UK SME Insurance Market Size , Share , Competitor Dynamics , Key Trends and Opportunities 2016
UK SME Insurance Market Size , Share , Competitor Dynamics , Key Trends and Opportunities 2016
Summary The SME market is important for commercial insurers as SMEs account for the majority of the UK economy . With insurers increasingly targeting the segment , the market is very competitive . Insurers are developing their propositions to cater for small and medium sized enterprises . E-trade is becoming more of a central focus for the insurers in this space , as is the distribution of high-volume , low-value business via the direct channel . Organizations within the market vary in size and so have different insurance needs and service preferences , which means the SME market should not be categorized as one segment .
Direct propositions are primarily being developed by those looking to target sole traders and micro-sized enterprises with packaged products . Meanwhile e-trading is of greater focus for insurers targeting small and medium-sized enterprises that have greater affinity to purchase through a broker .
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AXA and Aviva dominate the SME insurance space across the majority of commercial products , according to Verdict Financial ' s 2015 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 , whereas Allianz and Direct Line are strong in servicing SMEs to insure commercial motor vehicles . As the number of providers supplying commercial insurance solutions grows , and there is more choice available to potential customers , those offering the best deals in terms of the level of cover , the quality of the overall package , and price are most likely to succeed .
Synopsis Verdict Financial ' s ' UK SME Insurance : Competitor Dynamics 2016 ' report 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 .
Key Findings - AXA and Aviva dominate the SME insurance space , with 21.4 % and 15.9 % of SMEs respectively holding a commercial insurance policy with these providers .
- Brokers place the most SME business with Allianz , Aviva , and AXA . Reasons To Buy