dominate, and are fighting back in the SME space 9
2.3.1. Price comparison sites expand SME insurance at the expense of traditional brokers 11
2.3.2. Banks and building societies saw a steady decline in market share 13
2.4. Commercial insurance distribution within the direct channel 14
2.4.1. Brokers continue to control commercial insurance 14
2.4.2. AXA and Aviva dominate the increasingly digital SME market 17
2.4.3. AXA buys XL to boost its commercial offering 17
2.4.4. Simply Business leads the success of e-brokers in the SME market 18
2.4.5. Zurich and Hiscox find tech partners for innovative SME insurance 19
2.5. Retailers/affinity groups and commercial insurance 20
2.5.1. Affinity providers target SMEs with commercial insurance products 20
2.6. Banking providers and the distribution of commercial insurance 21
2.6.1. Banks and building societies are used the least to purchase commercial policies 21
3. BROKERS AND COMMERCIAL INSURANCE DISTRIBUTION 25
3.1. The broker landscape is dominated by five global firms 25
3.2. Global brokers retain the largest share of commercial revenues 25
3.2.1. The top five brokers accounted for around 28.7% of the total market in 2017 25
3.2.2. Marsh overtakes JLT 26
3.2.3. JLT falls to second place 27
3.2.4. Arthur J. Gallagher improves to third position 27
3.2.5. Willis moves back into fourth after Towers Watson Merger 28
3.2.6. Aon falls to fifth following strong growth from rivals 28
3.3. Common themes emerge from the growth strategies of brokers 29

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