UK SME Insurance: Competitor Dynamics 2019

UK SME Insurance: Competitor Dynamics 2019

Jan 2020 GlobalData Banking42 Pages Price :
$ 5250
UK SME Insurance: Competitor Dynamics 2019

Summary

AXA remains the market leader in the competitive SME insurance space. However, Avivas share of the market is smaller only by a fraction, as each competitor now leads in six product categories. One of the reasons for their success is strong relationships with brokers, who are critical in the distribution of commercial insurance. But both providers lost market share in 2019 as smaller insurers have started to expand their mark on the market.

The pressure from nimble providers will increase, and delivering simple and tailored products will be key to succeed in the long term. Yet Brexit may prove beneficial to the market leaders. Big insurers are better positioned to sustain financial pressures and economic uncertainty, while challengers can be discouraged from taking risks and making significant investments.

This report looks at which insurers lead the way in the SME segment and how they are developing their propositions, as well as highlighting how competitor positions vary between micro, small, and medium enterprises. It examines which insurers are winning over brokers and which companies SMEs are placing their business with.

Scope

- AXA led the SME insurance market in 2019 with a 0.2 percentage point (pp) lead over Aviva.
- Zurich is attracting and retaining customers through better services delivery.
- The company now accounts for 5.6% of the SME insurance market.
- Barclays continues to profit from its SME banking relationships, holding 3.5% of the SME insurance market.
- Aviva is the top SME insurer among brokers in both packaged and non-packaged insurance.

Reasons to buy

- Identify trends that are driving changes in the SME insurance market.
- Assess the financial performance of competitors.
- Identify distribution strategies to ensure yours still fits customer purchasing behaviors.
Table of Contents
1. EXECUTIVE SUMMARY
1.1. The SME insurance market remains extremely competitive
1.2. Key findings
1.3. Critical success factors
2. THE SHAPE OF THE SME INSURANCE MARKET
2.1. Introduction
2.2. Aviva is brokers first choice for SME insurance
2.2.1. Aviva leads the packaged broker insurance market
2.2.2. Aviva also leads non-packaged SME insurance in the broker space
2.3. AXA is the overall leader in the SME insurance market
2.3.1. AXA and Aviva are losing market share to smaller players as competition tightens
2.3.2. Product specialization allows insurers to challenge the market leaders dominance
2.3.3. Barclays leads bancassurance
3. TOP FIVE INSURERS BY PRODUCT LINES
3.1. Top five players for business interruption insurance
3.2. Top five players in directors and officers liability insurance
3.3. Top five players in employers liability insurance
3.4. Top five players for key man insurance
3.5. Top five players for personal accident and business travel insurance
3.6. Top five players for property insurance
3.7. Top five players for professional indemnity insurance
3.8. Top five players for public liability insurance
3.9. Top five players for private medical insurance
3.10. Top five players for cyber insurance
3.11. Top five players for commercial vehicle insurance: company cars -single
3.12. Top five players for commercial vehicle insurance: company cars - fleet
3.13. Top five players for commercial vehicle insurance company vans - single
3.14. Top five players for commercial vehicle insurance: company vans - fleet
3.15. Top five players for commercial vehicle insurance: other - single
3.16. Top five players for commercial vehicle insurance: other - fleet
4. KEY PLAYERS IN THE UK SME INSURANCE
4.1. The SME segment is key to AXAs growth strategy
4.1.1. AXA reorganized its SME servicing activities in 2019
4.1.2. AXA is well positioned to capitalize on the demand for cyber insurance
4.2. Aviva is focusing on digital services
4.3. Barclays provides Brexit advice for SMEs
4.4. Bupa Global launched the Global Virtual Care digital GP service
5. TOP INSURERS BY NET PROMOTER SCORE
5.1. Zurich establishes itself as a top player through it NPS
5.2. Avivas NPS could further close the gap with AXA
6. APPENDIX
6.1. Abbreviations and acronyms
6.2. Definitions
6.2.1. SME
6.3. Methodology
6.3.1. GlobalDatas UK SME Insurance Survey
6.3.2. GlobalDatas UK Commercial Broker Survey
6.4. Secondary sources
6.5. Further reading

List of Tables
Table 1: Market share of packaged SME insurance, 2015-19
Table 2: Market share of non-packaged SME insurance, 2015-19
Table 3: Top three players shares across each product line
Table 4: Breakdown of business interruption insurance market shares by size category, 2019
Table 5: Breakdown of directors and officers liability insurance market shares by size category, 2019
Table 6: Breakdown of employers liability insurance market shares by size category, 2019
Table 7: Breakdown of key man insurance market shares by size category, 2019
Table 8: Breakdown of personal accident and business travel insurance market shares by size category, 2019
Table 9: Breakdown of property insurance market shares by size category, 2019
Table 10: Breakdown of professional indemnity insurance market shares by size category, 2019
Table 11: Breakdown of public liability insurance market shares by size category, 2019
Table 12: Breakdown of private medical insurance market shares by size category, 2019
Table 13: Breakdown of cyber insurance market shares by size category, 2019
Table 14: Breakdown of commercial motor - company car (single) market shares by size category, 2019
Table 15: Breakdown of commercial motor - company car (fleet) market shares by size category, 2019
Table 16: Breakdown of commercial motor - van (single) market shares by size category, 2019
Table 17: Breakdown of commercial motor - van (fleet) market shares by size category, 2019
Table 18: Breakdown of other commercial motor - other (single) market shares by size category, 2019
Table 19: Breakdown of other commercial motor - other (fleet) market shares by size category, 2019
Table 20: Customer satisfaction among leading insurers in selected lines, 2019

List of Figures
Figure 1: Aviva had a strong 2019, capturing first place from long-time market leader Allianz
Figure 2: Aviva holds a strong lead through the use of brokers
Figure 3: AXA and Aviva lead the market as Zurich and AA replace Allianz and Direct Line
Figure 4: Visually understanding the highly competitive SME insurance market
Figure 5: Barclays strong presence among SMEs gives it a platform to sell insurance
Figure 6: AXA leads the way for business interruption as LV= joined the top five
Figure 7: Zurich leads the way for directors and officers liability insurance, while NFU Mutual joined the top five
Figure 8: Aviva overtook AXA as Hiscox joined the top five
Figure 9: AXA leads key man insurance, with the top five remaining unchanged from 2018
Figure 10: Aviva has a narrow lead over AXA in personal accident and business travel insurance
Figure 11: Aviva maintained its strong position in property insurance, while LV= joined the top five
Figure 12: AXA extended its lead in the professional indemnity market and Hiscox joined the top five
Figure 13: AXA maintained its leading position, while Hiscox and Simply Business joined the top five
Figure 14: Bupa has a clear lead in private medical insurance
Figure 15: AXA and Aviva continue to lead the cyber insurance market
Figure 16: Aviva leads commercial vehicle insurance while LV= joined the top five
Figure 17: Aviva has a clear lead over its closest competitors
Figure 18: AXA regained its lead in the company vans (single) insurance space
Figure 19: Competition between Aviva and AXA is fierce
Figure 20: Swinton, More Than, and RSA Insurance all joined the top five in 2019
Figure 21: Strong growth from NFU Mutual saw it overtake AXA
Figure 22: Avivas challenge to AXA will be boosted by its strong customer relationships
Figure 23: The three leading insurers all received positive feedback across the four lines

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