本報告已在2011年06月29日停止出版。
本報告提供英國商業保險市場販售整體分析，該領域直銷型保險業者的成長、探討商業保險代理業者間不斷發生的企業合併等問題、SME（中小企業）的購買行為、代理業者改組、管理總代理店的最新趨勢等資料，一併整理摘記如下。
概要
實施概要
- 全國規模的代理業者被認為是達到了2009年商業保險市場佔有率的極限
- 即使業界整合活動維持靜止狀態，多數受訪者仍追求其事業的成長
- 2009年的業界整合仍處混亂，但整體持續成長並需要地區性代理業者
- MGA（Managing General Agent）以及代理業者網路增加其市場曝光率即便保險人反彈
市場狀況
- 介紹
- 英國損害保險的2008年總保險費收入減少了0.7％
- 在英國營運的企業總數有490萬間，其中大半為SME
分佈動態
- 介紹
- 全國規模的代理業者被認為是達到了2009年商業保險市場佔有率的極限
- 即使業界整合活動維持靜止狀態，多數受訪者仍追求其事業的成長
- 多數的商業保險代理業者加盟代理店網路或團體，藉此獲得與龍頭保險公司社群接觸的機會
顧客焦點
- 介紹
- 透過代理業者面對面的安排是SME管理其覆蓋率的主要手段
- SME保險供應商一般擅長於達到高水準的顧客滿意度
- 許多SME依賴其保險供應商以獲得額外的服務
- SME一般對於其當下的保險供應商很忠實
- 考慮轉換的SME數目有增加的傾向
- SME對於面對面銷售持開放態度，即使主流仍須說服
- 銀行與直銷型保險公司雖說是少數，但仍有向相當數量的SME銷售的可能性，大抵需要說服其可以得到機會
競爭動態
- 介紹
- 2009年的業界整合仍處混亂，但整體持續成長並需要地區性代理業者
- HSBC Insurance Brokers的販售成績成為左右競合態勢的關鍵
- 目標仍為SME的顧客層
- MGA以及代理業者網路增加其市場曝光率即便保險人反彈
解讀未來く
- 介紹
- 直銷通路的市佔率預估將會成長，另一方面代理業者通路會縮小
附錄
圖表
Abstract
Introduction
This report gives a comprehensive analysis of distribution in the UK
commercial insurance market. It explores issues including the growth of direct
insurers in commercial insurance and the acquisitions occurring between
commercial insurance brokers. The report also includes data and insight on
SMEs' purchasing behavior, broker consolidation and the latest activity of the
managing general agents.
Scope
- Insight into the latest issues affecting the commercial insurance market
and the impact these are having on distribution.
- The latest data on SMEs' purchasing behavior, managing general agents and
broker consolidation in the UK commercial insurance market.
- The latest data on the size of the commercial insurance market and GWP
splits by distribution channel.
- Forecasts up to 2014 of the market share of different channels in the UK
commercial insurance space.
Highlights
SMEs have been generally loyal to their commercial insurance providers, most
commonly maintaining the relationship for two to five years. However, SMEs
were perhaps expectedly motivated to stay or leave their provider according to
price, implying a high level of potential churn in that sector.
For the past year, broker networks have continued to acquire regional brokers
in a bid to increase their market share and improve their regional coverage.
According to Datamonitor' s commercial insurance broker survey, 45.7% of
commercial brokers are part of a broker network or club.
A number of insurers withdrew capacity from managing general agents (MGAs) in
H1 2009 but the total number of MGAs is set to increase. The cost efficiency
and penetration into niche markets are benefits many insurers are keen to
exploit and as such major players such as Giles have been forming new MGAs.
Reasons to Purchase
- Understand issues affecting the commercial insurance market such as the
promiscuity of SMEs, potential growth of MGAs and channel preferences.
- Understand the future level of consolidation in the sector and the
companies which are most likely to drive this consolidation.
- Gain insight into the prevalent broker network model, factors driving the
model and why the direct and affinity channels are of increasing importance.
