Press release
Develop business strategies Of UK Commercial Insurance Distribution 2017
"UK Commercial Insurance Distribution 2017", report provides an in-depth study into the trends of commercial insurance distribution. The report discusses the influence of the differing purchasing behaviors of SMEs compared to larger corporate businesses, and pays particular attention to the role and strategies of brokers within product distribution. It also addresses the 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 market, and the distribution of its products continues to evolve and vary. Brokers hold the highest share of the commercial market despite incremental growth in the other channels. The SME market has been driving this change, with more of these types of businesses opting to purchase insurance directly from their provider. These SMEs require less comprehensive insurance coverage, meaning a more simplistic and efficient offering is adequate.
Scope
- Brokers dominate the distribution of commercial insurance with a 77.1% share of the market.
- Brokers of all capacities are keen to improve their online propositions to provide an enhanced level of customer service.
- Underinsurance is a problem within the SME space, with significant proportions citing price and a general lack of knowledge or product awareness as the reasons for forgoing adequate insurance cover.
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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 3
1.1. Brokers dominate as the direct channel increases its share 3
1.2. Key findings 3
1.3. Critical success factors 3
2. COMMERCIAL INSURANCE: CHANNEL ANALYSIS 9
2.1.1. Introduction 9
2.2. Brokers still dominate despite a continuing dip in share 9
2.2.1. The need for specialist advice keeps brokers at the top 9
2.2.2. Brokers continue to see their distribution shares slip for more simple products 10
2.3. SMEs look to channels other than brokers for their insurance 11
2.3.1. The online channel serves SMEs well for commoditized commercial products 11
2.3.2. The direct channel competes against brokers within the SME space 13
2.3.3. Banks and aggregators have grown their channel shares in most business segments 14
2.4. Commercial insurance distribution within the direct channel 15
2.4.1. Insurers continue to grow their direct propositions 15
2.4.2. A select few commercial insurers offer a direct proposition 18
2.4.3. Avivas Digital First initiative targets customers choosing the online channel 18
2.4.4. Hiscoxs continued investment in its online infrastructure is proving a success 19
2.5. Retailers and affinity groups and commercial insurance 20
2.5.1. Affinity providers target SMEs with more commercial insurance products 20
2.5.2. Direct propositions are limiting aggregator usage in the commercial space 22
2.5.3. Comparethemarket.com and Moneysupermarket.com are preferred by SMEs 23
2.6. Banking providers and the distribution of commercial insurance 23
2.6.1. Banks and building societies are used the least to purchase commercial policies 23
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