Competitor Dynamics on UK SME Insurance Market: Snapshot
Several strategies adopted by top players which pertain to innovative product positioning is poised to transform the growth trajectories of the U.K. SME insurance market. The key players such as AXA and Aviva are increasingly focusing on meeting the needs of commercial insurance among SMEs, especially those relating to non-vehicle-based commercial products. A fast growing services sectors in the U.K. mirrors a lucrative trend. Liability specialists over the last couple of years have lost their foothold. Of note, they showed a declining share in 2017. On the other hand, the competitive dynamics in the motor lines segment is different. The segment witnesses a perceptible trend of the increasing popularity of personal lines insurance in the U.K. Thus, this reflects a notable market shift from personal to commercial lines.
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Emerging business models will pave way for constant innovations in the U.K. SME insurance market. Microenterprises have also been rising and hence occupies a significant role in the competitive dynamics of the market. Brokers are also changing their business targeting strategies where the top player AXA has a small say in the prevailing competitor dynamics. In the coming years, AXA and Aviva will be competitor fiercely against each other for such unexplored business segments. The dynamics in the market is also influenced by the strides being made by the wholesale and retail sectors. The imminent Brexit might also be a game-changing event and is likely to bring some disruptive to the potential of the U.K. SME insurance market. This is increasingly due to the adverse impact of the exit on the free movement of goods and services.
This report looks at which insurers lead the way in the SME segment and how they are developing their propositions. It also highlights 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.
AXA and Aviva dominate the UK SME insurance space across all of the 10 non-vehicle-based commercial products listed in our 2018 UK SME Insurance Survey. However, the pair have slipped within the six motor lines, with Admiral and AA in particular establishing a strong presence at the top of these markets. Meanwhile Allianz recorded a strong performance in the liabilities lines but little impact in the vehicle-based lines. Hiscox and Zurich are liability specialists, although they have both seen their shares decline since 2017. Within the motor lines there is a clear trend of popular personal lines insurers also enjoying success in the SME market. This shows that established relationships are essential and easily transferred from personal to commercial lines.
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– AXAs domination has declined slightly in terms of individual lines, but it still heads seven products.
– Third-placed Allianz remains over 5 percentage points behind Aviva, which highlights that the top two are still way ahead of other brands despite their declines. But this is offset by Allianz underwriting the products of Barclays, which is the fourth-largest player.
– AXAs position in the overall market is not replicated in brokers preference for business placement, where Allianz and Aviva continue to top packaged and non-packaged respectively.
Reasons 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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