Radiant insight Published “UK SME Insurance: Competitor Dynamics 2016”
Description
The
SME market is
important for commercial insurers as SMEs account for the majority of the UK
economy. With insurers increasingly targeting the segment, the market is very
competitive. Insurers are developing
their propositions to cater for small and medium sized enterprises. E-trade is
becoming more of a central focus for the insurers in this space, as is the
distribution of high-volume, low-value business via the direct channel.
Organizations within the market vary in size and so have different insurance
needs and service preferences, which means the SME market should not be
categorized as one segment.
Direct
propositions are primarily being developed by those looking to target sole
traders and micro-sized enterprises with packaged products. Meanwhile e-trading
is of greater focus for insurers targeting small and medium-sized enterprises
that have greater affinity to purchase through a broker.
AXA and Aviva
dominate the SME insurance space across the majority of commercial products,
according to Verdict Financial's 2015 UK SME Insurance Survey. Other insurers
present in the market play to their strengths when servicing SMEs.
Hiscox and
Zurich are popular providers for liability products, whereas Allianz and Direct
Line are strong in servicing SMEs to insure commercial motor vehicles. As the
number of providers supplying commercial insurance solutions grows, and there
is more choice available to potential customers, those offering the best deals
in terms of the level of cover, the quality of the overall package, and price
are most likely to succeed.
Synopsis
Verdict
Financial's 'UK SME Insurance: Competitor Dynamics 2016' report looks at which
insurers lead the way in the SME segment and how they are developing their
propositions, as well as highlighting 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.
Key Findings
- AXA and Aviva
dominate the SME insurance space, with 21.4% and 15.9% of SMEs respectively
holding a commercial insurance policy with these providers.
- Brokers place
the most SME business with Allianz, Aviva, and AXA.
Request For Discount- https://www.radiantinsights.com/research/uk-sme-insurance-competitor-dynamics-2016/request-sample
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
Table of Content
EXECUTIVE SUMMARY
AXA and Aviva
dominate the SME insurance space
Key findings
Critical success
factors
THE SME INSURANCE MARKET AND ITS TOP
COMPETITORS
Introduction
Aviva, Allianz,
and AXA are the top SME insurers used by brokers
Allianz replaces
Aviva as the top insurer for packaged SME products
The gap between
Aviva and Allianz for brokered non-packaged business has narrowed
Insurers
continue to move into the direct channel for SMEs
Hiscox, AXA,
Allianz, and Direct Line are already distributing directly
Aviva has
brought back its direct online offering for micro SME business insurance
Travelers Europe
enters the direct channel to provide micro-SMEs with cover
Insurers
continue to invest in e-trading platforms
Zurich continues
to improve its SME e-trading platform ZTrade
Hiscox launches
Hiscox Trader, a new e-trading system for commercial brokers
Insurers
continue to join Open GI's SME panel
Insurers aim to
tackle SME underinsurance
Allianz has
removed average clauses and is working with brokers to highlight areas of
potential underinsurance
Aviva has been
extending policy limits and removing average clauses from SME products
NIG has
developed an online cost calculator tool for brokers
Insurers
continue to launch commercial products for SMEs
RSA launches SME
products exclusively for the Broker Network
Hiscox launches
new product to cover SMEs against economic crime
About Us
Radiant Insights is a
platform for companies looking to meet their market research and business
intelligence requirements. We assist and facilitate organizations and
individuals procure market research reports, helping them in the decision
making process. We have a comprehensive collection of reports, covering over 40
key industries and a host of micro markets. In addition to over extensive
database of reports, our experienced research coordinators also offer a host of
ancillary services such as, research partnerships/ tie-ups and customized
research solutions.
Contact Us
Michelle Thoras
Corporate Sales
Specialist, USA
Radiant Insights, Inc
Phone: 1-415-349-0054
Toll Free:
1-888-202-9519
No comments:
Post a Comment