While the characteristics of both personal and commercial insurance products have gradually evolved over recent years, the distribution dynamics of the market have been the subject of a more rapid change. Operational developments and improvements in technology have increased competition within this space, which has led to the establishment of multiple distribution channels.
Understand the shape of the distribution landscape and assess the relevance of traditional insurance brokers.
Gain an insight into the current trends in the commercial insurance sector and how the market is evolving due to technological advancements.
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How is the role of the traditional brokers being challenged by new and/or emerging distribution channels?
Which brokers are the most dominant in the market and how are they retaining their statuses?
Why are more insurers developing direct propositions and how will this impact on the distribution of commercial insurance in the future?
Brokers continue to have a very strong presence in the distribution of commercial insurance. Brokers have continually represented the majority share of commercial distribution. Other distribution methods such as the direct channel and comparison sites have experienced small growth in an otherwise static environment.
A small number of brokers dominate the UK commercial insurance distribution landscape by revenue. Three in particular have generated the biggest returns over the past four years – Aon, Marsh, and Willis – with JLT Group recently emerging as another major player in the market. Each of these companies has a significant global presence.
Brokers will remain the main distribution channel for commercial insurance products for the foreseeable future. Technology advancements are enabling more insurers to revert to the use of the internet as a means to streamline and commoditize the personal lines market.