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Published by: Datamonitor
Published: Apr. 15, 2003 - 98 Pages
Table of Contents
CHAPTER 1 EXECUTIVE SUMMARY
Introduction
Survey findings
CHAPTER 2 INTRODUCTION
What is this report about?
Who is the target reader?
How to use this report
CHAPTER 3 SURVEY FINDINGS
Introduction
Market context
Key findings
Insurance choice and selection
The majority of insurance for SMEs is distributed through brokers
SMEs value price and expertise
Most SMEs would avoid banks and building societies
SMEs not averse to direct purchase from insurers
Satisfaction and switching behavior
94% of SMEs are content with existing insurance provider
SMEs value risk management advice
SMEs are a stable customer segment
Price plays a key role in testing customer loyalties
Likelihood of switching remains low
Price dictates thinking over changing provider in the future
Attitudes and perceptions
Reducing premiums is a surefire way of restoring customer satisfaction
Premiums
SMEs report premiums are on the rise
Premium increases have affected the business of approximately a third of SMEs
Increase in premiums has hit SMEs’ bottom line
Additional services
The most commonly provided additional service to SMEs is risk management
Most SMEs find these additional services useful
SMEs are content with the existing array of services provided by insurers
Bundled products
SMEs approve of bundled insurance products
Price and convenience are seen as the greatest benefits of bundled packages
Lack of customisation deters SMEs from bundled packages
CHAPTER 4 APPENDIX
Supplementary data
Definitions
ABI definitions of distribution channels
Commercial general insurance
DTI definitions of SME businesses
Research methodology
Further reading
Future readings
Relevant links
SPP writing team
Do you need more information?
Datamonitor Financial Services Consulting
How to contact experts in your industry
LIST OF TABLES
Table 1: Where do you purchase your commercial insurance from?
Table 2: Where do you purchase your commercial property insurance from?
Table 3: Where do you purchase your commercial liability insurance from?
Table 4: How did you choose your current provider?
Table 5: What were the most important reasons for choosing your current insurance provider?
Table 6: What were the most important reasons for choosing your current commercial liability insurance provider?
Table 7: Would you consider purchasing your commercial property insurance from a bank/building society?
Table 8: Would you consider purchasing your commercial liability insurance from a bank/building society?
Table 9: Why would you consider purchasing your commercial property insurance from a bank/building society?
Table 10: Why would you not consider purchasing your commercial property insurance from a bank/building society?
Table 11: Why would you not consider purchasing your commercial liability insurance from a bank/building society?
Table 12: Would you purchase directly from an insurer?
Table 13: Would you consider purchasing your commercial property insurance direct?
Table 14: Would you consider purchasing your commercial liability insurance direct?
Table 15: Why would you consider purchasing your commercial property insurance direct?
Table 16: Why would you consider purchasing your commercial liability insurance direct?
Table 17: Why would you not consider purchasing your commercial property insurance direct?
Table 18: Why would you not consider purchasing your commercial liability insurance direct?
Table 19: How satisfied are you with your insurance provider?
Table 20: How satisfied are you with your commercial property insurance provider?
Table 21: How satisfied are you with your commercial liability insurance provider?
Table 22: How important is an advice offering when purchasing commercial insurance?
Table 23: What advice would you like to receive from your insurance provider?
Table 24: Have you changed your insurance provider in the last 2 years?
Table 25: Have you changed your commercial property insurance provider in the last 2 years?
Table 26: Have you changed your commercial liability insurance provider in the last 2 years?
Table 27: Why have you changed your insurance provider in the last 2 years?
Table 28: Why have you changed your commercial property insurance provider in the last 2 years?
Table 29: Why have you changed your commercial liability insurance provider in the last 2 years?
Table 30: Do you think you will change provider in the next 12 months?
Table 31: Do you think you will change your commercial property insurance provider in the next 12 months?
Table 32: Do you think you will change your commercial liability insurance provider in the next 12 months?
