DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
Large national brokers pose the biggest threat to brokers, while the direct channel is believed to pose the greatest risk to small commercial vehicle insurance 2
Large national brokers represent the largest threat to respondents 2
Respondents believe that the direct channel poses the greatest risk to small commercial vehicle insurance 3
Brokers cited small commercial vehicle insurance products as most susceptible to increases in premium rates during the last year 5
Allianz and Zurich are considered to be good insurers to deal with, while the quality of products is a key driver behind broker satisfaction 7
The majority of brokers think that Allianz and Zurich are good to work with 7
Brokers value 'quality of products' and 'rapid query response' the most 8
Brokers identified AXA and RSA as insurers that most need to improve their service levels 9
Poor service from insurers remains a key concern among UK commercial brokers 10
The majority of respondents are seeking to grow their business, although consolidation activity is likely to remain static 10
The majority of respondents are seeking to grow their business through targeting new customer groups or growing organically 11
Consolidation between brokers is expected to continue to cool down in the next 18 months 11
Growing premium income remains a key driver behind consolidation activity 13
Almost half of the respondents have been approached by a broker consolidator over the last 18 months 14
Of the respondents that had been approached by a consolidator, 29.0% stated that they had been approached by Swinton 15
Many commercial brokers are already part of a broker network or club which allows them to gain access to a large panel of insurers 16
Many commercial brokers have already joined a broker network or club 16
Most brokers joined a network in order to access to a large panel of insurers and to increase their bargaining position 17
The majority of brokers that are not already in a broker network do not intend to join one 18
A significant proportion of brokers wish to receive more assistance from their insurer partners in meeting FSA regulation, which costs most brokers up to 10% of their turnover 19
Compliance with FSA regulation costs most brokers up to 10% of their turnover 19
The majority of brokers remain satisfied with their insurer partners and the level of help they receive to meet FSA regulation 20
Accuracy of documentation is an area with which insurers could offer more assistance to their broker partners 21
APPENDIX 22
Supplementary data 22
Methodology 24
Further reading 24
Ask the analyst 24
Datamonitor consulting 25
Disclaimer 25
List of Tables
Table 1: What level of threat do the following distribution channels pose to you? (%) 3
Table 2: On average, by approximately what percentage have premiums changed in the last year, for the following business lines? (%) 6
Table 3: What banding does your company fall into in terms of general insurance premium income turnover? 22
Table 4: What proportion of your business is commercial insurance compared to personal insurance (in terms of premium income)? 23
List of Figures
Figure 1: Large national brokers and small regional brokers represent the largest threat to brokers 2
Figure 2: The direct channel is believed to be the greatest risk to small commercial vehicle insurance 4
Figure 3: Brokers cited small commercial vehicle insurance as most susceptible to premium rate increases over the last year 5
Figure 4: Allianz and Zurich were cited as the two best insurers to deal with 7
Figure 5: Good product quality and rapid query response are valued the most by respondents 8
Figure 6: AXA and RSA were cited as the two insurers with the most opportunity to improve their service level to brokers 9
Figure 7: Poor service and inflexibility were the major reasons behind brokers' dissatisfaction with their insurer partners 10
Figure 8: The majority of respondents are seeking to grow their business through targeting new customer groups or growing organically 11
Figure 9: Only 4.3% of respondents are planning to acquire a fellow broker over the next 18 months 12
Figure 10: Achieving growth in premium income remains a significant factor behind a broker's decision to acquire a fellow broker 13
Figure 11: Almost half of the respondents have been approached by a broker consolidator over the last 18 months 14
Figure 12: A significant proportion of brokers stated that they have been contacted by Swinton 15
Figure 13: 45.7% of respondents are already part of a broker network or club 16
Figure 14: Access to a large panel of insurers and better commission rates were the most popular reasons for joining a broker network or club 17
Figure 15: The majority of brokers are not willing to join a network in the next 18 months 18
Figure 16: Complying with FSA regulation cost 17% of brokers more than 10% of their annual turnover 19
Figure 17: Almost two-thirds of brokers found insurers helpful in supporting them to comply with FSA regulation 20
Figure 18: Accuracy of documentation, training and speed of documentation are key areas in which insurers can offer broker partners improved assistance to comply with FSA regulation 21
[Inhaltsverzeichnis ausblenden]
