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Small Business Segments: Marketing Business Insurance to Major Professions and Trades in the UK
Finaccord, Oct 2009, Pages: 425
Small Business Segments: Marketing Business Insurance to Major Professions and Trades in the UK is a report and interactive database - SegmentBASE™ - that casts new perspectives on the market for insurance acquired by small businesses and self-employed individuals in the UK. With a focus on enterprises with an annual turnover of up to £5 million, the research sizes the market both in terms of the actual number of insurable enterprises in each of 105 major professional and trade segments and the value of their business insurance expenditure each year. It also offers a breakdown of this data across three annual turnover bands (enterprises with an annual turnover of up to £100,000, enterprises with an annual turnover of between £100,000 and £1 million, and enterprises with an annual turnover of between £1 million and £5 million) and provides ‘backcasts’ to 2005 and forecasts to 2013 in order to provide a time line across nine years. In addition, as well as presenting this data, the sections of the report focused on each of the 105 business segments indicate professional and trade associations relevant to the segment, highlight commercial insurance affinity schemes established in conjunction with those associations, and identify insurance providers with products targeted specifically at the segment.
Finaccord has developed this report and interactive database for several reasons. Above all, insurance providers usually conceive, develop and promote insurance policies for the small business market with particular professions and trades in mind rather than by the generic categories of commercial motor insurance, commercial property insurance, general liability insurance, pecuniary loss insurance and so on. However, market data issued by official industry body and other published research sources focuses purely on those generic categories rather than the underlying professions and trades, hence Finaccord has sought to develop a product that meets more effectively the marketing needs of insurance providers in this arena by analysing the market by profession and trade.
The report and interactive database can be used in one or more of the following ways:
- understand the total number of insurable enterprises with an annual turnover of up to £5 million across 105 professional and trade segments and benchmark your organisation’s current market share of customers in each of these;
- appreciate how certain business segments offer a sustainable growth opportunity for insurance providers while others are in long-term decline, irrespective of the economic cycle;
- use the report and accompanying SegmentBASE database as a tool to compare what your organisation believes that it knows itself with Finaccord’s ‘default data’;
- use SegmentBASE to create your own graphics and to extract and analyse data about specific segments and broader industry sectors;
- on a completely flexible and cost-effective basis, gain insights into as many or as few of the 105 professional and trade segments covered as your organisation is interested in.
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