UK Commercial Insurance Distribution 2017

2017-05-10
Price :
Published : May-2017
No. of Pages : 51

UK Commercial Insurance Distribution 2017

Summary

“UK Commercial Insurance Distribution 2017″, report provides an in-depth study into the trends of commercial insurance distribution. The report discusses the influence of the differing purchasing behaviors of SMEs compared to larger corporate businesses, and pays particular attention to the role and strategies of brokers within product distribution. It also addresses the challenges in the market and the impact of technology on consumer channel preferences, before concluding with a distribution forecast for the coming years.

Commercial insurance remains a highly competitive market, and the distribution of its products continues to evolve and vary. Brokers hold the highest share of the commercial market despite incremental growth in the other channels. The SME market has been driving this change, with more of these types of businesses opting to purchase insurance directly from their provider. These SMEs require less comprehensive insurance coverage, meaning a more simplistic and efficient offering is adequate.

Scope

- Brokers dominate the distribution of commercial insurance with a 77.1% share of the market.
- Brokers of all capacities are keen to improve their online propositions to provide an enhanced level of customer service.
- Underinsurance is a problem within the SME space, with significant proportions citing price and a general lack of knowledge or product awareness as the reasons for forgoing adequate insurance cover.

Reasons to buy

- Adapt your distribution strategy to ensure it still meets the needs of clients and intermediaries.
- Ensure you remain competitive as new innovations revolutionize the purchasing journey for clients and brokers.
- Benchmark yourself against other players in the market.
- Be prepared for how technology is set to impact the commercial insurance market.

Filed in: Banking & Finance, Insurance
Publisher : GlobalData
More Reports
Title Price Buy Now

UK Pet Insurance: Market Dynamics and Opportunities 2017

UK Pet Insurance: Market Dynamics and Opportunities 2017 Summary United Kingdom pet insurance market has continued to see significant growth, with gross written premiums (GWP) increasing by 7.1% in 2016. Medical inflation remains the underlying factor driving GWP upwards, with technologically improved quality of treatments and procedures being applied more commonly and driving inflationary pressure on claims costs. This has resulted in claims incurred figures outgrowing GWP, with a 7.4% increase in 2016. Product penetration has also risen, but at a considerably slower rate than GWP or claims incurred, with the number of subscribers increasing by just 2.0%, to reach 3.4 million in 2016. Key findings include in this report - - The pet insurance market broke the £1bn mark in GWP......
$3450

UK Protection Insurance 2017: Critical Illness & Income Protection

UK Protection Insurance 2017: Critical Illness & Income Protection Summary Income Protection (IP) and Critical Illness insurance (CII) markets continued to grow in 2016. Their year-on-year percentage growth outstripped the total protection market, highlighting a growing market for illness- and injury-oriented products. However, together CII and IP still only account for less than 10% of the total protection market in terms of contracts and premiums. The success of IP policies has been attributed to sales of short-term products where claims payouts are capped at duration of two years. The standalone CII market has doubled year on year but remains small, as the majority of CII contracts are sold as a rider product - mainly alongside a mortgage-related term policy. Protection prod......
$3450

Alternative Payment Solution: Tenpay

Alternative Payment Solution: Tenpay Summary Tenpay is the second-largest online payment platform in China after Alipay. It was launched by Tencent, China's leading internet company, in 2005. Tenpay supports online, in-app, and in-store payments in China and abroad. In addition, Tenpay users can make fund transfers to other users' Tenpay accounts or their bank accounts. As well as enabling payments in-store and online, it also allows users to make mortgage payments and credit card payments, and to invest in various financial products. Tenpay parent Tencent also owns popular social media platforms including QQ Messenger and WeChat, and has integrated payment services in these apps called QQ Wallet and WeChat Pay, allowing users to conduct payment transactions directly. Tenpay accounts f......
$350

Alternative Payment Solution: paysafecard

Alternative Payment Solution: paysafecard Summary paysafecard is one of the leading online prepaid voucher providers in Europe. Launched in 2000 in Austria, it was acquired by Skrill Group in 2013 and became part of Paysafe Group through the Skrill acquisition in 2015. Post-acquisition, paysafecard has been integrated into the group's prepaid division. paysafecard allows consumers to convert cash into digital currency to pay for goods and services online, without having to provide any bank or credit card details to the merchant. Customers can purchase the digital currency in the form of prepaid vouchers with 16-digit PINs, which can be redeemed at checkout for online purchases. The prepaid voucher can be purchased for different denominations of each country's local currency. The vouche......
$350

