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市場調查報告書
英國產物保險市場：目標的中小企業2009年
Targeting SMEs in UK General Insurance 2009
| 出版商 |
Datamonitor |
| 出版日期 |
2009年10月 |
商品編碼 |
102585 |
| 內容資訊 |
英文 93 pages |
| 價格 |
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英國產物保險市場：目標的中小企業2009年 是由出版商Datamonitor在2009年10月所出版的。
這份英文市場調查報告書包含93 pages 價格從美金2795起跳。
本報告書內容包括：英國產物保險市場之中小企業（SME）保險購買模式的企業規模別調查分析、SME部門之直接保險人與銀行保險人的成長潛能評估、欲以SME為目標之供應商的具體行動方案等，內容綱要摘記如下：
第1章 概要
第2章 實施摘要
- SME市場雖有不景氣影響但規模頗具吸引力
- SME在加入保險之際，以同有聲譽的經紀人面對面協商為主流
- SME大致上有偏好既有之保險公司的傾向
- 保險公司為可提供低價格高品質的商品應做必要的投資
第3章 市場概要
- 介紹
- 2008年的SME市場為50億英鎊規模
- 儘管不景氣的影響，SME市場的規模頗具魅力
- SME視許多賠償為必要，對於保險公司而言將產生保險費收入
- 以SME市場為目標之親合業務也在增加中
- 亦有導入以SME為對象之銀行保險人銷售的保險公司
- 多數銀行保險人係以SME市場的有機成長及透過合併之成長為目標
第4章 銷售的動力
- 介紹
- SME保險的供應商大致上皆獲得很高的顧客滿意度
- 許多SME依賴保險公司的追加服務
第5章 轉換的可能性
- 介紹
- SME大致上對既有的保險公司忠實，但尚有很大的開拓餘地
- 考慮轉換的SME數量以爬升到歷史性的等級
- 雖需要獲得多數SME的認可但對於替代供應商也採取開放態度
- 銀行或直接保險公司雖有直接對SME的銷售的可能性，但必須具備可獲得接受的條件
第6章 具體行動方案
- 經紀人傾力於提供服務與低成本商品
- 直接保險公司必須以更小規模的SME為目標
- 銀行必須克服價格高但缺乏專門知識的印象
附錄
Abstract
Introduction
This report provides a unique evaluation of the purchasing behavior of SMEs
based on Datamonitor' s exclusive SME survey, giving the reader an edge in this
dynamic area. The report also explores how SME' s attitudes differ depending on
size, allowing for more precise targeting of market segments.
Scope of this research
- A detailed look into SMEs' insurance purchasing patterns by company size
- An evaluation of the potential for growth for direct insurers and
bancassurers in the SME sector
- Action points detailing potential strategies for different providers
wishing to target SME business
Research and analysis highlights
Of the SMEs in Datamonitor' s survey, 46.0% indicated that they purchased just
package products in 2008. The popularity of package products reflects the
success of simple packages like shops and offices policies that can
accommodate a broad range of risks, but also the more niche products designed
for specific trades, such as the motor trade.
Overall, 34% of the SMEs surveyed were willing to consider arranging their
insurance over the telephone. Of those that were willing to consider a
telephone arrangement, 51.0% cited speed as a reason why they would.
A majority of SMEs that would buy online were inclined to purchase less
complex products such as public or employers' liability, or commercial motor.
