Targeting SMEs in UK General Insurance 2011

Introduction

This report analyses the opportunities and threats faced by commercial insurance brokers and other providers. It covers a number of areas including the strategies brokers intend to use to grow their business, their perception of the main insurance companies, the popularity of different products and their view on the threat from alternative distribution channels.

Features and benefits

• A detailed look into SMEs’ insurance purchasing patterns by company size
• An evaluation of the potential for growth for direct insurers and bancassurers in the SME sector
• Action points detailing potential strategies for different providers wishing to target SME business

Highlights

Compared to the 16.1% of companies that found out about their insurer via the Internet, 25.0% of companies that arranged their commercial insurance via the direct channel used the Internet to do this.

Insurance providers would still be prudent to target the SMEs that intend to change providers due to cost, in spite of the improving fortunes of UK enterprises and the generally more settled idea of what SMEs want from their insurance provider.

Your key questions answered

• How likely are SMEs to change insurance provider and for what reason would they do so?
• Through which channel are SMEs most likely to use to purchase their commercial insurance and why?
• Based on Datamonitor's survey figures, how can I plan my SME insurance strategy for the next year?