UK SME Insurance Industry 2017- By Plan Future Business Decisions Using the Forecast Figures
PUNE, INDIA, March 30, 2018 /EINPresswire.com/ — Summary
"UK SME Insurance: Competitor Dynamics 2017", looks at which insurers lead the way in the SME segment and how they are developing their propositions, as well as highlighting how competitor positions vary between micro, small, and medium enterprises. It examines which insurers are winning over brokers and which companies SMEs are placing their business with.
AXA and Aviva dominate the SME insurance space across the vast majority of the 16 commercial products listed in our 2017 UK SME Insurance Survey. Other insurers present in the market play to their strengths when servicing SMEs. Hiscox and Zurich are popular providers for liability products, while Allianz and Direct Line are strong in commercial motor. The main story from the 2017 results is of AXA’s lead narrowing. While Aviva’s share also fell, the margin in market shares between the two has reduced in the vast majority of the nine lines that AXA and Aviva place first and second respectively.
– AXA and Aviva lead the SME insurance space, with 13.9% and 11.3% of SMEs respectively holding a commercial insurance policy with these providers.
– AXA remains dominant across the 16 product lines, but Aviva is closing the gap.
– Brokers place the most SME business with Allianz, Aviva, and AXA.
Reasons to buy
– Benchmark yourself against the rest of the market.
– Ensure you remain competitive as new innovations and insurance models begin to enter the market.
– Adapt your distribution strategy to ensure it is efficient and still meets customer purchasing behavior.
Table of Content: Key Points
1. EXECUTIVE SUMMARY 2
1.1. AXA and Aviva continue to lead the market 2
1.2. Key findings 2
1.3. Critical success factors 2
2. THE SME MARKET AND ITS LEADING COMPETITORS 7
2.1. Introduction 7
2.2. Allianz and Aviva continue to lead the way for brokers 7
2.3. Aviva’s dominance in non-packaged insurance has been challenged 9
2.4. The increasing focus on cybercrime is an opportunity for insurers 11
2.4.1. Some insurers are looking to innovate to gain an edge in a tough market 11
2.5. The key players 12
2.5.1. AXA is looking into its commercial motor offering 12
2.5.2. Aviva revamps cyber cover 13
2.5.3. Allianz focuses on Brexit 13
2.5.4. Hiscox embraces technology 13
2.5.5. Zurich targets education 13
2.6. Technology is emerging in the market 14
2.6.1. New entrants are rare, but the Financial Conduct Authority sandbox is showing promise 15
3. PRODUCT POSITIONING 16
3.1. AXA is the dominant insurer, but Aviva is closing the gap 16
3.1.1. Aviva performs well in commercial motor lines, while Allianz is popular with larger SMEs 17
3.1.2. Hiscox is popular in non-motor lines 18
3.1.3. Direct Line remains strong in motor lines 19
3.1.4. NFU Mutual is strong in niche commercial motor lines 19
4. NPS 37
4.1. Hiscox has the edge in customer satisfaction 37
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Source: EIN Presswire