Key reasons to purchase this research
- Improve customer retention by understanding SMEs' reasons for staying with
a provider, as well as their reasons to switch providers
- Boost customer acquisition by understanding what insurance products SMEs
are willing to buy online and via the telephone
- Understand the current competitive environment of the SME sector in
relation to competitor strategies and current distribution trends
Table of Contents
OVERVIEW
EXECUTIVE SUMMARY
- The SME market is attractive for its sheer size, though the recession will
have an impact
- The SME market was estimated to be worth £5.4 billion in 2008
- The recession has put pressure on SMEs and is resulting in more
insolvencies
- Package products are the principle means through which SMEs purchase
their cover
- SME insurance needs are varied and encompass a range of products
- Face-to-face arrangement through established brokers is the main means by
which SMEs arrange their cover
- Brokers dominate among all sizes of SMEs, though they have greater
market share among larger SMEs
- Face-to-face arrangement is popular in the market but is more prevalent
among larger SMEs
- Most SMEs learn of their insurance provider through previous experience
or proximity
- SMEs are generally loyal to their existing insurance provider but there is
significant churn to exploit
- More SMEs considered a change of provider in 2009 than in 2008
- Insurance providers need to make the necessary investments so they can
offer quality low cost products
- The recession will make SMEs more price sensitive, requiring brokers to
invest in the ability to deliver at a lower cost
- Direct players need to play up the potential cost savings which an SME
can obtain from going direct
- Banks can market themselves as low cost alternatives, appealing to SMEs'
price sensitivity
MARKET CONTEXT
- Introduction
- The SME market was worth over £5 billion in 2008, with rates
hardening in motor
- The SME market was estimated to be worth £5.4 billion in 2008
- The SME market is attractive for its sheer policy volume, though the
recession will have an impact
- The number of UK enterprises grew by 4.7% to 4.8 million
- More than 99% of UK companies are small businesses
- The recession has put pressure on SMEs and is resulting in more
insolvencies
- SMEs often require a range of cover, generating a wide range of premiums
for insurers
- Package products are the principle means through which SMEs purchase
their cover
- SME insurance needs are varied and encompass a range of products
- SME insurance policies can vary considerably in value, depending on the
size of the risk
- Affinity propositions are increasingly targeting the SME market
- Traditional affinity partnerships in the SME market have been based on
trade associations
- There has been significant interest from some personal lines affinity
players in distributing SME insurance
- Two high profile affinity partnerships have announced their expansion
into the SME insurance market
- Several insurers have adapted their SME broker offering, reflecting the
competitive nature of the market
- QBE has rolled out a range of online SME products
- MMA reworked and relaunched its SME product range
- Chaucer made changes to gear up for an SME push
- RSA is aiming to increase its SME market share with better and faster
service
- SME insurance giant Aviva closed its direct commercial operations,
concentrating on broker distribution
- Brit Insurance expanded its SME product range with a new PI product
- Allianz Commercial is targeting growth in SME business in Scotland
- The motor trade has attracted a great deal of attention for those
insurers looking at growth in the SME market
- Many brokers have organic or acquisition driven growth ambitions for the
SME market
- AXA rebranded Venture Preference and continued to add to it with
acquisitions
- Swinton has identified growth in the SME market as a priority, supported
by its consolidation activities
- Aon launched a credit insurance service to SMEs and acquired the
specialist broker Supercover
- Marsh is reaching out to regional brokers in an SME push
- A new consolidator is looking to create a leading SME insurance presence
- Broker Direct has also announced a number of acquisitions, and Our
Network has expanded rapidly
- JLT has acquired Ingham & Co to add range to its Thistle Underwriting
platform
- Broker-owned MGAs have become a common feature in the commercial
insurance market
DISTRIBUTION DYNAMICS
- Introduction Face-to-face arrangement through established brokers is the
main means by which SMEs arrange their cover
- Brokers dominate among all sizes of SMEs, though they have greater
market share among larger SMEs
- Face-to-face arrangement is popular in the market but is more prevalent
among larger SMEs
- Most SMEs learn of their insurance provider through previous experience
or proximity
- SME insurance providers are generally good at achieving high levels of
customer satisfaction
- SMEs are generally happy with their insurance provider
- SMEs tend to prefer longstanding relationships with their providers,
making an initial pitch critical
- Whilst SMEs generally value provider advice, medium-sized companies are
particularly receptive to it
- When choosing a provider, SMEs value good service almost as much as price
- Many SMEs rely upon their insurance providers for extra services
