Abstract
Introduction
This report gives a comprehensive analysis of distribution in the UK
commercial insurance market. It explores a range of issues including the
growth of the direct channel and the slowdown of acquisitions occurring
between commercial insurance brokers. The report also includes the latest data
and insight on SMEs' purchasing behavior, product innovation and broker
consolidation.
Scope of this research
- Insight into the latest issues affecting the commercial insurance market
and the impact these are having on distribution.
- The latest data on SMEs' purchasing behavior and broker consolidation in
the UK commercial insurance market.
- The latest data on the size of the commercial insurance market and GWP
splits by distribution channel.
- Forecasts up to 2013 of the market share of different channels in the UK
commercial insurance space.
Research and analysis highlights
A number of insurance providers have partnered with aggregators in a bid to
increase their presence in the SME market, including Simply Business,
Premierline Direct, Autonet Business Insurance and Iprism. Among these
insurance providers, Simply Business, a subsidiary of Xbridge, features
heavily in the aggregator space.
Since 2008, a number of commercial insurance providers have launched their own
broker networks and clubs in a bid to increase their revenue stream, including
Marsh which launched ProBroker, HSBC which launched Labyrinth and Norwich
Union which launched Club 110 and more recently the Broker Independence Group.
The proportion of brokers that belong to a broker network has remained
unchanged since the last edition of Datamonitor' s commercial insurance broker
survey. Of the brokers surveyed by Datamonitor, a third stated that they
belonged to a broker network, such as Cobra.
Key reasons to purchase this research
- Understand the latest issues affecting the commercial insurance market and
analyze SMEs' attitudes towards switching and channel preference.
- Understand the future level of consolidation in the sector and the
companies which are most likely to drive this consolidation.
- Gain insight into the prevalence of the broker network model, the factors
driving the model and its future potential.
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