Orbis Research

orbisresearch.com added latest 51 pages report “UK Commercial Insurance Distribution 2017” in its store.

DALLAS, TEXAS, UNITED STATES, May 23, 2017 /EINPresswire.com/ -- "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.

Companies Mentioned:
AXA
Direct Line
Hiscox
NFU Mutual
Aviva
Allianz
Simply Business
Towergate
Confused.com
Comparethemarket.com
Moneysupermarket.com
Gocompare.com
Barclays
Lloyds Bank
Arthur J. Gallagher
JLT
Marsh
Aon
Willis
AA
Saga
Thistle Insurance Services
Tower Watson
Jelf
Insurance Times
Willis Tower Watson
Giles

List of Tables
Table 1: The top five direct insurers (percentage of SME respondents), 2016 18
Table 2: Broker business growth strategies, 2017 32
Table 3: Broker business growth strategies, percentage point movement, 2016-17 35
Table 4: Share of commercial insurance distribution by channel (%), 2015-21f 45

List of Figures
Figure 1: Brokers retain their dominance but continue to lose market share 11
Figure 2: The internet is the most popular method used by SMEs to purchase insurance cover 13
Figure 3: The direct channel is catching up to brokers in the micro enterprise space 14
Figure 4: The direct channel has recovered from a decline in 2014 16
Figure 5: The direct channel is estimated to have reached £1.67bn in GWP in 2016 17
Figure 6: Retailers and affinity groups are slowly growing their share of the commercial insurance market 21
Figure 7: 2015 saw the retailer and affinity channel surpass £0.5bn in commercial insurance GWP 22
Figure 8: The banking channel accounts for a tiny proportion of commercial insurance distribution 24
Figure 9: 2016 saw commercial insurance GWP marginally decline in the banking channel 25
Figure 10: JLT retained its place as the UK’s largest broker in 2016 27

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