UK Commercial Insurance Distribution 2016 : Latest Research Report

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Commercial insurance has become a highly competitive market, and the distribution of its products is evolving. Brokers continue to hold the highest share of the commercial market, despite growth in other channels. The small and medium-sized enterprise (SME) market has been driving this change. SMEs that require less comprehensive insurance products have been moving away from the added-value advice service from brokers, instead shifting towards self-service, online purchasing platforms.

The broker landscape continues to be dominated by the top few global companies and a multitude of smaller firms. Consolidation of the broker market is set to continue; however, the rate of acquisitions has significantly slowed after the major consolidation and growth rush of the late 2000s. Brokers are now looking to use their existing products and sectors of expertise to grow, meanwhile focusing on developing their online propositions to enable them to regain share previously lost by the SME market.

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The Insurance Act 2015, which comes into force in August 2016 will make significant changes to commercial contract law. It will make contracts more certain and passes the responsibility of compliance to insurers. It will promote better communication and co-operation between all parties involved in arranging commercial contracts, ultimately giving underwriters a better understanding of the practices and the subsequent risks of those being insured.

Key Findings

Brokers continue to dominate the distribution of commercial insurance, with a 78.2% share of the market.
Provincial brokers are less concerned about growing their online propositions.
Banks have the potential to cross-sell insurance with their existing business services.
Micro-sized enterprises are driving the growth of price comparison sites.

Synopsis

Verdict Financial's UK Commercial Insurance Distribution 2016 report provides an in-depth study into the trends of commercial insurance distribution. It discusses the influence of the differing purchasing behaviours of SMEs compared to larger corporate businesses, and pays particular attention to the role and strategies of brokers within product distribution. It addresses the challenges the market is facing, and key changes in regulation, before concluding with a five-year forecast for each distribution channel.

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 your firm against other players in the market.
Be prepared for how regulation will impact the commercial market over the next few years.

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Table of Contents

EXECUTIVE SUMMARY
Brokers remain dominant in a market shifting towards online purchasing
Key findings
Critical success factors

COMMERCIAL INSURANCE: THE DISTRIBUTION CHANNELS
Introduction
Brokers remain dominant despite growth in other channels
The complexity of commercial insurance sustains the dominance of the broker channel
Brokers are becoming less significant in the distribution of uncomplicated products
The distribution of SME insurance is moving away from brokers
SMEs are purchasing commoditized commercial products online
The direct channel is competitive against brokers within the SME market
Micro enterprises are driving the growth of price comparison sites, whereas small and medium enterprises are driving the growth of the banking channel
Commercial insurance distribution and the direct channel
Insurers are growing their direct channels
Product commoditization has limited scope within commercial insurance
Only a few commercial insurers have developed a direct proposition
AXA’s commercial direct offering is now digital-only
Direct Line for Business offers customers a range of additional online features and service options
Hiscox offers guidance to help customers build their own insurance package
NFU Mutual offers a traditional broker-like direct service
Aviva has brought back its direct offering for commercial insurance
Allianz has a long-established direct offering called Premierline
Price comparison sites and commercial insurance distribution
Aggregators target SMEs with commercial insurance products
Price comparison sites’ commercial offerings are in partnership with Simply Business and Towergate’s YOUR Insurance brand
Moneysupermarket.com and Comparethemarket.com are favored by SMEs
Banks and building societies and commercial insurance distribution
Banks and building societies are the least used channel through which commercial insurance is purchased
Banks have the potential to cross-sell insurance with their existing business services
Barclays and Lloyds are the leading banks providing SME insurance
Barclays’ business insurance is underwritten by Allianz
Lloyds Bank tailors its business offerings by company size

BROKERS AND THE DISTRIBUTION OF COMMERCIAL INSURANCE
The broker landscape is dominated by the top few global brokers
Global brokers have the largest share of commercial insurance revenues
The broker landscape is dominated by the top few global brokers
JLT is now the UK’s largest broker
Marsh is expanding into the UK SME market through acquisitions
Aon’s revenue remains steady year-on-year
Willis merges with Tower Watson to offer insurance broking and consultancy
Growth has slowed for Arthur J. Gallagher as it integrates its acquired businesses
There is a downward curve in revenue from global brokers to provincial brokers
National brokers handle significantly less GWP than global brokers
Super-regional brokers’ revenue is representative of their varying stages of growth
National, super-regional, and provincial broker growth strategies
Brokers are looking to use their existing products and expertise to grow
Brokers look to create a multi-channel distribution strategy by growing online
Acquisitions are an effective way to rapidly grow revenue
Brokers are using social media to engage with clients
National brokers are looking to expand their range of online services
Super-regional brokers have prioritized online quotation systems
Provincial brokers are less concerned about developing their online propositions

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