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英文調查報告書

英國針對法人的保險銷售:2009年

UK Commercial Insurance Distribution 2009

出版商 Datamonitor 聯絡我們
出版日期 2009/05 內容資訊 71 pages
商品編碼 90325
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Abstract

Introduction

This report gives a comprehensive analysis of distribution in the UK commercial insurance market. It explores a range of issues including the growth of the direct channel and the slowdown of acquisitions occurring between commercial insurance brokers. The report also includes the latest data and insight on SMEs' purchasing behavior, product innovation and broker consolidation.

Scope of this research

  • 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 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 2013 of the market share of different channels in the UK commercial insurance space.

Research and analysis highlights

A number of insurance providers have partnered with aggregators in a bid to increase their presence in the SME market, including Simply Business, Premierline Direct, Autonet Business Insurance and Iprism. Among these insurance providers, Simply Business, a subsidiary of Xbridge, features heavily in the aggregator space.

Since 2008, a number of commercial insurance providers have launched their own broker networks and clubs in a bid to increase their revenue stream, including Marsh which launched ProBroker, HSBC which launched Labyrinth and Norwich Union which launched Club 110 and more recently the Broker Independence Group.

The proportion of brokers that belong to a broker network has remained unchanged since the last edition of Datamonitor' s commercial insurance broker survey. Of the brokers surveyed by Datamonitor, a third stated that they belonged to a broker network, such as Cobra.

Key reasons to purchase this research

  • Understand the latest issues affecting the commercial insurance market and analyze SMEs' attitudes towards switching and channel preference.
  • Understand the future level of consolidation in the sector and the companies which are most likely to drive this consolidation.
  • Gain insight into the prevalence of the broker network model, the factors driving the model and its future potential.

Table of Contents

OVERVIEW

  • Catalyst
  • Summary

EXECUTIVE SUMMARY

  • Large national brokers continue to dominate commercial insurance distribution
    • Independent insurance intermediaries of all types retain their leading market share in 2008
  • A significant proportion of respondents were contacted by a consolidator but do not intend to sell their business
    • Almost 5% of respondents stated that they planned to close or sell their business
    • 41.5% of respondents have been approached by a broker consolidator over the last 18 months
  • Acquisitions between brokers continued in 2008, albeit at a slower pace
    • AXA has continued to increase its presence in the UK commercial insurance market through its broking arm Bluefin
    • Cullum Capital Ventures continued with its acquisition strategy in 2008
  • The broker network space is becoming increasingly overcrowded
    • A number of players have launched their own broker networks and clubs in a bid to generate extra revenue

MARKET CONTEXT

  • Introduction
  • Total UK general insurance GWP grew by an estimated 2.0% in 2008
    • Premium income in the motor insurance market increased to an estimated £13.5 billion in 2008
    • The property insurance market recorded an increase in premium income in 2008
    • The accident and health market increased by an estimated 3.5% to £6.0 billion in GWP in 2008
    • The pecuniary loss market grew by an estimated 2.0% in 2008
    • The general liability market contracted by an estimated 3.8% in 2008
    • The group accident and health sector achieved the strongest growth in the commercial insurance market in 2008
  • There are a total of 4.8m businesses operating in the UK, the majority of which are SMEs
    • The number of UK enterprises grew by 4.7% to 4.8m
    • More than 99% of UK companies are small businesses

DISTRIBUTION DYNAMICS

  • Introduction
  • Large national brokers continue to dominate commercial insurance distribution
    • Independent insurance intermediaries of all types retain their leading market share in 2008
    • Direct players account for a small but growing portion of the commercial general insurance market
    • Corporate partnerships have maintained only a small presence in the commercial insurance market
    • Banks and building societies distribute negligible amounts of commercial general insurance
  • A significant proportion of brokers will pursue organic growth and target new customer groups
    • More than half of brokers intend to pursue organic growth
    • Consolidation within the intermediary channel is likely to slow in the next 18 months
    • Increasing premium income is the primary driver behind broker acquisitions
    • Almost a fifth of brokers had made an acquisition in the past 18 months
  • A significant proportion of respondents were contacted by a consolidator but do not intend to sell their business
    • Almost 5% of respondents stated that they planned to close or sell their business
    • 41.5% of respondents have been approached by a broker consolidator over the last 18 months
    • Swinton had approached nearly half of the respondents with an offer for their business
  • One third of brokers belong to a broker network, however a significant proportion of brokers do not intend to join one
    • One third of brokers have already joined a broker network
    • Most brokers joined a network in order to increase the size of their panel
    • The majority of brokers who were not already in a broker network did not intend to join one

