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

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