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Sector Analysis
UK SME Insurance: Distribution Dynamics 2016
Verdict Financial’s “UK SME Insurance: Distribution Dynamics 2016” report looks at how SMEs buy insurance coverage and the reasons behind their purchasing decisions. This report also examines the services SMEs are currently receiving and the additional amenities they would like from their provider going forward. Other influential factors on the market are also taken into consideration, such as the location of the business (home or on-site/office), or the age of the business owner.
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Analyst Opinions
Insurance Competitor Profile: Allianz 2016
Allianz Group is an integrated financial services provider with a global reach of more than 70 countries. It is the market-leading insurer in Germany, and also has a strong presence in France, Italy, the US, and the UK. Allianz Insurance is the UK branch of Allianz Group, and it offers commercial and personal insurance distributed through brokers, retailers, affinity partners, veterinary practices, and direct marketing.
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Analyst Opinions
Insurance Competitor Profile: Aviva 2016
This profile offers a review of Aviva, its business structure and strategy, its financial performance, and a SWOT analysis. Aviva has 34 million customers worldwide and 16 million in the UK (before the deduction of Friends Life Group’s overlapping customers). Aviva has a presence in 16 countries. Outside of the UK, it has a strong presence in Canada, France, Ireland, Spain, and Turkey.
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Analyst Opinions
Insurance Competitor Profile: Admiral Group 2016
Admiral Group is a leading provider of car and home insurance active in both the UK and internationally. It operates a number a brands as well as comparison sites. This profile offers a review of the company, its business structure and strategy, its financial performance, and a SWOT analysis.
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Analyst Opinions
UK Protection Insurance: Term and Whole of Life
The life market has contracted significantly over the last couple of years since the introduction of the Retail Distribution Review (RDR) and the subsequent exodus of banks providing advice, so that now both the number of contracts and the value of premiums are at much lower levels than before. With minimal change in either variable over 2014 and 2015, a new normal is taking hold in the market.
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Analyst Opinions
UK SME Insurance: The Direct Channel 2016
Changes in SME distribution are primarily being driven by shifting preferences in purchasing method as opposed to channel. The preference towards online purchasing initially provided the direct channel with an opportunity to grow. However, as brokers have begun to move into the online space for SMEs, their market position has strengthened at the expense of direct insurers. The direct channel has therefore slightly lost share in the distribution of insurance for SMEs in 2016. Micro-enterprises have the greatest affinity for...
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Analyst Opinions
Insurance Competitor Profile: LV= Group 2016
LV= is a mutual incorporated under the terms of the Friendly Societies Act 1992, which offers both general insurance and life insurance. Operating in 16 offices across the UK, it is the fourth largest personal motor insurer in the UK.
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Analyst Opinions
Insurance Competitor Profile: Hiscox 2016
Hiscox is a niche specialist insurer with a major UK focus on high net worth (HNW) customers and the micro enterprise segment. The majority of its UK book covers liability insurance, where it specializes in a range of products such as professional indemnity. Its presence in the HNW market also means it caters for the needs of these clients, providing cover such as fine art and classic cars.
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Sector Analysis
Targeting UK Mass Affluents with Insurance
The mass affluent population in the UK is growing, meaning the demographic is an opportunity for providers selling personal insurance. Mass affluents are more likely to be male, have higher household incomes, and be married compared to retail customers. The assets of mass affluents are higher value, making their insurance needs more complex. They have different lifestyles compared to retail customers, meaning they also have different insurance needs. They travel abroad more often, and are more likely to own a...
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Sector Analysis
Insurtech and Customer Services: Lessons for the Incumbents
The emergence of insurtech has been fueled by new digital capabilities and Internet of Things (IoT) devices that are reducing costs, changing systems and processes, and enhancing the consumer experience. From an industry burdened by outdated systems and paper-based operations, the insurtech space has emerged as one of the largest innovation ecosystems globally in 2016, and is set to modernize the industry in the years going forward. It has taken a while for banks and insurance firms to fully embrace...
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