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Home > Business/Finance > Financial Services > Insurance
Targeting SMEs in UK General Insurance 2008
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| Published Date:
July 2008
Published By:
Datamonitor
Page Count:
72
Order Code:
R313-34410
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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 Datamonitor's 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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