Table of Contents
Overview
Executive Summary
- National brokers are expected to have seen their share of the commercial
insurance market start to plateau in 2009
- It is thought that national brokers experienced a slight decrease in
market share while other brokers saw their share increase accordingly
- The majority of respondents are seeking to grow their business, although
consolidation activity is likely to remain static
- The majority of respondents are seeking to grow their business through
targeting new customer groups or growing organically
- Consolidators show mixed numbers in 2009, but overall continue to grow and
acquire regional brokers
- Swinton is pursuing ambitious growth plans in the UK commercial insurance
market
- Bluefin witnessed a fall in revenue in 2009, but continued to acquire
regional brokers
- MGAs and broker networks have increased their presence in the market
despite an insurer backlash
- MGAs are working hard to change the market perceptions of their business
models
- Table of Contents
- Table of figures
- Table of tables
Market Context
- Introduction
- Total UK general insurance GWP contracted by 0.7% in 2008
- Motor insurance premiums dipped to £12.8 billion in 2008
- The property insurance sector performed better than predicted and showed
increased GWP in 2008
- Accident and health premiums witnessed a 7.1% decline in 2008
- The pecuniary loss market witnessed the largest fall in GWP during 2008,
with its premiums dropping by 14.5%
- The UK general liability market experienced the strongest growth in GWP in
2008
- General liability GWP showed impressive growth in 2008, while pecuniary
loss as a market line experienced a significant decline
- There are a total of 4.9 million businesses operating in the UK, the
majority of which are SMEs
- The number of UK enterprises grew by 2.2% to 4.9 million
- More than 99% of UK companies are small businesses
Distribution Dynamics
- Introduction
- National brokers are expected to have seen their share of the commercial
insurance market start to plateau in 2009
- It is thought that national brokers experienced a slight decrease in
market share while other brokers saw their share increase accordingly
- The direct channel is predicted to have maintained a level market share in
2009
- Partnerships with affinities have only generated a small proportion of
commercial insurance GWP
- Commercial insurance GWP distributed through banks and building societies
remains negligible
- The majority of respondents are seeking to grow their business, although
consolidation activity is likely to remain static
- The majority of respondents are seeking to grow their business through
targeting new customer groups or growing organically
- Consolidation between brokers is expected to continue to cool down in the
next 18 months
- Growing premium income remains a key driver behind consolidation activity
- Almost half of the survey respondents had been approached by a broker
consolidator over the previous 18 months
- Of the respondents that had been approached by a consolidator, 29.0%
stated that they had been approached by Swinton
- Many commercial brokers are already part of a broker network or club,
which allows them to gain access to a large panel of insurers
- Many commercial brokers have already joined a broker network or club
- Most brokers joined a network in order to access to a large panel of
insurers and to increase their bargaining position
- The majority of brokers that are not already in a broker network do not
intend to join one
Customer Focus
- 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, although 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 have previous experience of their insurance provider
- SMEs that are clients of direct insurers are more likely to have used the
internet or a mail shot to learn about their provider
- 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 the initial pitch critical
- After their first year of trading, approximately one fifth of SMEs with
insurance change their provider
- While SMEs in general value provider advice, medium-sized companies are
particularly receptive to it
- Clients of direct insurers value advice the least
- Clients that arrange their insurance face-to-face are most keen to receive
advice
- When choosing a provider, SMEs value good service almost as much as price
- SMEs are sensitive to price, regardless of their size
- SMEs that purchase online appear to be the most price-sensitive
- SMEs that are clients of direct insurers are more likely to have chosen
their provider on the basis of 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
- Micro-SMEs are less likely to use extra services from their provider, with
legal advice most common
- Most SMEs that receive additional services from their insurance provider
get it 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
- 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 have 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 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 that SMEs think that they will change
insurance provider
- SMEs are open to alternatives to face-to-face distribution, although the
majority still require convincing
- Micro-SMEs are the most open to buying their cover over the telephone
- Approximately one third of the SME insurance market would be willing to
arrange their cover over the telephone
- Micro-SMEs are attracted to the speed and expected cost savings of
telephone arrangement
- The internet is attractive to SMEs due to its convenience
- One third of SME insurance buyers would be willing to arrange their cover
online
- Micro-SMEs are more likely to consider arranging their commercial
insurance online
- Most SMEs remain opposed to telephone arrangement, although their reasons
are varied
- The fear of not obtaining the proper cover and expert advice is holding
most medium-sized SMEs back from arranging insurance by telephone
- Most SMEs prefer the personal contact of face-to-face arrangement rather
than the speed of the telephone
- Two thirds of the SME market would not consider an online sales process
when arranging their cover
