UK SME Insurance 2012: Competitive Dynamics - New Market Report

New Financial Services research report from Datamonitor is now available from Fast Market Research

by Bill Thompson

(WireNews+Co) - Boston, MA - 24 January 2013

The incredibly competitive SME market is still evolving as insurers master fast-flow distribution strategies for commercial products. Considered positioning of SME propositions are vital when difficult current economic conditions and a mature market mean insurer ambitions to achieve marked growth will likely come at the cost of rivals' business.

Scope

- Understand approaches taken by the top SME insurers in distribution and product strategy.
- Observe which insurers are performing best in the market in terms of broker selection and SME choice.

Report Highlights

Insurers including Aviva and Zurich remain dedicated to the broker channel, while others such as AXA and Allianz offer insurance directly. The development of e-trading propositions has been a common goal.

Aviva remained most popular with brokers placing packaged SME business in 2012, favored by 17.2% of respondents. Allianz and NIG followed with 9.0% share of responses each.

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14.4% of surveyed SMEs, across 13 lines of commercial insurance, chose to purchase cover with AXA in 2012, making it the most popular provider ahead of Aviva.

Reasons to Get this Report

- Which insurers are favored by SMEs in the purchase of, for example, public liability or directors' and officers' cover?
- What different approaches are the top SME insurers taking in their distribution strategies?

Partial Table of Contents:

OVERVIEW
- Catalyst
- Summary

COMPETITOR DYNAMICS
- Brokers name Aviva the leading insurer for SME business

- 17.2% of brokers place most packaged SME business with Aviva

- Direct Line for Business dominates the business insurance market's advertising spend

- Direct Line for Business accounted for 78% of business insurance advertising in H1 2012

- AXA toppled Aviva as the most selected provider by SMEs

- A dip of 5.3 percentage points in SME selection for Aviva saw the insurer drop to second place in the market in 2012
- Aviva's SME book has contracted in 2012 but its Fast Trade intranet platform is most popular with brokers
- AXA launched its Simple e-traded product range and a direct channel offering in 2012
- Zurich has focused on attracting small brokers
- Allianz's distribution strategy includes its QuoteSME e-trading platform and a direct online brand
- Hiscox launched a new e-risks product in 2012
- RSA narrowed its broker relationships to focus resources on core relationships

APPENDIX
- Top five insurers by line

- Employer's liability insurance
- Property insurance
- Professional indemnity insurance
- Public liability insurance
- Personal accident and business travel insurance
- Directors' and officers' liability insurance
- Business interruption insurance
- Commercial fleet insurance
- Key man insurance

- Definitions

- Banks/building societies
- Brokers
- Direct
- Price comparison websites
- Utilities/retailers/affinity groups
- Earned premiums
- Gross premium
- Written premiums
- Small and medium-sized enterprise (SME)

- Sources
- Methodology

- Datamonitor's 2012 SME Insurance Survey

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