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Targeting SMEs in UK General Insurance 2008 (Datamonitor)
- Market: General
- Published Date: 15/07/2008
- Report Title: Targeting SMEs in UK General Insurance 2008
- Table of Contents: View Table of Contents
- Report Type: Market Report
- Country: UK
- Number of Pages: 72
Introduction
Competition for the SME market segment remained strong amongst commercial insurance providers in 2008. This report provides a unique evaluation into the purchasing behaviour of SMEs based on an SME survey, giving the reader an edge in this dynamic area.
Scope
*A detailed look into SMEs' insurance purchasing patterns
*An evaluation of the potential for growth for direct insurers and bancassurers in the SME sector
*Action points detailing potential strategies for different providers wishing to target SME business
Highlights
The majority of SMEs72.8%purchase their commercial insurance from a broker, illustrating the dominance of this channel.
When asked why they chose their insurance provider, almost half of respondents cited the price of an insurance premium while a further 40.2% cited the price of their provider's service.
Among those SMEs that would consider a purchase through a bank or building society, obtaining a cheaper quote was by far the key motivator for doing so, with 59.6% of SMEs stating that they would purchase their insurance through this channel in a bid to save money.
Reasons to Purchase
*Improve customer retention by understanding SMEs' reasons for staying with a provider, as well as their reasons to switch providers
*Boost customer acquisition by understanding what insurance products SMEs are willing to buy online and via the telephone
*Understand the current competitive environment of the SME sector in relation to competitor strategies and current distribution trends
Competition for the SME market segment remained strong amongst commercial insurance providers in 2008. This report provides a unique evaluation into the purchasing behaviour of SMEs based on an SME survey, giving the reader an edge in this dynamic area.
Scope
*A detailed look into SMEs' insurance purchasing patterns
*An evaluation of the potential for growth for direct insurers and bancassurers in the SME sector
*Action points detailing potential strategies for different providers wishing to target SME business
Highlights
The majority of SMEs72.8%purchase their commercial insurance from a broker, illustrating the dominance of this channel.
When asked why they chose their insurance provider, almost half of respondents cited the price of an insurance premium while a further 40.2% cited the price of their provider's service.
Among those SMEs that would consider a purchase through a bank or building society, obtaining a cheaper quote was by far the key motivator for doing so, with 59.6% of SMEs stating that they would purchase their insurance through this channel in a bid to save money.
Reasons to Purchase
*Improve customer retention by understanding SMEs' reasons for staying with a provider, as well as their reasons to switch providers
*Boost customer acquisition by understanding what insurance products SMEs are willing to buy online and via the telephone
*Understand the current competitive environment of the SME sector in relation to competitor strategies and current distribution trends
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