- Most of the SME market is unwilling to use the internet to arrange
insurance cover
- Medium-sized SMEs are the least likely to consider an online option
- Of those SMEs willing to buy insurance online or via the telephone,
liability products were the most popular
- SMEs are most open to purchasing motor and less complex liability products
online
- Micro-SMEs were most likely to consider purchasing public and employers'
liability over the internet
- Banks and direct insurers can sell to a sizable minority of SMEs, but
still need to convince most to give them a chance
- Approximately one third of SMEs would use a bank as their insurance
provider
- Micro-SMEs are willing to buy their insurance from a bank if the price is
lower
- Almost a third of SMEs are willing to arrange their insurance through a
bank
- The majority of SMEs are willing to purchase their cover direct
- Almost two thirds of micro-SMEs are open to buying their insurance direct
from an insurer
- Cost savings are the main drivers behind SMEs' willingness to consider a
direct insurer
- There remain significant obstacles to many SMEs considering banks as
viable insurance providers
- Medium-sized SMEs view banks as lacking expertise and reputation
- SMEs are generally content with their current providers and doubt that
banks have the expertise to sell insurance
- Direct insurers face less opposition but still have several issues to
address
- Direct insurers still have to overcome SMEs' current contentment
- Medium-sized companies retain doubts about the direct insurance channel
Competitive Dynamics
- Introduction
- Consolidators show mixed numbers in 2009, but overall continue to grow and
acquire regional brokers
- Swinton is pursuing ambitious growth plans in the UK commercial insurance
market
- Bluefin witnessed a fall in revenue in 2009, but continued to acquire
regional brokers
- Oval has delayed its float until 2015
- Giles Insurance Brokers
- Towergate has altered its expansion plans
- Cullum Capital Ventures grows steadily to prepare for Towergate flotation
- Jelf recorded a loss in 2009
- The sale of HSBC Insurance Brokers will have a significant impact on the
competitive landscape
- AXA brought in for HSBC Insurance Brokers products
- Marsh purchases HSBC Insurance Brokers to form a wholesale broking arm
- The SME sector remains an attractive segment to target
- Allianz Commercial is offering free legal advice to its SME customers
- Aon aims to build a product niche approach
- Sterling Insurance launches new business approach
- MMA Insurance opens new offices and improves risk services
- Groupama focuses on personal touch
- AXA added a financial lines unit to its range of products
- UK General focuses on specialist lines and swifter key services
- MGAs and broker networks have increased their presence in the market
despite an insurer backlash
- MGAs are working hard to change the market perceptions of their business
models
- Broker networks continued to acquire regional brokers in 2009
- Westinsure reveals strong results and cautiously optimistic ambitions
- COBRA Network continued to make acquisitions in 2009
- Willis added revenues of £20m to Willis Commercial Network
- Broker Network starts 2010 with AJP acquisition and launches increased
services for Countrywide members
The Future Decoded
- Introduction
- The direct channel' s share is expected to grow, while the broker channel
is forecast to contract
- The market share of the broker channel is forecasted to be 81% by 2014
- Direct insurance providers will increase their market share in the
commercial general insurance market
- The small share held by corporate partnerships is forecasted to grow to 3%
in 2014
- Banks and building societies are expected to retain their market share at
the same level until 2014
- Company staff distribution is forecasted to remain static, while other
company agents will see a decreased presence
APPENDIX
- Definitions
- Premium income measures
- Gross premium
- Written premiums
- Distribution definitions
- Banks/building societies
- Brokers
- Company staff
- Direct
- ‘Other’ company agents
- Utilities/retailers/affinity groups
- Methodology
- Datamonitor' s SME survey
- Datamonitor' s UK Commercial Broker Survey
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
List of Tables
- Table 1: Total UK general insurance GWP by line of business, 2004-08
(£m)
- Table 2: UK commercial general insurance market GWP and year-on-year
growth by sector, 2004-08 (£m)
- Table 3: Profile of UK enterprise by volume, employee numbers and
turnover, 2008
- Table 4: Market share of the distribution channels in the UK commercial
general market, 2000-09e (%)
- Table 5: Question: “How long have you been with your current
insurance provider?”
- Table 6: Length of time with insurance provider by length of time trading,
2009
- Table 7: Question: “How important is it to receive advice on an
ongoing basis from your insurance provider?”
- Table 8: Question: “What were the most important reasons for
choosing your commercial insurance provider?”
- Table 9: Question: “What services do you currently receive from your
insurance provider?” (by SME size, Q2 2009)
- Table 10: Question: “What services would you like to receive from
your insurance provider?”
- Table 11: Question: “How long have you been with your current
insurance provider?”
- Table 12: Question: “How long have you been with your current
provider?” (by length of time trading)
- Table 13: Question: “Why did you switch?”
- Table 14: Question: “Do you think you will change your commercial
insurance provider in the next 12 months?”
- Table 15: Forecast market share of distribution channels in the UK
commercial general insurance market, 2007-14f (%)
- Table 16: Question: “What business sector are you involved in?”
- Table 17: Question: “How large is your company in terms of number of
employees?”
- Table 18: Question: “How large is your company in terms of
turnover?”
- Table 19: What banding does your company fall into in terms of general
insurance premium income turnover?
- Table 20: What proportion of your business is commercial insurance
compared to personal insurance (in terms of premium income)?
