Published on : Feb 12, 2018
Albany, New York, February 12, 2018: The B2B insurance sector in the UK is in the midst of a transformation, with new players making a foray into the market. Existing players need to adapt to a rapidly evolving landscape, and customize their range of offerings to stay competitive. These insights are from a new research study added to the vast repository of Market Research Hub (MRH). The study titled “B2b Insurance - UK - January 2018” is a valuable source of information and analysis that gives readers a complete overview of the B2B insurance marketplace in the UK.
The UK commercial insurance market has been historically assessed for the period 2013-2017 in terms of gross written premiums. The report segments the UK B2B insurance landscape on the basis of insurance type, and distribution channel. The key factors that are shaping the landscape have been discussed in detail in the report. According to the report analysis, high IPT rates can have an impact on the uptake level, as the rates have increased consecutively for the last four years. In addition to the specific factors related to the insurance industry, the report also offers detailed commentary on the macroeconomic factors impacting the market. After the Brexit, investors are looking for opportunities in this sector, but they are also wary of any high risks.
According to the report, a key trend emerging in the UK B2B insurance sector is the emergence of new players who are offering customized solutions to businesses. The report compares the rise of new players akin to the technology companies that have emerged in other sectors, and in many cases have completed changed the status quo. The report recommends traditional B2B insurance companies in the UK to adapt to a quickly changing landscape. It is expected that new B2B insurance companies will continue to challenge the Goliaths of this industry.
The report also offers analysis on the growing role of technology in the UK B2B insurance sector. The incorporation of technology has made it easier for insurance companies to streamline their businesses, however, it is important that consumers are made aware about the benefits of adopting the latest technology. The report expects a higher number of insurance companies to invest in cutting-edge technology in the near future.
Overall, the report is a valuable source of information that gives readers holistic analysis on all the key factors that can shape the UK B2B industry in the short- and long-term. The major regulations, such as The Marine Insurance Act 1906, The Insurance Act, and EU regulations have been discussed, and their impact on the market has been analyzed.
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