CUSTOMER FOCUS

  • Introduction
  • The broker channel continues to dominate the market with retention levels remaining high
    • Brokers remained the dominant distribution channel to target SMEs in H1 2008
    • The internet is the least common platform for SMEs purchasing commercial insurance
    • The majority of SMEs remain satisfied with their insurance provider
    • Long standing relationships are important to SMEs purchasing commercial insurance
    • SMEs purchasing their insurance through a bank or a broker value advice from their insurance providers the most
    • SMEs purchasing their insurance through a bank or a broker value advice from their insurance providers the most
    • Price is important to many SMEs choosing an insurance provider
  • A large proportion of SMEs are unlikely to switch to a new provider
    • Only 22% of SMEs have switched to a new provider over the last two years
    • SMEs belonging to the wholesale, retail trade and repairs sector are more likely to switch providers
    • Just over 10% of SMEs are planning to change providers over the next 12 months
    • SMEs switching to a new provider do so on the basis of price
  • A significant proportion of SMEs are willing to purchase insurance from a bank or direct in a bid to save money
    • Over 40% of SMEs stated that they would consider purchasing insurance from a bank or building society
    • The majority of SMEs remain open to purchasing their insurance direct from insurers
    • SMEs value previous experience and referrals when choosing an insurance provider
  • A significant proportion of SMEs are open to purchasing their insurance via the internet or phone
    • The convenience factor of the phone is appealing to many SMEs considering a telephone purchase
    • Over a third of SMEs would consider a purchase online
    • Employers' liability and public liability were the most likely products to buy via alternative platforms

COMPETITIVE DYNAMICS

  • Introduction
  • Acquisitions between brokers continued in 2008, albeit at a slower pace
    • AXA has continued to increase its presence in the UK commercial insurance market through its broking arm Bluefin
    • Giles acquired numerous commercial brokers in 2008
    • Oval achieved a strong performance across its businesses in 2008
    • Cullum Capital Ventures continued with its acquisition strategy in 2008
    • Towergate announced a 13% increase in its income in 2008
  • The direct channel, the internet and aggregators are changing the distribution landscape of commercial insurance
    • The internet can be an effective means to distribute commercial insurance to SMEs
    • A number of insurers offer commercial insurance direct
  • Many insurers have strengthened their non-direct propositions in a bid to win SME business
    • LV= launched three new policies for pubs and hotels through its broker distribution arm, ABC Insurance
    • Fortis joined the Budget van insurance panel
    • MMA has continued to expand its presence in the SME market
    • The broker network space is becoming increasingly overcrowded
    • A number of players have launched their own broker networks and clubs in a bid to generate extra revenue
    • Broker owned MGAs have become a common feature in the commercial insurance market
    • Insurers are scrutinizing the costs imposed by broker networks and MGAs as economic pressures mount
    • Norwich Union' s Club 110 is well positioned to compete in the broker network space
  • Multinational brokers continue to hold a large share of the UK commercial insurance market
    • Marsh had the largest market share in terms of client turnover in Q1 2009
    • The market share of the top five brokers increases among companies with a larger turnover
  • Multinational brokers continued to acquire smaller brokers in 2008
    • Aon launched a credit insurance service to SMEs and acquired the specialist broker Supercover
    • Willis announced eight new members to its broker network
    • JLT acquired HWS in 2008 and announced a 12% increase in turnover from its UK and European operations

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 decline to 78% by 2013
    • Direct players account for a small but growing portion of the commercial general insurance market
    • Corporate partnerships have a small presence in the commercial insurance market and are forecasted to grow to 3% in 2013
    • Banks and building societies are expected to retain their market share at the same level until 2013
    • Company staff and other agents are forecasted to remain static

APPENDIX

  • Definitions
    • Premium income measures
    • Distribution definitions
  • Methodology
    • Datamonitor' s SME Insurance Survey
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer

TABLES

  • Table: Total general insurance GWP by line of business, 2004 - 08e (£m)
  • Table: Commercial general insurance market GWP by sector and year-on-year growth, 2004 - 08e (£m)
  • Table: Profile of UK enterprise by volume, employee numbers and turnover, 2007
  • Table: Market share of distribution channels in the commercial general insurance market, 2004 - 08e
  • Table: Q: “How important is it to receive advice on an ongoing basis from your insurance provider?”
  • Table: Key data on broker networks operating in the UK commercial insurance market
  • Table: Top five brokers by turnover of clients, Q1 2009 (£m)
  • Table: Market share of the top five brokers in terms of clients' turnover by client employee band, Q1 2009 (%)
  • Table: Market share of top five brokers by client turnover, Q1 2009 (%)
  • Table: Forecast market share of distribution channels in the commercial general insurance market, 2006 - 13f (%)
  • 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?”

FIGURES

  • Figure: Brokers are the dominant route to market for commercial insurers in the UK
  • Figure: The general liability market witnessed a significant contraction in 2008
  • Figure: The group accident and health insurance market achieved strong growth in 2008
  • Figure: The number of UK enterprises reached 4.8m in 2007
  • Figure: Almost three quarters of UK companies have no employees
  • Figure: Brokers are the dominant route to market for commercial insurers in the UK
  • Figure: Organic growth and targeting new customer groups are the key ways that brokers are seeking to grow their business
  • Figure: The majority of respondents do not intend to make an acquisition in the next 18 months
  • Figure: Many brokers plan to pursue acquisitions to grow their premium income
  • Figure: Almost a fifth of brokers had made an acquisition over the last 18 months
  • Figure: Almost 5% of respondents indicated that they plan to close or sell their business
  • Figure: 41.5% of respondents have been approached by a broker consolidator over the last 18 months
  • Figure: A significant proportion of brokers were approached by Swinton and Towergate
  • Figure: One third of brokers cited that they belonged to a broker network
  • Figure: Access to a larger panel of insurers is the main motivation for joining a broker network
  • Figure: The majority of brokers are not willing to join a network in the next 18 months
  • Figure: Most SMEs purchase their commercial insurance through the broker channel
  • Figure: Most SMEs purchase their insurance through face to face contact with their insurance provider
  • Figure: Most SMEs are satisfied with the service they have received from their insurance providers
  • Figure: A large proportion of SMEs have been with their insurance provider for more than 10 years
  • Figure: Receiving ongoing advice from their insurance provider is important to most SMEs
  • Figure: Many SMEs consider the price of an insurance premium to be an important factor when choosing a commercial insurance provider
  • Figure: Most SMEs surveyed in 2008 have been with their insurance provider for more than 10 years
  • Figure: Respondents belonging to the wholesale and retail trade and repairs sector are more likely to switch providers
  • Figure: The majority of SMEs plan to remain with their current insurance provider over the next 12 months
  • Figure: SMEs that have been with their insurance providers for two years or less are twice as likely to switch to a new provider
  • Figure: Price is a key motivator to SMEs switching providers
  • Figure: SMEs may consider a purchase from a bancassurer in a bid to save money
  • Figure: A significant proportion of SMEs believe that banks lack specialist expertise
  • Figure: Price remains central to SMEs considering a purchase from a direct insurer
  • Figure: Most SMEs are content with their current providers and therefore would not consider going direct
  • Figure: Previous experience is an important source of information to SMEs choosing an insurance provider
  • Figure: The convenience factor appeals to many SMEs prepared to purchase insurance over the phone
  • Figure: A significant proportion of SMEs would not consider a telephone purchase because they simply prefer face to face
  • Figure: A significant proportion of SMEs would consider a purchase online in a bid to save money
  • Figure: SMEs show a greater inclination to purchase employers' liability and public liability via the telephone and internet
  • Figure: A timeline of major events in the broker network arena, 1994 - 2009
  • Figure: Norwich Union' s Club 110 is in a good position to compete with more established networks
  • Figure: Marsh and Aon held the largest share of client turnover in Q1 2009
  • Figure: Willis has the largest market share in the SME market in terms of total client turnover
  • Figure: The top five brokers held the largest share of turnover among those firms within the largest turnover band
  • Figure: The direct channel is expected to grow its share in the UK commercial insurance market
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