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.
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
“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.
Spanning over 51 pages “UK Commercial Insurance Distribution 2016; An industry
where adapting to the market is key” report
covers Executive Summary, Commercial Insurance: The Distribution Channels,
Brokers And The Distribution Of Commercial Insurance, The Future Of Uk
Commercial Insurance Distribution, The Future Of Uk Commercial Insurance
Distribution, Appendix. The report covered companies few are - AXA Direct Line,
Hiscox, NFU Mutual, Aviva, Allianz, Premierline, Simply Business, Towergate,
YOUR Insurance, Confused.com, Comparethemarket.com, Moneysupermarket.com,
Gocompare.com, Barclays
For more information Visit at: http://mrr.cm/JTc
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Market Opportunity; visit at: http://mrr.cm/JTN
Australian IFAs, Investment
Managers and Platforms; visit at: http://mrr.cm/JTx
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