"UK SME Insurance: Distribution Dynamics 2017", looks at how SMEs buy insurance coverage and the reasons behind their purchasing decisions. This report also examines the services SMEs are currently receiving and the additional amenities they would like from their provider going forward.
Other influential factors are also taken into consideration, such as the age of the business owner and the age of the business.
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With insurers increasingly seeking to grow their share of the SME market competition has continued to increase over the past year.
Further advances in technology have allowed for products to become more specialized, allowing for niche markets to be targeted more accurately. Brokers have remained the most used channel when purchasing insurance, yet their share of the SME market has decreased significantly in 2017.
Purchasing both directly from the insurer and via price comparison websites have increased. Insurance companies also continue to provide an increasing variety of products that cater specifically for the smallest of SMEs.
Given that businesses of this size represent the majority of SMEs by number, the growth of non-brokered purchasing channels is unsurprising.
- Purchasing insurance online via a PC remains the most common method across SMEs, with 33.1% using this method in 2017.
- Commercial insurance renewal rates are significantly higher in comparison to personal lines, with the overwhelming majority of SMEs remaining with their current provider in 2017.
- Younger businesses are embracing technology when purchasing their insurance, with the use of tablets and smartphones highest among business that have operated for less than two years.
Reasons to access
- Identify the most prominent sales channel for SMEs.
- Adapt/re-evaluate your distribution strategy and proposition to meet the needs of modern consumers.
- Discover the factors influencing SME purchasing decisions and distribution channel selection.
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