United Kingdom (UK) Commercial Insurance Distribution 2021

United Kingdom (UK) Commercial Insurance Distribution 2021

Summary

UK commercial insurance distribution is dominated by brokers. Brokers facilitate the commercial insurance purchasing process by selecting products that best suit a businesss needs and finding insurers that are willing to take on that risk. Brokers also play a vital role in advising businesses about products and services that will provide the best cover. COVID-19 has highlighted the gaps in cover that exist in insurance policies and the need for comprehensive cover for businesses. To this end, brokers services have become more valuable as a result.

The purpose of this report is to provide an in-depth study into the most significant developments and recent trends within commercial insurance distribution. It discusses the influence of the different purchasing behaviors of SMEs compared to larger corporate entities, and pays particular attention to the role and strategies of brokers (traditionally the main channel used by customers). The report also addresses the current challenges the market is facing, key regulatory factors, and the possible inclusion of new digital technologies to enhance the product selection and/or distribution processes. It concludes with a four-year forecast for each distribution channel.

Scope

- Brokers increased their share of the market, with 79.9% of premiums being written through the channel.
- The proportion of provincial brokers seeking to grow their business in the next 12 months decreased by 17.6% compared to the same time last year, suggesting smaller brokers are more focused on dealing with COVID-19 fallout.
- Brokers have adopted online services to help them navigate COVID-19, but overall uptake remains low.

Reasons to Buy

- Identify the most popular channels businesses use when purchasing insurance.
- Identify the value of premiums written through each distribution channel.
- Adapt your distribution strategy to cater to the changing needs of clients and intermediaries.
- Learn about additional services implemented by brokers in their digital transformation process.
- Benchmark yourself against other players in the market.

1.Executive Summary
1.1 Brokers gain strength from COVID-19
1.2 Key findings
1.3 Critical success factors
2.Commercial Insurance Distribution Overview
2.1 Brokers increased their market share in 2020
3.The Broker Channel
3.1 The broker landscape is dominated by five global firms
3.2 Cross-selling and upselling is the most popular growth strategy
3.3 Brokers implemented additional service strategies in light of COVID-19
3.4 Brokers services have increased in value due to COVID-19
4.Other Commercial Distribution Channels
4.1 The direct channel will still retain value for some businesses
4.2 The banking channels impact remains muted
5.The Distribution Landscape Going Forward
5.1 Commercial insurance distribution after COVID-19
5.2 Brokers are set to continue dominating in the coming years
6.Appendix
6.1 Abbreviations and acronyms
6.2 Definitions
6.3 Methodology
6.4 Secondary sources
6.5 Further reading
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List Of Tables


Table 1: Growth strategies utilized by UK brokers, 2021
Table 2: Banks and their insurance provider partners

List Of Figures


Figure 1: Brokers strengthened their market position in 2020
Figure 2: The direct and affinity channels will have taken financial hits in 2020
Figure 3: Brokers are not as dominant among SMEs
Figure 4: Online purchases are very popular with SMEs
Figure 5: Marsh remained the largest broker in 2020
Figure 6: Cross-selling and upselling is the most popular growth strategy
Figure 7: More national brokers are utilizing a range of growth strategies
Figure 8: Brokers are adopting additional services, but total uptake remains low
Figure 9: Provincial brokers have not adopted many new technologies
Figure 10: Super-regional brokers are tapping into social media
Figure 11: Over half of national brokers use data analytics
Figure 12: Most brokers believe customer relationships have strengthened due to COVID-19
Figure 13: All types of SMEs cancelled their cyber insurance due to the pandemic
Figure 14: We expect brokers share of the market to increase further over the forecast period

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