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.
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.
Request a Free Sample Copy of this Report @ http://www.radiantinsights.com/research/uk-sme-insurance-competitor-dynamics-2016/request-sample
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.
– 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.
Download Full Research Report @ http://www.radiantinsights.com/research/uk-sme-insurance-competitor-dynamics-2016
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.
Browse All Reports of This Category @ http://www.radiantinsights.com/catalog/financial-services
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Email : email@example.com
visit our website : http://www.radiantinsights.com/
Phone: (415) 349-0054
Address: 28 2nd Street, Suite 3036
City: San Francisco
Country: United States