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UK SME Insurance: Distribution Dynamics 2018

UK SME Insurance: Distribution Dynamics 2018

  • December 2018
  • 46 pages
  • ID: 4275632

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UK SME Insurance: Distribution Dynamics 2018

Summary
"UK SME Insurance: Distribution Dynamics 2018", report looks at how SMEs buy insurance coverage and the reasons behind their purchasing decisions. It also examines the services SMEs are currently receiving and the additional services they would like from their provider going forward. Other influential factors on the market are taken into consideration, such as the location of the business (home or on-site/office), the age of the business owner, and the age of the business.

Brokers remain the most utilized channel among SMEs purchasing insurance, yet their share of the market suffered a decline in 2018 for the second year running, according to our 2018 UK SME Insurance Survey.SMEs have begun to purchase their insurance products via a number of different channels, with price comparison sites making gains and banks re-emerging as a channel over the past couple of years.

Purchasing directly from the insurer saw a surprising fall in 2018 following consistent growth, but it remains a key channel, especially for smaller SMEs.Insurance companies also continue to provide an increasing variety of products that cater more specifically for the smallest of SMEs.

Given that businesses of this size represent the majority of SMEs by number, the growth of non-brokered purchasing channels is unsurprising.

Scope
- Loyalty is high, with auto-renewal being the leading method of purchasing insurance (41.8% of respondents).
- Renewal rates in commercial insurance are significantly higher than in personal lines. Over 80% of SMEs either auto-renewed at the renewal point or remained with their insurer after comparing prices.
- Younger businesses are embracing technology when purchasing their insurance, with the use of tablets and smartphones highest among businesses that have operated for less than two years.

Reasons to buy
- Identify the most prominent sales channel for SMEs.
- Adapt/re-evaluate your distribution strategy and proposition to meet the needs of modern consumers.
- Discover the factors influencing SME purchasing decisions and distribution channel selection.

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