- The majority of SMEs receive some services from their insurance
providers, with legal advice the most common
- Most SMEs that receive additional services from their insurance provider
do so for free
- The most desired services are risk management and legal advice
- Approximately one fifth of SMEs that do not receive extra services are
interested in obtaining them
POTENTIAL SWITCHERS
- Introduction
- SMEs are generally loyal to their existing insurance provider but there is
significant churn to exploit
- Approximately one fifth of respondents started their relationship with
their provider in the last two years
- SMEs that have been trading for five to 10 years have typically been
with their provider the longest
- Banks had acquired the largest proportion of new business in the SME
insurance sector
- Price was the major driver behind SMEs switching their insurance provider
- The number of SMEs thinking of switching has risen to higher, historic
levels
- More SMEs considered a change of provider in 2009 than in 2008
- A variety of companies, from different industries, believe they will
change their provider over the next year
- SMEs that use the internet to arrange their insurance are the most
likely to search out a new provider
- Price is the leading reason why SMEs think that they will change
insurance provider
- SMEs are open to alternatives to face-to face distribution, though the
majority still require convincing
- Micro SMEs are the most open to buying their cover over the telephone
- The internet is attractive to SMEs due to its convenience
- Most SMEs remain opposed to telephone arrangement, though their reasons
are varied
- Two thirds of the SME market would not consider an online sales process
when arranging their cover
- Of those SMEs willing to buy insurance online or via the telephone,
liability products were the most popular
- Banks and direct insurers can sell into a sizable minority of SMEs but
still need to convince most to give them a chance
- Approximately one third of SMEs will use a bank as their insurance
provider
- The majority of SMEs are willing to purchase their cover direct
- There remain significant obstacles to many SMEs considering banks as
viable insurance providers
- Direct insurers face less opposition but still have several issues to
address
ACTION POINTS
- Brokers can focus on delivering services and low cost products
- The recession will make SMEs more price sensitive, requiring brokers to
invest in the ability to deliver at a lower cost
- Flexibility and understanding during the recession can prove beneficial
- Face-to-face arrangement is popular but investments in online and call
center distribution can yield additional business
- Legal advice and risk management are the key additional services to
offer to medium-sized SME clients
- Direct players need to target smaller SMEs and address their perceived
faults
- Direct insurance players are well suited to the micro end and should
focus on these customers
- Direct players need to play up the potential cost savings which an SME
can obtain from going direct
- Stepped up advertising campaigns are necessary to drive consumers to a
direct insurance operation
- Direct players need to highlight the convenience and relative ease of
their distribution platforms
- Banks need to address their image as expensive providers with no expertise
to break into the micro SME market
- Banks can market themselves as low cost alternatives, appealing to SMEs'
price sensitivity
- Targeting micro SMEs and start-ups would exploit some of banks' natural
affinities
- Banks need to reinvest in their overall reputations, which appear to
have suffered among SMEs
APPENDIX
- Definitions
- Distribution definitions
- Premium income
- SME
- Methodology
- Datamonitor' s SME Insurance Survey Q2 2009
- Datamonitor' s SME Insurance Survey Q1 2008
- Datamonitor' s SME Insurance Survey Q1 2007
- Datamonitor' s UK Insurance Broker Database
- UK Commercial Insurance Broker Survey - March 2009
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Q: “On average, by approximately what percentage have
premiums changed in the last year, for the following business lines?”
(Q1 2009)
- Table: Profile of UK enterprise by volume, employee numbers and turnover,
2007
- Table: UK company insolvencies, 2004- 2009
- Table: SME insurance spend by company size (employee band) (£), Q2
2009
- Table: Top 10 brokers by number of clients with turnover below £20
million, Q1 2009
- Table: Q: "How long have you been with your current insurance provider?"
- Table: Length of time with insurance provider by length of time trading,
2009
- Table: Q: "How important is it to receive advice on an ongoing basis from
your insurance provider?"
- Table: Q: "What were the most important reasons for choosing your
commercial insurance provider?"
- Table: Q: "What services do you currently receive from your insurance
provider?" (by SME size, Q2 2009)
- Table: Q: "What services would you like to receive from your insurance
provider?"
- Table: Q: "How long have you been with your current insurance provider?"
- Table: Q: "How long have you been with your current provider?" (by length
of time trading)
- Table: Q: "Why did you switch?"
- Table: Q: "Do you think you will change your commercial insurance provider
in the next 12 months?"
- Table: Q: "What business sector are you involved in?"
- Table: Q: “How large is your company in terms of number of
employees?”
