UK SME Insurance Market 2017 – Entry Exit of Key Players, Identify Opportunities and Challenges

Summary

"UK SME Insurance: Distribution Dynamics 2017", looks at how SMEs buy insurance coverage and the reasons behind their purchasing decisions. This report also examines the services SMEs are currently receiving and the additional amenities they would like from their provider going forward. Other influential factors are also taken into consideration, such as the age of the business owner and the age of the business.

With insurers increasingly seeking to grow their share of the SME market competition has continued to increase over the past year. Further advances in technology have allowed for products to become more specialized, allowing for niche markets to be targeted more accurately. Brokers have remained the most used channel when purchasing insurance, yet their share of the SME market has decreased significantly in 2017. Purchasing both directly from the insurer and via price comparison websites have increased. Insurance companies also continue to provide an increasing variety of products that cater 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.

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Scope

- Purchasing insurance online via a PC remains the most common method across SMEs, with 33.1% using this method in 2017.

- Commercial insurance renewal rates are significantly higher in comparison to personal lines, with the overwhelming majority of SMEs remaining with their current provider in 2017.

- Younger businesses are embracing technology when purchasing their insurance, with the use of tablets and smartphones highest among business 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.

Table of Content: Key Points

1. EXECUTIVE SUMMARY 2

1.1. Market summary 2

1.2. Key findings 2

1.3. Critical success factors 2

2. THE SME PURCHASING JOURNEY 7

2.1. Introduction 7

2.1.1. The value of SMEs to the UK economy 7

2.2. The dominance of brokers is under threat 8

2.3. Medium-sized businesses favor brokers 9

2.3.1. Micro-sized businesses continue to shift towards purchasing direct 10

2.3.2. Small businesses are increasingly purchasing directly from insurers in 2017 13

2.3.3. Banks have lost market share among medium-sized businesses 16

2.4. SMEs rely heavily on technology when purchasing products 18

2.4.1. SMEs purchasing insurance policies favor PCs 18

2.4.2. Young companies are embracing the use of technology 20

2.4.3. Face-to-face purchasing increases in popularity in line with the age of the business 21

2.4.4. Older owners avoid modern technology as a purchasing method 22

2.5. Few SMEs struggle to understand their insurance policies 23

2.6. SME pre-purchase activity 25

2.6.1. Contacting existing provider 25

2.6.2. The potential for customer retention is high 26

3. SME RETENTION 28

3.1. The majority of SMEs remain with the same provider 28

3.2. Sole traders are sensitive to price changes when renewing 29

3.3. Micro enterprises (excluding sole traders) have a high retention rate 30

3.4. Small enterprises are keen to save on price when renewing 31

3.5. Medium enterprises have a high degree of loyalty to providers 32

3.6. Premium prices are the biggest influence when deciding to switch 34

3.6.1. Premium prices are key to customer retention 36

3.7. Services provided by insurers 37

3.7.1. A simple policy explanation is a key service required by SMEs 37

3.8. The most common added-value service used by SMEs is legal advice 40

3.8.1. Openness to receiving services is dependent on SME size 42

…Continued        

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Posted by Vivian Dsena on Monday November 20 2017, 1:35 AM EST. All trademarks acknowledged. Filed under Uncategorized. Comments and Trackbacks closed. Follow responses: RSS 2.0