Table 33: Why are you thinking of changing your provider in the next 12 months?
Table 34: Why are you thinking of changing your commercial property insurance provider in the next 12 months?
Table 35: Has your attitude towards commercial property insurers changed over the last 12 months?
Table 36: Has your attitude towards commercial liability insurers changed over the last 12 months?
Table 37: If yes, in what way has your attitude to commercial property insurers changed?
Table 38: What can commercial property insurers do to improve their image?
Table 39: What can commercial liability insurers do to improve their image?
Table 40: Has your commercial property insurance premium increased over the last 12 months?
Table 41: Has your employers’ liability premium increased in the last 12 months?
Table 42: If yes, by how much has your commercial property insurance premium increased in the last 12 months?
Table 43: If yes, by how much has your employers’ liability premium increased in the last 12 months?
Table 44: Has an increase in your commercial property insurance premium affected your business?
Table 45: Have increases in your commercial liability premiums affected your business?
Table 46: If yes, how has an increase in your commercial property insurance premium affected your business?
Table 47: Has an increase in your employers’ liability premium affected your ability to afford other liability covers?
Table 48: What services do you receive from your current commercial property insurance provider?
Table 49: What services do you receive from your current commercial liability insurance provider?
Table 50: How useful are the additional services you receive from your current commercial property insurance provider?
Table 51: How useful are the additional services you receive from your current commercial liability insurance provider?
Table 52: What other services would you like to receive from your commercial property insurance provider?
Table 53: What other services would you like to receive from your commercial liability insurance provider?
Table 54: How attractive is insurance cover bundled with other financial services/general insurance products?
Table 55: How attractive is commercial property cover bundled in a package with other insurance cover?
Table 56: How attractive is commercial liability cover bundled in a package with other insurance?
Table 57: Why is a bundled offering of commercial property insurance attractive?
Table 58: Why is commercial liability cover bundled in a package with other insurance attractive?
Table 59: Why is a bundled offering of commercial property insurance not attractive?
Table 60: Why is a bundled offering of commercial liability insurance not attractive?
LIST OF FIGURES
Figure 1: Where do you purchase your commercial insurance from?
Figure 2: Where do you purchase your commercial property insurance from?
Figure 3: Where do you purchase your commercial liability insurance from?
Figure 4: How did you choose your current commercial insurance provider?
Figure 5: What were the most important reasons for choosing your current commercial property insurance provider?
Figure 6: How did you choose your current commercial liability insurance provider?
Figure 7: Would you consider purchasing your commercial property insurance from a bank/building society?
Figure 8: Would you consider purchasing your commercial liability insurance from a bank/building society?
Figure 9: Why would you not consider purchasing your commercial property insurance from a bank/building society?
Figure 10: Why would you not consider purchasing your commercial liability insurance from a bank/building society?
Figure 11: Would you consider purchasing your commercial insurance direct?
Figure 12: Would you consider purchasing your commercial property insurance direct?
Figure 13: Would you consider purchasing your commercial liability insurance direct?
Figure 14: Why would you consider purchasing your commercial property insurance direct?
Figure 15: Why would you consider purchasing your commercial liability insurance direct?
Figure 16: Why would you not consider purchasing your commercial property insurance direct?
Figure 17: Why would you not consider purchasing your commercial liability insurance direct?
Figure 18: How satisfied are you with your commercial insurance provider?
Figure 19: How satisfied are you with your commercial property insurance provider?
Figure 20: How satisfied are you with your commercial liability insurance provider?
Figure 21: How important is an advice offering when purchasing commercial insurance?
Figure 22: What advice would you like to receive?
Figure 23: Have you changed commercial insurance provider in the last 2 years?
Figure 24: Have you changed your commercial property insurance provider in the last 2 years?
Figure 25: Have you changed your commercial liability insurance provider in the last 2 years?
Figure 26: Why have you changed commercial insurance provider in the last 2 years?
Figure 27: Why have you changed your commercial property insurance provider in the last 2 years?
