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UK Commercial Insurance Distribution 2018

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  • Details
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Details

UK Commercial Insurance Distribution 2018

Summary

"UK Commercial Insurance Distribution 2018", report provides an in-depth study into commercial insurance distribution trends. It discusses the influence of the different purchasing behaviors of SMEs compared to larger corporate businesses, and pays particular attention to the role and strategy of brokers within product distribution. It also addresses challenges in the market and the impact of technology on consumer channel preferences, before concluding with a distribution forecast for the coming years.

Commercial insurance remains a highly competitive space, and the distribution of the market's products continues to evolve. Brokers maintain a grip on the greatest share of the market, and the channel's footprint saw a rise in premium share in 2016 according to Association for British Insurers (ABI) statistics. With enduring dominance in non-SME markets and fast-flow business, digital brokers are finding success even against the threat of the direct channel in the SME space.

Scope

Brokers dominate the distribution of commercial insurance with a 79.0% share of the market.

The broker landscape has been transformed by digital offerings via price comparison sites and innovative players.

Acquisitions were a key trend in 2017, with consolidation a priority for brokers and insurers amid tough conditions.

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.

READ MORE

Table Of Content

Scope

Table of Contents

1. EXECUTIVE SUMMARY

1.1. Brokers dominate as the direct channel's share falls

1.2. Key findings

1.3. Critical success factors

2. CHANNEL ANALYSIS

2.1. Introduction

2.2. Key regulatory updates

2.3. Brokers continue to dominate, and are fighting back in the SME space

2.3.1. Price comparison sites expand SME insurance at the expense of traditional brokers

2.3.2. Banks and building societies saw a steady decline in market share

2.4. Commercial insurance distribution within the direct channel

2.4.1. Brokers continue to control commercial insurance

2.4.2. AXA and Aviva dominate the increasingly digital SME market

2.4.3. AXA buys XL to boost its commercial offering

2.4.4. Simply Business leads the success of e-brokers in the SME market

2.4.5. Zurich and Hiscox find tech partners for innovative SME insurance

2.5. Retailers/affinity groups and commercial insurance

2.5.1. Affinity providers target SMEs with commercial insurance products

2.6. Banking providers and the distribution of commercial insurance

2.6.1. Banks and building societies are used the least to purchase commercial policies

3. BROKERS AND COMMERCIAL INSURANCE DISTRIBUTION

3.1. The broker landscape is dominated by five global firms

3.2. Global brokers retain the largest share of commercial revenues

3.2.1. The top five brokers accounted for around 28.7% of the total market in 2017

3.2.2. Marsh overtakes JLT

3.2.3. JLT falls to second place

3.2.4. Arthur J. Gallagher improves to third position

3.2.5. Willis moves back into fourth after Towers Watson Merger

3.2.6. Aon falls to fifth following strong growth from rivals

3.3. Common themes emerge from the growth strategies of brokers

3.3.1. Brokers look to facilitate growth through cross-selling and upselling

3.3.2. Acquisitions are high on the agenda of national brokers

3.3.3. Brokers are warming to the use of social media

3.3.4. Provincial brokers keep the focus on traditional methods but seek to develop online channels

3.3.5. Super-regionals are prioritizing social media engagement

3.3.6. National brokers are looking to enhance their online propositions

4. THE DISTRIBUTION LANDSCAPE GOING FORWARD

4.1. Innovation is creeping into the commercial sector

4.1.1. Commercial lines carriers are set to benefit from the introduction of blockchain

4.1.2. E-trading is becoming the norm in commercial insurance

4.1.3. AXA agrees deal with Brolly

4.1.4. Gig economy insurance emerges as the sector continues to grow

4.1.5. AI-driven commercial insurance tech company raises 4.4m

4.2. How will the distribution landscape change in the coming years?

4.2.1. Growth in the commercial market stems from SME insurance

4.2.2. The continued growth of digital brokers will cut into traditional brokers and direct channels

5. APPENDIX

5.1. Abbreviations and acronyms

5.2. Definitions

5.2.1. Brokers

5.2.2. Direct

5.2.3. SME

5.3. Methodology

5.3.1. GlobalData's 2017 UK SME Insurance Survey

5.3.2. GlobalData's 2018 UK Commercial Broker Survey

5.4. Bibliography

5.5. Further reading


List Of Figure

List of Figures

Figure 1: The broker channel increased its share after years of decline

Figure 2: Online channels continued to grow in 2017

Figure 3: The majority of medium enterprises still use the broker channel

Figure 4: The direct channel's share of commercial insurance is on the decline

Figure 5: Direct channel GWP rose in 2017, despite a decline in market share

Figure 6: AXA's acquisition of XL is not expected to hugely impact its presence in the UK market

