Future Prospects Of SME Insurance In UK: Distribution Dynamics 2018

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"UK SME Insurance: Distribution Dynamics 2018", report looks at how SMEs buy insurance coverage and the reasons behind their purchasing decisions. It also examines the services SMEs are currently receiving and the additional services they would like from their provider going forward. Other influential factors on the market are taken into consideration, such as the location of the business (home or on-site/office), the age of the business owner, and the age of the business.

Brokers remain the most utilized channel among SMEs purchasing insurance, yet their share of the market suffered a decline in 2018 for the second year running, according to our 2018 UK SME Insurance Survey. SMEs have begun to purchase their insurance products via a number of different channels, with price comparison sites making gains and banks re-emerging as a channel over the past couple of years. Purchasing directly from the insurer saw a surprising fall in 2018 following consistent growth, but it remains a key channel, especially for smaller SMEs. Insurance companies also continue to provide an increasing variety of products that cater more specifically for the smallest of SMEs. Given that businesses of this size represent the majority of SMEs by number, the growth of non-brokered purchasing channels is unsurprising.

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Scope
- Loyalty is high, with auto-renewal being the leading method of purchasing insurance (41.8% of respondents).
- Renewal rates in commercial insurance are significantly higher than in personal lines. Over 80% of SMEs either auto-renewed at the renewal point or remained with their insurer after comparing prices.
- Younger businesses are embracing technology when purchasing their insurance, with the use of tablets and smartphones highest among businesses that have operated for less than two years.

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Reasons to buy
- Identify the most prominent sales channel for SMEs.
- Adapt/re-evaluate your distribution strategy and proposition to meet the needs of modern consumers.
- Discover the factors influencing SME purchasing decisions and distribution channel selection.

UK SME Insurance to Witness Excellent Long-Term Growth Outlook By Key Players - AXA, Aviva, Allianz, Direct Line, Zurich, Hiscox, RSA, NFU Mutual and Lloyds

Researchmoz added Most up-to-date research on "UK SME Insurance to Witness Excellent Long-Term Growth Outlook By Key Players - AXA, Aviva, Allianz, Direct Line, Zurich, Hiscox, RSA, NFU Mutual and Lloyds" to its huge collection of research reports.

UK SME Insurance

This report looks at which insurers lead the way in the SME segment and how they are developing their propositions. It also highlights how competitor positions vary between micro, small, and medium enterprises. It examines which insurers are winning over brokers and which companies SMEs are placing their business with.

AXA and Aviva dominate the UK SME insurance space across all of the 10 non-vehicle-based commercial products listed in our 2018 UK SME Insurance Survey. However, the pair have slipped within the six motor lines, with Admiral and AA in particular establishing a strong presence at the top of these markets. Meanwhile Allianz recorded a strong performance in the liabilities lines but little impact in the vehicle-based lines. Hiscox and Zurich are liability specialists, although they have both seen their shares decline since 2017. 

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Within the motor lines there is a clear trend of popular personal lines insurers also enjoying success in the SME market. This shows that established relationships are essential and easily transferred from personal to commercial lines.

Scope
- AXAs domination has declined slightly in terms of individual lines, but it still heads seven products.
- Third-placed Allianz remains over 5 percentage points behind Aviva, which highlights that the top two are still way ahead of other brands despite their declines. But this is offset by Allianz underwriting the products of Barclays, which is the fourth-largest player.
- AXAs position in the overall market is not replicated in brokers preference for business placement, where Allianz and Aviva continue to top packaged and non-packaged respectively.

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Reasons to buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Adapt your distribution strategy to ensure it is efficient and still meets customer purchasing behavior.