- Table: Q: “How large is your company in terms of turnover?”
- Table: Q: "What business sector are you involved in?"
- Table: Q: "What business sector are you involved in?"
- Table: Industry sectors
- Table: Industry sectors continued
FIGURES
- Figure: Most SMEs rely upon previous experience when learning about their
insurance provider
- Figure: SMEs show the greatest willingness to purchase public and
employers' liability insurance online
- Figure: A significant proportion of brokers have seen no increase in
premium rates, except in commercial motor
- Figure: The number of UK enterprises reached 4.8 million in 2007
- Figure: Almost three quarters of UK companies have no employees
- Figure: Company insolvencies have picked up since the first quarter of 2008
- Figure: Most SMEs will purchase their insurance in the form of a package
- Figure: SMEs carry a wide variety of insurance cover
- Figure: A significant proportion of commercial brokers were approached by
Swinton
- Figure: Brokers have the highest penetration among medium-sized firms
- Figure: Micro SMEs are most comfortable with arranging their cover over
the telephone
- Figure: Most SMEs rely upon previous experience when learning about their
insurance provider
- Figure: Direct insurance customers rely less on previous experience and
more on marketing
- Figure: Satisfaction levels in the market remain high
- Figure: Very few SMEs have changed their provider in the last two years
- Figure: The most common length of an SME' s insurance relationship was two
to five years
- Figure: Medium-sized companies are more interested in receiving advice
from their insurance providers
- Figure: Direct insurers' clients generally place less emphasis on
insurance advice
- Figure: Clients with more interaction with their provider are more likely
to value their advice
- Figure: Price was almost matched in importance by service as a criteria
for selecting a provider
- Figure: Internet clients are the most price-sensitive
- Figure: Direct insurer clients are slightly more price-sensitive
- Figure: Few SMEs do not receive extra services from their insurance
providers
- Figure: Take up of extra services among SMEs declines as employee numbers
increase
- Figure: Few SMEs of any size pay for the additional services which they
receive
- Figure: Medium-sized SMEs are generally more keen on receiving services
with risk management and HR advice at the top of the list
- Figure: Demand for services from those not receiving is relatively minor
- Figure: Most SMEs have a long-term relationship with their provider
- Figure: One quarter of bank clients in the survey had changed at renewal
- Figure: Price most often motivates SMEs to change their insurance provider
- Figure: Companies in the education sector are the most likely to seek out
a new quote in the next 12 months
- Figure: Clients which arrange their insurance through the internet are the
most likely to search for another provider
- Figure: Price is the key motivation behind SMEs looking to change their
provider
- Figure: About half of SMEs that would buy their cover over the telephone
would do so because it is quicker
- Figure: Micro SMEs are more likely to consider telephone arrangement
- Figure: Convenience, speed and the flexibility of arranging their cover
outside of normal business hours are the top reasons why SMEs will consider
online arrangement
- Figure: Many busy micro SMEs are attracted to the convenience of online
arrangement of insurance
- Figure: The potential market for telephone distribution is low among
medium SMEs
- Figure: Most SMEs are not comfortable with arranging their insurance over
the telephone
- Figure: SMEs have a variety of reasons for not buying their cover online
- Figure: Medium-sized SMEs fear they will not obtain the proper cover online
- Figure: SMEs show the greatest willingness to purchase public and
employers' liability insurance online
- Figure: Public and employers' liability were the most likely to be
considered for an online purchase by micro SMEs
- Figure: Almost a third of micro SMEs can be persuaded to use banks for
their insurance if it is cheaper
- Figure: Good cheap package products are what convince SMEs to consider
banks
- Figure: Micro SMEs are most likely to consider a direct insurer for the
potential cost savings
- Figure: Cost savings were the number one driver behind SMEs considering a
direct insurer
- Figure: Larger SMEs are content with their current broker arrangements
- Figure: A lack of expertise as well as SMEs' general complacency and
contentment are impediments to banks' growth in the SME sector
- Figure: A significant proportion of SMEs still view direct insurers as
lacking specialist expertise
- Figure: A slim majority of medium-sized SMEs will not consider a direct
insurer as their provider
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