New Market Study, "UK SME Insurance 2012: Distribution Dynamics", Has Been Published

Fast Market Research recommends "UK SME Insurance 2012: Distribution Dynamics" from Datamonitor, now available

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

- Inform your distribution strategy with an understanding of SME purchasing behavior and preferences.
- Develop strategies for attacking opportunities arising from the key purchasing motivations and service needs of SMEs.

Report Highlights

A majority of SMEs continue to purchase insurance through a broker (50.5%); however, businesses are increasingly turning to direct channels (35.1%).

SMEs approach the start of the purchasing journey in different ways, with a split between those researching online first and those phoning the provider as a first and, often, final step.

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Only 22.0% of SMEs purchase insurance online, with arrangement over the phone still being the most popular method.

Reasons to Get this Report

- Where in the SME purchasing journey can I maximize the opportunity to win business?
- What distribution channels should I consider to best approach a given SME segment?

Partial Table of Contents:

OVERVIEW
- Catalyst
- Summary

THE SME PURCHASING JOURNEY
- Introduction
- SMEs often start the purchasing process online with research

- Using online resources to identify appropriate insurance is the most common first step taken by SMEs
- Providers were found largely through previous contact or online

- SMEs still prefer to use the phone over online routes

- Only 22% of SMEs purchase insurance online

- Purchasing insurance via direct channels is growing in popularity

- Brokers continue to be the most used channel but this is under threat from direct routes
- Over half of micro-enterprises expecting to change purchase channel will be turning to aggregators
- Price is the key motivation for the change in channel use by SMEs

- SMEs are not swayed in the selection of provider by price alone

- Price was a key factor in the selection of provider for 60% of SMEs, but cover quality was also important

- Directors' and officers' liability and van insurance saw the greatest levels of SME switching at last renewal

- 36.5% of SMEs with directors' and officers' liability cover changed provider at last renewal
- The share of SMEs intending to switch provider at next renewal increased in 2012

SERVICES AND RELATIONSHIPS
- Introduction
- Legal advice is the most common additional service held and is still in high demand

- Nearly one third of SMEs have access to legal advice and a further 12% want it
- Less than one quarter of SMEs pay for additional services

- One quarter of small firms consider ongoing advice from a provider to be very important

- The importance attached to receiving ongoing advice from a provider increases with business size

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