- 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 .
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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
PRODUCT POSITIONING AXA , Aviva , Allianz , Zurich , Direct Line , and Hiscox are the top SME insurers The dominant SME insurers also feature as the top insurers in commercial lines AXA dominates the SME market as the top provider for the majority of products Aviva is competitive within the SME segment but still ranks second to AXA Aviva hopes its digital directive will help it gain share on AXA for SMEs Allianz performs well in business interruption and commercial fleet motor insurance Zurich is popular for property insurance and liability cover Hiscox is the preferred insurance provider among micro-enterprises Direct Line is expectedly strong in the motor product lines Top five insurers by product Business interruption insurance Directors ' and officers ' liability insurance Employer ' s liability insurance Key man insurance Personal accident and business travel insurance