List of Figures
- Figure 1: National brokers are predicted to have seen a slight decline in
their share in the UK commercial insurance market in 2009
- Figure 2: Only the property and general liability sectors saw GWP growth
in 2008
- Figure 3: Commercial pecuniary loss proved to be particularly unsuccessful
in 2008
- Figure 4: The number of UK enterprises reached 4.9 million in 2008
- Figure 5: The UK economy is still dominated by SMEs
- Figure 6: National brokers are predicted to have seen a slight decline in
their share in the UK commercial insurance market in 2009
- Figure 7: The majority of respondents are seeking to grow their business
through targeting new customer groups or growing organically
- Figure 8: Only 4.3% of respondents were planning to acquire a fellow
broker over the coming 18 months
- Figure 9: Achieving growth in premium income remains a significant factor
behind a broker' s decision to acquire a fellow broker
- Figure 10: Almost half of the survey respondents had been approached by a
broker consolidator over the previous 18 months
- Figure 11: A significant proportion of the brokers surveyed stated that
they have been contacted by Swinton
- Figure 12: 45.7% of respondents are already part of a broker network or
club
- Figure 13: Access to a large panel of insurers and better commission rates
were the most popular reasons for joining a broker network or club
- Figure 14: The majority of brokers surveyed were not willing to join a
network or club in the coming 18 months
- Figure 15: Brokers have the highest penetration among medium-sized firms
- Figure 16: Micro-SMEs are most comfortable with arranging their cover over
the telephone
- Figure 17: Most SMEs use an insurance provider that they have previous
experience of
- Figure 18: Direct insurance customers rely less on previous experience and
more on marketing
- Figure 19: Satisfaction levels in the market remain high
- Figure 20: Very few SMEs surveyed had changed their provider in the
previous two years
- Figure 21: The most common length of an SME' s insurance relationship is
two to five years
- Figure 22: Medium-sized companies are more interested in receiving advice
from their insurance providers
- Figure 23: Direct insurers' clients generally place less emphasis on
insurance advice
- Figure 24: Clients with more interaction with their provider are more
likely to value their advice
- .Figure 25: Price was almost matched in importance by service as a
criteria for selecting a provider
- Figure 26: Internet clients are the most price-sensitive
- Figure 27: Direct insurer clients are slightly more price-sensitive
- Figure 28: Few SMEs do not receive extra services from their insurance
providers
- Figure 29: Take-up of extra services among SMEs declines as employee
numbers increase
- Figure 30: Few SMEs of any size pay for the additional services they
receive
- Figure 31: Medium-sized SMEs are generally more keen on receiving
services, with risk management and HR advice at the top of the list
- Figure 32: Demand for services from those not already receiving any is
relatively minor
- Figure 33: Most SMEs have a long-term relationship with their provider
- Figure 34: One quarter of bank clients in the survey changed provider at
renewal
- Figure 35: Price is the most common motivation for SMEs changing their
insurance provider
- Figure 36: Companies in the education sector are the most likely to seek
out a new quote in the next 12 months
- Figure 37: Clients that arrange their insurance through the internet are
the most likely to search for another provider
- Figure 38: Price is the key motivation behind SMEs looking to change their
provider
- Figure 39: About half of SMEs that would buy their cover over the
telephone would do so because it is quicker
- Figure 40: Micro-SMEs are more likely to consider arranging cover by
telephone
- Figure 41: Convenience, speed and the flexibility of arranging cover
outside of normal business hours are the top reasons why SMEs will consider
arranging insurance online
- Figure 42: Many busy micro-SMEs are attracted to the convenience of
arranging insurance online
- Figure 43: The potential market for telephone distribution is low among
medium SMEs
- Figure 44: Most SMEs are not comfortable with arranging their insurance
over the telephone
- Figure 45: SMEs have a variety of reasons for not buying their cover online
- Figure 46: Medium-sized SMEs fear they will not obtain the proper cover
online
- Figure 47: SMEs show the greatest willingness to purchase public and
employers' liability insurance online
- Figure 48: Public and employers' liability were the most likely to be
considered for online purchase by micro-SMEs
- Figure 49: Almost a third of micro-SMEs can be persuaded to use banks for
their insurance if it is cheaper
- Figure 50: Good cheap package products are what convince SMEs to consider
banks
- Figure 51: Micro-SMEs are most likely to consider a direct insurer for the
potential cost savings
- Figure 52: Cost savings were the number one driver behind SMEs considering
a direct insurer
- Figure 53: Larger SMEs are content with their current broker arrangements
- Figure 54: A lack of expertise as well as SMEs' general complacency and
contentment are impediments to banks' growth in the SME sector
- Figure 55: A significant proportion of SMEs still view direct insurers as
lacking specialist expertise
- Figure 56: A slim majority of medium-sized SMEs will not consider a direct
insurer as their provider
- Figure 57: The direct channel is expected to grow its share in the UK
commercial insurance market
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