UK Commercial Insurance Distribution 2018, report provides an in-depth study into commercial insurance distribution trends. It discusses the influence of the different purchasing behaviors of SMEs compared to larger corporate businesses, and pays particular attention to the role and strategy of brokers within product distribution. It also addresses challenges in the market and the impact of technology on consumer channel preferences, before concluding with a distribution forecast for the coming years.
Commercial insurance remains a highly competitive space, and the distribution of the market’s products continues to evolve. Brokers maintain a grip on the greatest share of the market, and the channel’s footprint saw a rise in premium share in 2016 according to Association for British Insurers (ABI) statistics. With enduring dominance in non-SME markets and fast-flow business, digital brokers are finding success even against the threat of the direct channel in the SME space.
Brokers dominate the distribution of commercial insurance with a 79.0% share of the market.
The broker landscape has been transformed by digital offerings via price comparison sites and innovative players.
Acquisitions were a key trend in 2017, with consolidation a priority for brokers and insurers amid tough conditions.
Reasons to buy
Adapt your distribution strategy to ensure it still meets the needs of clients and intermediaries.
Ensure you remain competitive as new innovations revolutionize the purchasing journey for clients and brokers.
Benchmark yourself against other players in the market.
Be prepared for how technology is set to impact the commercial insurance market.