Figure 7: The affinity channel's share of commercial insurance has been on the rise

Figure 8: GWP within the affinity channel exceeded 500m in 2015

Figure 9: The bank channel accounts for a tiny proportion of the overall market

Figure 10: The bank channel saw slight GWP growth in 2017 after consecutive declines

Figure 11: Marsh overtook JLT as the leading broker

Figure 12: Cross-selling/upselling and increased marketing remain the most popular expansion strategies

Figure 13: National brokers look to acquisition and geographic expansion

Figure 14: Social media adoption has seen substantial growth

Figure 15: Provincial brokers mostly embrace features associated with traditional insurance broking

Figure 16: Super-regional brokers have the highest adoption of social media to engage clients

Figure 17: National brokers are looking to improve their use of social media as an engagement tool

Figure 18: The commercial sector is set to see growth up to 2022

Figure 19: Brokers' share will continue to grow as the direct channel declines


List Of Table

List of Tables

Table 1: The top five direct insurers (by percentage of SME respondents), 2017

Table 2: Leading UK banks and their business insurance providers

Table 3: Expansion strategies for brokers

Table 4: Broker business growth strategies, percentage point movement, 2016-17

Table 5: SME and non-SME GWP splits, 2016-21f

Table 6: Share of commercial insurance distribution by channel (%), 2016-22f

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Section Purchase

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

Products and Companies


Companies

AXA

Hiscox

NFU Mutual

Aviva

Allianz

Simply Business

HSBC

Santander

Lloyds

RBS

TSB

Towergate

Confused.com

Comparethemarket.com

Moneysupermarket.com

Gocompare.com

Zurich

Barclays

Lloyds Bank

Arthur J. Gallagher

JLT

Marsh

Aon

Willis

AA

Saga

Tower Watson

Jelf

Insurance Times

Willis Tower Watson

Nimbla

Polaris

Brolly

CoverBuilder

Cytora

UK Commercial Insurance Distribution 2018

Summary

"UK Commercial Insurance Distribution 2018", report provides an in-depth study into commercial insurance distribution trends. It discusses the influence of the different purchasing behaviors of SMEs compared to larger corporate businesses, and pays particular attention to the role and strategy of brokers within product distribution. It also addresses challenges in the market and the impact of technology on consumer channel preferences, before concluding with a distribution forecast for the coming years.

Commercial insurance remains a highly competitive space, and the distribution of the market's products continues to evolve. Brokers maintain a grip on the greatest share of the market, and the channel's footprint saw a rise in premium share in 2016 according to Association for British Insurers (ABI) statistics. With enduring dominance in non-SME markets and fast-flow business, digital brokers are finding success even against the threat of the direct channel in the SME space.

Scope

Brokers dominate the distribution of commercial insurance with a 79.0% share of the market.

The broker landscape has been transformed by digital offerings via price comparison sites and innovative players.

Acquisitions were a key trend in 2017, with consolidation a priority for brokers and insurers amid tough conditions.

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.

