UK Commercial Insurance Distribution 2016 Research Report Published By :MarketResearchReports.biz MarketResearchReports.Biz presents this most up-to-date research on“ UK Commercial Insurance Distribution 2016; An industry where adapting to the market is key.” Description 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. Download Full Version PDF report at: http://www.marketresearchreports.biz/sample/sample/690157 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. 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 About us MarketResearchReports.biz is the most comprehensive collection of market research reports. MarketResearchReports.Biz services are specially designed to save time and money for our clients. We are a one stop solution for all your research needs, our main offerings are syndicated research reports, custom research, subscription access and consulting services. We serve all sizes and types of companies spanning across various industries. Browse Latest Industry Press Release at: http://www.marketresearchreports.biz/pressreleases Contact Mr. Nachiket State Tower 90 State Street, Suite 700 Albany, NY 12207 United States Tel: +1-518-621-2074 Website: http://www.marketresearchreports.biz/ E: sales@marketresearchreports.biz