Figure 28: Why have you changed your commercial liability insurance provider in the last 2 years?
Figure 29: Do you think you will change your insurance provider in the next 12 months?
Figure 30: Do you think you will change your commercial property insurance provider in the next 12 months?
Figure 31: Do you think you will change your commercial liability insurance provider in the next 12 months?
Figure 32: Why are you thinking of changing your provider in the next 12 months?
Figure 33: Why are you thinking of changing your commercial property insurance provider in the next 12 months?
Figure 34: Has your attitude towards commercial property insurers changed over the last 12 months?
Figure 35: Has your attitude towards commercial liability insurers changed over the last 12 months?
Figure 36: If yes, in what way has your attitude towards commercial property insurers changed?
Figure 37: What can commercial property insurers do to improve their image?
Figure 38: What can commercial liability insurers do to improve their image?
Figure 39: Have your commercial property insurance premiums increased over the last 12 months?
Figure 40: Have your employers’ liability insurance premiums increased in the last 12 months?
Figure 41: If yes, by how much have your commercial property insurance premiums increased over the last 12 months?
Figure 42: If yes, by how much have your employers’ liability premiums increased over the last 12 months?
Figure 43: Have increases in commercial property insurance premiums affected your business?
Figure 44: Have increases in commercial liability premiums affected your business?
Figure 45: If yes, how have increases in commercial property insurance premiums affected your business?
Figure 46: Has an increase in employers’ liability premiums affected your ability to afford other liability covers?
Figure 47: What services do you receive from your current commercial property insurance provider?
Figure 48: What services do you receive from your current commercial liability insurance provider?
Figure 49: How useful are the additional services provided by commercial property insurers?
Figure 50: How useful are the additional services provided by commercial liability insurers?
Figure 51: What other services would you like to receive from your commercial property insurance provider?
Figure 52: What other services would you like to receive from your commercial liability insurance provider?
Figure 53: How attractive is insurance cover bundled with other financial services/general insurance products?
Figure 54: How attractive is commercial property cover bundled in a package with other insurance?
Figure 55: How attractive is commercial liability cover bundled in a package with other insurance?
Figure 56: Why is a bundled offering of commercial property insurance attractive?
Figure 57: Why is a bundled offering of commercial liability insurance attractive?
Figure 58: Why is a bundled offering of commercial property insurance not attractive?
Figure 59: Why is a bundled offering of commercial liability insurance not attractive?
AbstractIntroduction:
The report aggregates findings from Datamonitor’s unique survey of over 150 SMEs to provide and overview of the UK commercial insurance market. It provides data on SMEs’ attitudes towards and needs from commercial insurance providers.
Scope:
* Provides an in-depth examination of SMEs’ attitudes towards and needs from commercial insurance providers.
* Includes survey findings from three Datamonitor surveys of over 150 SMEs.
* Covers responses of general commercial insurance, commercial liability and commercial property policyholders.
* Findings enhance the understanding of the requirements of SMEs within the insurance marketplace enabling you to effectively market your offerings.
Report Highlights:
The survey findings indicate that the vast majority of SMEs take out their commercial policies through an insurance broker. More than a quarter of those surveyed have changed their commercial insurance provider within the last two years.
One fifth of the SMEs surveyed said they are considering changing their insurance provider within the next 12 months. Liability policyholders appear to be the most stable customer segment, although for all SMEs price concerns would trigger any change.
Although price was cited as the major driver for SMEs in terms of selecting a provider or switching from an existing one, insurers would be best served by improving standards of customer service in the current economic climate.
Reasons to Purchase:
* Datamonitor’s B2B surveys of SME customers will allow you to target this competitive market segment more effectively
* Detailed insight into SMEs’ habits and requirements allows for a keener understanding of how insurance products can be tailored to meet their needs
* Understand how, in current market conditions, insurers can mitigate the effect of premium rate rises on SMEs' satisfaction and improve retention rates
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