1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends

UK Commercial Insurance Distribution 2016; An industry where adapting to the market is key

  • March 2016
  • 51 pages
  • GlobalData
Report ID: 3755379

Summary

Table of Contents

Search Inside

Summary
Commercial insurance has become a highly competitive market, and the distribution of its products is evolving. Brokers continue to hold the highest share of the commercial market, despite growth in other channels. The small and medium-sized enterprise (SME) market has been driving this change. SMEs that require less comprehensive insurance products have been moving away from the added-value advice service from brokers, instead shifting towards self-service, online purchasing platforms.

The broker landscape continues to be dominated by the top few global companies and a multitude of smaller firms. Consolidation of the broker market is set to continue; however, the rate of acquisitions has significantly slowed after the major consolidation and growth rush of the late 2000s. Brokers are now looking to use their existing products and sectors of expertise to grow, meanwhile focusing on developing their online propositions to enable them to regain share previously lost by the SME market.

The Insurance Act 2015, which comes into force in August 2016 will make significant changes to commercial contract law. It will make contracts more certain and passes the responsibility of compliance to insurers. It will promote better communication and co-operation between all parties involved in arranging commercial contracts, ultimately giving underwriters a better understanding of the practices and the subsequent risks of those being insured.

Key Findings
- Brokers continue to dominate the distribution of commercial insurance, with a 78.2% share of the market.

- Provincial brokers are less concerned about growing their online propositions.

- Banks have the potential to cross-sell insurance with their existing business services.

- Micro-sized enterprises are driving the growth of price comparison sites.

Synopsis
Verdict Financial's “UK Commercial Insurance Distribution 2016” report provides an in-depth study into the trends of commercial insurance distribution. It discusses the influence of the differing purchasing behaviours of SMEs compared to larger corporate businesses, and pays particular attention to the role and strategies of brokers within product distribution. It addresses the challenges the market is facing, and key changes in regulation, before concluding with a five-year forecast for each distribution channel.

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 your firm against other players in the market.

- Be prepared for how regulation will impact the commercial market over the next few years.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 60 Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

Ahmad helps you find the right report:

Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

Purchase Reports From Reputable Market Research Publishers

UK Commercial Insurance Distribution 2017

  • $ 5250
  • Industry report
  • May 2017
  • by GlobalData

UK Commercial Insurance Distribution 2017 Summary "UK Commercial Insurance Distribution 2017", report provides an in-depth study into the trends of commercial insurance distribution. The report discusses ...

UK SME Insurance: The Direct Channel 2016

  • $ 1295
  • Industry report
  • November 2016
  • by GlobalData

Summary Changes in SME distribution are primarily being driven by shifting preferences in purchasing method as opposed to channel. The preference towards online purchasing initially provided the direct ...

UK SME Insurance: Distribution Dynamics 2016

  • $ 3450
  • Industry report
  • October 2016
  • by GlobalData

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 ...

Uk Insurance Aggregators 2017

April 2017 $ 3450

Download Unlimited Documents from Trusted Public Sources

Insurance Industry in the US

  • July 2017
    54 pages
  • Insurance  

  • United States  

View report >

Business Insurance Forecast in Australia

  • July 2017
  • Business Insura...  

  • Australia  

View report >

Global Insurance Industry

  • July 2017
    18 pages
  • Insurance  

  • Europe  

    China  

    Asia  

View report >

Related Market Segments :

Business Insurance

ref:plp2016

Reportlinker.com © Copyright 2017. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.