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(MoneyNewsWire.Net, November 03, 2016 ) Report Summary
The SME market is important for commercial insurers as SMEs account for the majority of the UK economy. With insurers increasingly targeting the segment, the market is very competitive. Insurers are developing their propositions to cater for small and medium sized enterprises. E-trade is becoming more of a central focus for the insurers in this space, as is the distribution of high-volume, low-value business via the direct channel. Organizations within the market vary in size and so have different insurance needs and service preferences, which means the SME market should not be categorized as one segment. Direct propositions are primarily being developed by those looking to target sole traders and micro-sized enterprises with packaged products. Meanwhile e-trading is of greater focus for insurers targeting small and medium-sized enterprises that have greater affinity to purchase through a broker.
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AXA and Aviva dominate the SME insurance space across the majority of commercial products, according to Publisher's 2015 UK SME Insurance Survey. Other insurers present in the market play to their strengths when servicing SMEs. Hiscox and Zurich are popular providers for liability products, whereas Allianz and Direct Line are strong in servicing SMEs to insure commercial motor vehicles. As the number of providers supplying commercial insurance solutions grows, and there is more choice available to potential customers, those offering the best deals in terms of the level of cover, the quality of the overall package, and price are most likely to succeed.
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Report Scope
- AXA and Aviva dominate the SME insurance space, with 21.4% and 15.9% of SMEs respectively holding a commercial insurance policy with these providers.
- Brokers place the most SME business with Allianz, Aviva, and AXA.
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Reason to Buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Adapt your distribution strategy to ensure it is efficient and still meets customer purchasing behavior.
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Priya Sisodia
+1-646-491-9876
sales@reportsweb.com
Source: EmailWire.Com 
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