United Kingdom (UK) Commercial Insurance Distribution Dynamics by Channels and Future Market, 2024 Update

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United Kingdom (UK) Commercial Insurance Market Report Overview

Brokers held more than 82% share of the UK commercial insurance market in 2023e, highlighting their dominance of the distribution landscape. The following are some of the key highlights of the UK Commercial Insurance market:

  • Brokers dominated the UK commercial insurance space in 2023.
  • Consumers prefer brokers for purchasing commercial insurance as they are experts in navigating complex insurance landscapes and tailoring coverage to suit diverse business needs.
  • Digital transformation presents an opportunity for UK commercial insurance providers to drive growth, improve profitability, and stay ahead in an increasingly digital and competitive landscape.

The United Kingdom (UK) Commercial Insurance Distribution Dynamics report offers insights into the SME market and provides an outlook on the future of the distribution landscape, mentioning areas for brokers to develop, growth opportunities, and upcoming insurtech companies operating in the space.

Channels ·       Broker

·       Affinity

·       Bank/Building Societies

·       Direct

Leading Players ·       Lloyds Bank

·       HSBC

·       Barclays

·       Marsh

·       Howden

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UK Commercial Insurance Market - Channels

A few of the leading channels in the UK commercial insurance market are broker, affinity, bank/building societies, and direct. Brokers can negotiate favorable terms with insurers which likely contributes to their growing popularity. In contrast, the direct channel has experienced a decline reflecting the limitations of direct purchasing in addressing the nuanced requirements of commercial clients.

UK Commercial Insurance Market Analysis by Channels, 2022 (%)

UK Commercial Insurance Market Analysis by Channels, 2022 (%)

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UK Commercial Insurance Market - Critical Success Factors

Take advantage of digital transformation: Businesses are embracing insurance apps and AI technology to meet their insurance needs due to the convenience, efficiency, and cost-effectiveness these tools offer. This shift presents a significant opportunity for commercial insurance providers to enhance the customer experience, streamline operations, and offer innovative products and services. By leveraging insurance apps and AI technology, insurers can better understand their clients, improve underwriting processes, and ultimately strengthen their competitive position in the market.

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UK Commercial Insurance Market - Competitive Landscape

A few of the leading providers in the UK commercial insurance market are:

  • Lloyds Bank
  • HSBC
  • Barclays
  • Marsh
  • Howden

Marsh’s revenue grew in 2023 owing to strategic acquisitions and innovative service offerings such as its digital assets insurance facility and global cyber practice. In addition, Howden’s consolidation of multiple brands and significant investments in cyber insurance technology has also boosted its market position.

UK Commercial Insurance Market Analysis by Providers, 2022 (%)

UK Commercial Insurance Market Analysis by Providers, 2022 (%)

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Scope

  • This report discusses the distribution landscape of UK commercial insurance.
  • The report discusses each channel in turn, with a particular focus on the broker channel, which dominates the space.
  • Analysis of responses to GlobalData’s 2024 UK Commercial Insurance Broker Survey offers insight into brokers’ growth and digital transformation strategies going forward.
  • The SME market is also discussed, with due consideration given to smaller businesses and their comparatively simple insurance needs.
  • The report provides an outlook on the future of the distribution landscape, mentioning areas for brokers to develop, growth opportunities, and upcoming insurtech companies operating in the space.

Key Highlights

  • The SME space is more competitive, with many micro and small-sized businesses utilizing the direct channel as well as price comparison websites (PCWs).
  • Marsh remains the leading broker in the UK commercial insurance market.

Reasons to Buy

  • Identify the most frequently used channels to purchase commercial insurance
  • Adapt your distribution strategy to cater to the changing needs of clients and intermediaries
  • Learn how market leaders have strategized to achieve their success
  • Understand the trends and themes set to transform the market in the future

Marsh
Aon
Ardonagh Group
Howden
WTW
Arthur J. Gallagher
JLT
Cyberwrite
Aston Lark
A-Plan
Hencilla Canworth
SIB Insurance
Mediass
Hoxton Risk Services
Makerstudy Group
Stanhope Cooper
Renovation Underwriting
The Nature Conservancy
MCMM
Lifesure Group
Lloyds Bank
HSBC
Barclays
Santander
NatWest
RBS
Halifax
Metro Bank
Starling
Dinghy
Equipsme
Nimbla
SO-SURE
Superscript
Churchill
Allianz
Simply Business
Churchill
Aviva

Table of Contents

  • 1. Executive Summary

    • 1.1 Market overview
    • 1.2 Key findings
    • 1.3 Critical success factors

  • 2. Commercial Insurance Distribution Overview

    • 2.1 Brokers dominated the commercial space in 2023e

  • 3. The Broker Channel

    • 3.1 The broker landscape is dominated by global firms
    • 3.2 National brokers are more likely to employ a wide range of growth strategies compared to their smaller counterparts
    • 3.3 National brokers are more likely to adopt extra services
    • 3.4 National brokers are most concerned about tough macroeconomic conditions

  • 4. Other Commercial Distribution Channels

    • 4.1 The direct channel is an important distribution channel for commercial insurance
    • 4.2 The banking channel is more popular among SMEs

  • 5. The Distribution Landscape Going Forward

    • 5.1 Brokers will continue to dominate commercial insurance
    • 5.2 Commercial insurance distribution going forward

  • 6. Appendix
    • 6.1 Abbreviations, acronyms, and initialisms
    • 6.2 Definitions
    • 6.3 Methodology
    • 6.4 Secondary sources
    • 6.5 Further reading

  • 7. About GlobalData
  • 8. Contact Us

Table

Table 1: Growth strategies utilized by UK brokers, 2024

Table 2: Selected banks and their insurance provider partners

Figures

Figure 1: Brokers remain the dominant distribution channel for commercial insurance

Figure 2: Brokers accounted for GBP31.1 billion in commercial lines GWP in 2023

Figure 3: Brokers are not as dominant among SMEs

Figure 4: SMEs favor online methods when purchasing insurance

Figure 5: Marsh remains the market leader, with its revenue rising by 15% in 2023

Figure 6: Cross-selling/upselling remains the most popular growth strategy

Figure 7: Broker adoption of many service features remains low

Figure 8: Provincial brokers are least likely to adopt new technologies into their service offering

Figure 9: Super-regional brokers are increasingly adopting new service features in 2024

Figure 10: National brokers are more likely to adopt additional service features than their smaller counterparts

Figure 11: National brokers are most worried about the impact of the macroeconomic climate on their business

Figure 12: Brokers suggest the volume of commercial GWP increased in 2023

Figure 13: The direct channel will grow in popularity over the forecast period

Figure 14: The majority of SMEs are open to using an insurance app

Figure 15: The majority of SMEs are comfortable interacting with an AI-powered chatbot

Figure 16: 51.7% of SMEs are comfortable with AI assessing their insurance needs and recommending the most suitable coverage options

Frequently asked questions

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