PESTLE Insights: Macroeconomic Outlook Report – Iran

PESTLE Insights: Macroeconomic Outlook Report - Iran Summary Macroeconomic Outlook Report of Iran identifies the potentials of Iran as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure. Four major provinces generate around 47.3% of the GDP of Iran and comprises of 36.7% of the country's population. As part of the five year economic plan (2017-2022), government of Iran envisages an average of US$30.0 bn of foreign financing each year along with US$15.0 bn foreign direct investments and US$20.0 bn foreign investment through local partners. Scope - The economic activities in Iran accelerated following the lifting of the economic sanction imposed on the country by the P5+1 nations related to the nuclea......
$500

Alternative Payment Solution: iDEAL

Alternative Payment Solution: iDEAL Summary iDEAL, a market leader in Dutch third-party payment services, was established by payment systems provider Currence in 2006. iDEAL offers online payments for Dutch domestic and international shoppers, and enables them to pay for online purchases directly from their bank accounts. iDEAL also enables consumers to carry out other transactions such as utility payments, mobile recharging, and donations. In April 2016 it extended its services for offline payments with the introduction of iDEAL QR, allowing users to make payments at in-store locations. In terms of transaction volume, iDEAL is the preferred method of online payment in the Netherlands. More than half of online purchases in the country are made through iDEAL. It generates busine......
$350

Alternative Payment Solution: Klarna

Alternative Payment Solution: Klarna Summary Klarna is a Swedish online payment service provider (PSP). Established in 2005, the company now serves 60 million customers and is accepted by 70,000 online merchants across 17 European markets and the US. The company offers both immediate and pay after delivery options for e-commerce purchases, allowing customers to make payments within 14 days of receiving the items purchased. It also offers an extended credit financing option called buy now, pay later, through which users can make payments in monthly installments of up to 36 months. Klarna acts as a mediator between merchants and buyers and assumes the fraud and credit risk involved in transactions. Klarna acquired SOFORT in 2014, turning it into one of the largest PSPs in Europea......
$350

Alternative Payment Solution: ELV

Alternative Payment Solution: ELV Summary Elektronisches Lastschriftverfahren (ELV) is an electronic direct debit system in Germany. Launched in the 1980s by a group of merchants, in 2015 it accounted for 10.4% of all non-cash transaction volume in Germany. In-store ELV payments are made using magnetic stripe debit cards that contain the necessary bank account and bank code details. The system allows retailers to initiate an automated direct debit transaction at the point of sale (POS) terminal. ELV can also be used as a payment option for e-retailers. Payments are not authorized by issuing banks, and merchants have to bear the risk of defaults. ELV payments are accepted by most banks in Germany as well as by a number of payment service providers (PSPs), including Worldpay, Skr......
$350

Alternative Payment Solution: Boku

Alternative Payment Solution: Boku Summary Boku Inc. is one of the world's leading carrier billing-based mobile payment services. Primarily used for purchases of digital content, Boku functions across Google Play, Sony PlayStation Store, Microsoft Windows Store, Facebook App Center, and Spotify. With the introduction of Boku Accounts, users can now pay for the in-store purchase of goods at POS terminals. Boku enables customers to charge their payments directly to their mobile bill and provides merchants with the ability to accept payments from anyone with a mobile phone. Launched in 2009 in the US, Boku is now accepted in more than 60 countries and has partnerships with more than 250 mobile network operators (MNOs). It has offices in the US, the UK, Germany, India, China, Indonesi......
$350

Smart Money Investing in the Financial Services Industry: Tracking M&A, venture capital, and private equity investments globally – Q2 2017

Smart Money Investing in the Financial Services Industry: Tracking M&A, venture capital, and private equity investments globally - Q2 2017 Summary GlobalData's "Smart Money Investing in the Financial Services Industry - Q2 2017" report provides detailed analysis of investment activities in financial services industry globally during the second quarter of 2017. The report provides comprehensive coverage of investment activities including mergers, acquisitions, asset transactions, venture financing and private equity, both in terms of deal value and volume. It also provides a global snapshot of investment trends in sectors including banking, payments, insurance and wealth management, and information on best practices followed by market participants in the form of case studies. The report......
$750