UK Commercial Insurance Distribution 2018 : Overview - Opportunities, Vendors, Types, Applications, Forecast

Researchmoz added latest report "UK Commercial Insurance Distribution 2018". The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.

"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.

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Commercial insurance remains a highly competitive space, and the distribution of the markets products continues to evolve. Brokers maintain a grip on the greatest share of the market, and the channels 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.

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.

Table of Contents

1. EXECUTIVE SUMMARY 2
1.1. Brokers dominate as the direct channels 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

...

3.3.1. Brokers look to facilitate growth through cross-selling and upselling 29
3.3.2. Acquisitions are high on the agenda of national brokers 31
3.3.3. Brokers are warming to the use of social media 33
3.3.4. Provincial brokers keep the focus on traditional methods but seek to develop online channels 35
3.3.5. Super-regionals are prioritizing social media engagement 35
3.3.6. National brokers are looking to enhance their online propositions 36

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4. THE DISTRIBUTION LANDSCAPE GOING FORWARD 39
4.1. Innovation is creeping into the commercial sector 39
4.1.1. Commercial lines carriers are set to benefit from the introduction of blockchain 39
4.1.2. E-trading is becoming the norm in commercial insurance 40
4.1.3. AXA agrees deal with Brolly 41
4.1.4. Gig economy insurance emerges as the sector continues to grow 42
4.1.5. AI-driven commercial insurance tech company raises 4.4m 43
4.2. How will the distribution landscape change in the coming years? 43
4.2.1. Growth in the commercial market stems from SME insurance 43
4.2.2. The continued growth of digital brokers will cut into traditional brokers and direct channels 44

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