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Home > Business/Finance > Financial Services > Insurance
Targeting SMEs in UK General Insurance 2009
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| Published Date:
October 2009
Published By:
Datamonitor
Page Count:
125
Order Code:
R313-56775
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Introduction
This report provides a unique evaluation of the purchasing behavior of SMEs based on Datamonitor's exclusive SME survey, giving the reader an edge in this dynamic area. The report also explores how SME's attitudes differ depending on size, allowing for more precise targeting of market segments.
Scope- A detailed look into SMEs' insurance purchasing patterns by company size
- 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
Of the SMEs in Datamonitor's survey, 46.0% indicated that they purchased just package products in 2008. The popularity of package products reflects the success of simple packages like shops and offices policies that can accommodate a broad range of risks, but also the more niche products designed for specific trades, such as the motor trade.
Overall, 34% of the SMEs surveyed were willing to consider arranging their insurance over the telephone. Of those that were willing to consider a telephone arrangement, 51.0% cited speed as a reason why they would.
A majority of SMEs that would buy online were inclined to purchase less complex products such as public or employers' liability, or commercial motor.
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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