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UK Commercial Insurance Distribution 2009
Datamonitor, May 2009
This report gives a comprehensive analysis of distribution in the UK commercial insurance market. It explores a range of issues including the growth of the direct channel and the slowdown of acquisitions occurring between commercial insurance brokers. The report also includes the latest data and insight on SMEs purchasing behavior, product innovation and broker consolidation.
- Insight into the latest issues affecting the commercial insurance market and the impact these are having on distribution.
- The latest data on SMEs purchasing behavior and broker consolidation in the UK commercial insurance market.
- The latest data on the size of the commercial insurance market and GWP splits by distribution channel.
- Forecasts up to 2013 of the market share of different channels in the UK commercial insurance space.
A number of insurance providers have partnered with aggregators in a bid to increase their presence in the SME market, including Simply Business, Premierline Direct, Autonet Business Insurance and Iprism. Among these insurance providers, Simply Business, a subsidiary of Xbridge, features heavily in the aggregator space.
Since 2008, a number of commercial insurance providers have launched their own broker networks and clubs in a bid to increase their revenue stream, including Marsh which launched ProBroker, HSBC which launched Labyrinth and Norwich Union which launched Club 110 and more recently the Broker Independence Group.
The proportion of brokers that belong to a broker network has remained unchanged since the last edition of The commercial insurance broker survey. Of the brokers surveyed by Datamonitor, a third stated that they belonged to a broker network, such as Cobra.
- Understand the latest issues affecting the commercial insurance market and analyze SMEs attitudes towards switching and channel preference.
- Understand the future level of consolidation in the sector and the companies which are most likely to drive this consolidation.
- Gain insight into the prevalence of the broker network model, the factors driving the model and its future potential.
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