UK SME Insurance Market - Companies to Focus on Strategic Collaborations to Gain Competitive Edge

<strong>UK</strong> <strong>SME</strong> <strong>Insurance</strong> <strong>Market</strong> - <strong>Companies</strong> <strong>to</strong> <strong>Focus</strong> on
Strategic Collaborations <strong>to</strong> Gain Competitive Edge
Radiant insight Published “<strong>UK</strong> <strong>SME</strong> <strong>Insurance</strong>: Competi<strong>to</strong>r Dynamics
2016”
Description
The <strong>SME</strong> market is important for commercial insurers as <strong>SME</strong>s account for the majority of the
<strong>UK</strong> economy. With insurers increasingly targeting the segment, the market is very competitive.
Insurers are developing their propositions <strong>to</strong> 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 <strong>SME</strong>
market should not be categorized as one segment.
Direct propositions are primarily being developed by those looking <strong>to</strong> 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 <strong>to</strong> purchase
through a broker.
AXA and Aviva dominate the <strong>SME</strong> insurance space across the majority of commercial products,
according <strong>to</strong> Verdict Financial's 2015 <strong>UK</strong> <strong>SME</strong> <strong>Insurance</strong> Survey. Other insurers present in the
market play <strong>to</strong> their strengths when servicing <strong>SME</strong>s.
Hiscox and Zurich are popular providers for liability products, whereas Allianz and Direct Line
are strong in servicing <strong>SME</strong>s <strong>to</strong> insure commercial mo<strong>to</strong>r vehicles. As the number of providers
supplying commercial insurance solutions grows, and there is more choice available <strong>to</strong> potential
cus<strong>to</strong>mers, those offering the best deals in terms of the level of cover, the quality of the overall
package, and price are most likely <strong>to</strong> succeed.
Synopsis
Verdict Financial's '<strong>UK</strong> <strong>SME</strong> <strong>Insurance</strong>: Competi<strong>to</strong>r Dynamics 2016' report looks at which
insurers lead the way in the <strong>SME</strong> segment and how they are developing their propositions, as
well as highlighting how competi<strong>to</strong>r positions vary between micro, small, and medium

enterprises. It examines which insurers are winning over brokers and which companies <strong>SME</strong>s
are placing their business with.
Key Findings
- AXA and Aviva dominate the <strong>SME</strong> insurance space, with 21.4% and 15.9% of <strong>SME</strong>s
respectively holding a commercial insurance policy with these providers.
- Brokers place the most <strong>SME</strong> business with Allianz, Aviva, and AXA.
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Reasons To Buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin <strong>to</strong> enter the
market.
- Adapt your distribution strategy <strong>to</strong> ensure it is efficient and still meets cus<strong>to</strong>mer purchasing
behavior
Table of Content
EXECUTIVE SUMMARY
AXA and Aviva dominate the <strong>SME</strong> insurance space
Key findings
Critical success fac<strong>to</strong>rs
THE <strong>SME</strong> INSURANCE MARKET AND ITS TOP COMPETITORS
Introduction
Aviva, Allianz, and AXA are the <strong>to</strong>p <strong>SME</strong> insurers used by brokers
Allianz replaces Aviva as the <strong>to</strong>p insurer for packaged <strong>SME</strong> products
The gap between Aviva and Allianz for brokered non-packaged business has narrowed
Insurers continue <strong>to</strong> move in<strong>to</strong> the direct channel for <strong>SME</strong>s
Hiscox, AXA, Allianz, and Direct Line are already distributing directly
Aviva has brought back its direct online offering for micro <strong>SME</strong> business insurance
Travelers Europe enters the direct channel <strong>to</strong> provide micro-<strong>SME</strong>s with cover
Insurers continue <strong>to</strong> invest in e-trading platforms
Zurich continues <strong>to</strong> improve its <strong>SME</strong> e-trading platform ZTrade
Hiscox launches Hiscox Trader, a new e-trading system for commercial brokers
Insurers continue <strong>to</strong> join Open GI's <strong>SME</strong> panel
Insurers aim <strong>to</strong> tackle <strong>SME</strong> underinsurance
Allianz has removed average clauses and is working with brokers <strong>to</strong> highlight areas of potential
underinsurance
Aviva has been extending policy limits and removing average clauses from <strong>SME</strong> products
NIG has developed an online cost calcula<strong>to</strong>r <strong>to</strong>ol for brokers
Insurers continue <strong>to</strong> launch commercial products for <strong>SME</strong>s
RSA launches <strong>SME</strong> products exclusively for the Broker Network
Hiscox launches new product <strong>to</strong> cover <strong>SME</strong>s against economic crime

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