UK SME Insurance Market Size , Share , Key Trends , Emerging Opportunities , Strategies , Outlook and Competitive Landscape
UK SME Insurance Market Size , Share , Key Trends , Emerging Opportunities , Strategies , Outlook and Competitive Landscape
Summary Verdict Financial ' s “ UK SME Insurance : Distribution Dynamics 2016 ” report looks at how SMEs buy insurance coverage and the reasons behind their purchasing decisions .
This report also examines the services SMEs are currently receiving and the additional amenities they would like from their provider going forward . Other influential factors on the market are also taken into consideration , such as the location of the business ( home or on-site / office ), or the age of the business owner .
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Synopsis 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 and propositions are evolving to cater for small and medium-sized enterprises ( SMEs ). E-trade , via a broker , 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 .
There has been an unmistakable growth in focus on direct-to-SME insurance propositions over previous years , but 2016 has seen brokers fight back . Direct insurers continue to enjoy a significant share of commercial business but brokers are beginning to follow suit in terms of the propositions they ' re offering . Increasingly they are striving to promote a more streamlined offering online , as well as maintaining their advice-led services .
Brokers driving the resurge are those that have applied their high-volume online personal lines capabilities to the commercial sector , such as Tower gate and Swinton .
The benefits of the direct channel continue to be long-term customer ownership and a fast-flowing distribution chain , enticing the smallest businesses to purchase conveniently online , akin to how their personal insurance is bought .
While this is the battleground for micro enterprises , for larger businesses the demand sits towards the other end of the spectrum ; a desire for a wider range of services and deeper relationships where capacity from providers is perhaps not being provided to them . Nevertheless , brokers are beginning to cater to customers residing at both ends of the scale , sparking stiff competition between the two channels , a duel which is likely to intensify in the coming years .
Key Findings