United Kingdom (UK) Commercial Insurance Distribution 2020

2020-07-31
Price :
Published : Jul-2020
No. of Pages : 36
Table of Contents
1. EXECUTIVE SUMMARY
1.1. Brokers resilient in the face of COVID-19
1.2. Key findings
1.3. Critical success factors
2. COMMERCIAL INSURANCE DISTRIBUTION OVERVIEW
2.1. COVID-19 will ignite discussion about regulatory changes
2.2. Brokers maintain their hold on the commercial insurance market
2.2.1. Brokers are not overly dominant in the SME market
2.2.2. Online presence is paramount when selling SME insurance
3. THE BROKER CHANNEL ANALYSIS
3.1. The broker landscape is dominated by five global firms
3.1.1. Global brokers retain the largest share of commercial revenues
3.1.2. The top five brokers brought in £4.4bn in brokerage revenue in 2019
3.1.3. Marsh's acquisition of JLT in 2019 has made it a clear market leader
3.1.4. Aon and Willis merger back on the table
3.1.5. Willis posts strong growth to climb to third
3.1.6. BGL Group climbs from sixth to fourth
3.1.7. Ardonagh jumps three places to fifth
3.2. Brokers look to facilitate growth through cross-selling and upselling
3.3. Provincial brokers hesitant to adopt new technologies
3.3.1. Fewer provincial brokers are using social media in 2020
3.3.2. Super-regional brokers continue to use social media
3.3.3. National brokers more likely to implement online functions
4. OTHER COMMERCIAL DISTRIBUTION CHANNELS
4.1. The direct channel has regained some ground since 2016
4.1.1. The direct channel is popular with SMEs
4.1.2. Insurtechs continue to challenge incumbents in the direct channel
4.2. The banking channel remains a minute part of distribution
5. THE DISTRIBUTION LANDSCAPE GOING FORWARD
5.1. COVID-19 and commercial insurance distribution
5.1.1. Broker relationships will be strained
5.1.2. Brokers will have to navigate an increasingly digital market
5.1.3. Brokers should capitalize on increased remote working
5.1.4. Policy wording may be a silver lining for brokers
5.1.5. PCWs will benefit from constrained budgets
5.1.6. Insurance for gig workers will be in demand
5.2. How will the distribution landscape change in the coming years?
5.2.1. The broker channel will continue to dominate in the coming years
6. APPENDIX

List of Tables
Table 1: Percentage of brokers planning to employ selected strategies for growth, 2020
Table 2: Leading UK banks and their business insurance providers

List of Figures
Figure 1: Brokers retained their share of the market while the direct channel strengthened
Figure 2: Other channels are more popular in the SME market
Figure 3: Distribution channels are much more competitive in the commercial space
Figure 4: Marsh has opened a substantial lead after its acquisition of JLT
Figure 5: Brokers look to cross-selling products in order to grow their business
Figure 6: Provincial brokers have limited uptake of additional services
Figure 7: Super-regional brokers have the highest adoption of social media to engage clients
Figure 8: National brokers are looking to improve their use of social media as an engagement tool
Figure 9: SMEs purchase direct due to the ease of using the channel
Figure 10: Brokers have not been embracing digitalization
Figure 11: Cyber insurance uptake has been increasing in recent years
Figure 12: Brokers are the main distribution channel among UK SMEs
Figure 13: The broker channel will continue to dominate the commercial space
Filed in: Banking & Finance, Insurance
Publisher : GlobalData