READ MORE

Scope

Table of Contents

1. EXECUTIVE SUMMARY

1.1. Brokers dominate as the direct channel's share falls

1.2. Key findings

1.3. Critical success factors

2. CHANNEL ANALYSIS

2.1. Introduction

2.2. Key regulatory updates

2.3. Brokers continue to dominate, and are fighting back in the SME space

2.3.1. Price comparison sites expand SME insurance at the expense of traditional brokers

2.3.2. Banks and building societies saw a steady decline in market share

2.4. Commercial insurance distribution within the direct channel

2.4.1. Brokers continue to control commercial insurance

2.4.2. AXA and Aviva dominate the increasingly digital SME market

2.4.3. AXA buys XL to boost its commercial offering

2.4.4. Simply Business leads the success of e-brokers in the SME market

2.4.5. Zurich and Hiscox find tech partners for innovative SME insurance

2.5. Retailers/affinity groups and commercial insurance

2.5.1. Affinity providers target SMEs with commercial insurance products

2.6. Banking providers and the distribution of commercial insurance

2.6.1. Banks and building societies are used the least to purchase commercial policies

3. BROKERS AND COMMERCIAL INSURANCE DISTRIBUTION

3.1. The broker landscape is dominated by five global firms

3.2. Global brokers retain the largest share of commercial revenues

3.2.1. The top five brokers accounted for around 28.7% of the total market in 2017

3.2.2. Marsh overtakes JLT

3.2.3. JLT falls to second place

3.2.4. Arthur J. Gallagher improves to third position

3.2.5. Willis moves back into fourth after Towers Watson Merger

3.2.6. Aon falls to fifth following strong growth from rivals

3.3. Common themes emerge from the growth strategies of brokers

3.3.1. Brokers look to facilitate growth through cross-selling and upselling

3.3.2. Acquisitions are high on the agenda of national brokers

3.3.3. Brokers are warming to the use of social media

3.3.4. Provincial brokers keep the focus on traditional methods but seek to develop online channels

3.3.5. Super-regionals are prioritizing social media engagement

3.3.6. National brokers are looking to enhance their online propositions

4. THE DISTRIBUTION LANDSCAPE GOING FORWARD

4.1. Innovation is creeping into the commercial sector

4.1.1. Commercial lines carriers are set to benefit from the introduction of blockchain

4.1.2. E-trading is becoming the norm in commercial insurance

4.1.3. AXA agrees deal with Brolly

4.1.4. Gig economy insurance emerges as the sector continues to grow

4.1.5. AI-driven commercial insurance tech company raises 4.4m

4.2. How will the distribution landscape change in the coming years?

4.2.1. Growth in the commercial market stems from SME insurance

4.2.2. The continued growth of digital brokers will cut into traditional brokers and direct channels

5. APPENDIX

5.1. Abbreviations and acronyms

5.2. Definitions

5.2.1. Brokers

5.2.2. Direct

5.2.3. SME

5.3. Methodology

5.3.1. GlobalData's 2017 UK SME Insurance Survey

5.3.2. GlobalData's 2018 UK Commercial Broker Survey

5.4. Bibliography

5.5. Further reading


List Of Figure

List of Figures

Figure 1: The broker channel increased its share after years of decline

Figure 2: Online channels continued to grow in 2017

Figure 3: The majority of medium enterprises still use the broker channel

Figure 4: The direct channel's share of commercial insurance is on the decline

Figure 5: Direct channel GWP rose in 2017, despite a decline in market share

Figure 6: AXA's acquisition of XL is not expected to hugely impact its presence in the UK market

Figure 7: The affinity channel's share of commercial insurance has been on the rise

Figure 8: GWP within the affinity channel exceeded 500m in 2015

Figure 9: The bank channel accounts for a tiny proportion of the overall market

Figure 10: The bank channel saw slight GWP growth in 2017 after consecutive declines

Figure 11: Marsh overtook JLT as the leading broker

Figure 12: Cross-selling/upselling and increased marketing remain the most popular expansion strategies

Figure 13: National brokers look to acquisition and geographic expansion

Figure 14: Social media adoption has seen substantial growth

Figure 15: Provincial brokers mostly embrace features associated with traditional insurance broking

Figure 16: Super-regional brokers have the highest adoption of social media to engage clients

Figure 17: National brokers are looking to improve their use of social media as an engagement tool

Figure 18: The commercial sector is set to see growth up to 2022

Figure 19: Brokers' share will continue to grow as the direct channel declines


List Of Table

List of Tables

Table 1: The top five direct insurers (by percentage of SME respondents), 2017

Table 2: Leading UK banks and their business insurance providers

Table 3: Expansion strategies for brokers

Table 4: Broker business growth strategies, percentage point movement, 2016-17

Table 5: SME and non-SME GWP splits, 2016-21f

Table 6: Share of commercial insurance distribution by channel (%), 2016-22f

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

Companies

AXA

Hiscox

NFU Mutual

Aviva

Allianz

Simply Business

HSBC

Santander

Lloyds

RBS

TSB

Towergate

Confused.com

Comparethemarket.com

Moneysupermarket.com

Gocompare.com

Zurich

Barclays

Lloyds Bank

Arthur J. Gallagher

JLT

Marsh

Aon

Willis

AA

Saga

Tower Watson

Jelf

Insurance Times

Willis Tower Watson

Nimbla

Polaris

Brolly

CoverBuilder

Cytora