Market Research Reports - Ken Research UK Commercial Insurance Industry Future Outlook

ICSR: a backbone to UK’s Commercial
Insurance Distribution
Commercial insurance in UK is a very competitive market and the distribution of insurance
products continues to change and fluctuate. The SME (Small and medium-sized
enterprises) market is driving the change in the UK commercial insurance with direct
purchase from provider. The SMEs require a more simplistic and efficient insurance
coverage. The SME’s have differing purchasing behaviours compared to larger corporate
businesses, and majorly focus on the role and strategies of brokers within product
distribution. Commercial insurance focuses on the challenges and the impact of technology
on consumer channel preferences, before concluding with a distribution forecast for the
future years. UK’s commercial insurance market is dominated with brokers who participate
in the distribution of commercial insurance. Brokers of all capacities are very keen to
improve their online schemes to provide a better level of customer service. Majority of the
SME’s face a problem with underinsurance. The reasons for missing the adequate insurance
cover are due to the citing price and a general lack of knowledge or product awareness.
Implement Compliance Solutions & Resources was established to help businesses cope with
the changing regulations and consumer requirements. ICSR is offering a lot of compliance
focused advisory services to help insurance groups prepare for the new Europe-wide
directives and including the Insurance Distribution Directive along with other changes. ICSR
is focused on areas of compliance related fields, from governance such as corporate
governance, compliance, legal, risk, audit (regulatory engagements and interventions),
preparing businesses for new consultation papers, thematic reviews, appointment of a skilled
person or other intervention. ICSR offers services in terms of pure advisory, advisory and
implementation, or through internal support mechanism.
According to the research report “UK Commercial Insurance Distribution 2017”,
accommodating the rules on tax, relationships, safety, along with various EU directives, is a
daunting task for commercial businesses. UK rules are often not easy to overlook, with risks
from non-compliance potentially leading to fines, cases, an or criminal investigations. The
UK government has cracked-down on tax evasion, environmental regulation violations and
cyber-security lapses changes stemming from Brexit. The new rules for UK commercial
insurance are applied to both already established and new businesses that will face a lot of
risks involving potential litigation.
The leading competitors in the commercial insurance market are 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, and Giles.