DATAMONITOR VIEW
Catalyst
Summary
ANALYSIS
Insurance brokers in the UK sell more commercial than personal insurance
Introduction
Most brokers write less than £10m in insurance premiums
Two thirds of respondents indicated that commercial insurance is the largest part of their business
Over half of the insurance brokers surveyed by Datamonitor are located in the south of England
The more expensive personal insurance premiums are generally sold more frequently
Liability is the most frequently sold category of commercial insurance
The proportion of insurance brokers with a website has increased since 2009
UK insurance brokers face a variety of opportunities and threats from other distribution channels
Introduction
Commercial brokers view large national brokers and direct underwriting by insurers as the biggest threat
Broker perceptions of the threat their commercial lines businesses face have changed over the last year
Small commercial vehicle insurance is viewed as being most at threat from direct underwriting
Aggregators and direct insurers are viewed as the biggest threat to personal insurance business lines
Many brokers joined a broker club or network in order to gain access to more insurers
43% of brokers are part of a broker network or club
The most common reason for joining a broker network or club is to access a larger panel of insurers
The Broker Network was the most popular broker network among respondents
Few insurance brokers partner with aggregators
Of the few brokers that partner with an aggregator, most generate less than 10% of their revenues through the channel
Commercial insurance brokers are targeting new customers and organic growth
Introduction
Commercial vehicle insurance has seen the biggest premium increases, followed by property and liability
Regulatory and compliance and organic growth are the most important issues facing brokers
Targeting new customers was most frequently identified by brokers as the strategy they are following to grow their businesses over the next year
A third of respondents were approached by broker consolidators in 2010
Less than 10% of brokers are considering selling their business in the next year
A third of brokers have been approached by a consolidator over the last twelve months
Commercial lines brokers see most growth in commercial property and liability insurance
Just over half of brokers did not think the personal proportion of their insurance business would change over the next two to three years
Pet insurance is viewed as having the most growth potential among personal insurance lines
Most brokers expect commercial property insurance to grow in the next 12 months
Insurers' standing among brokers has changed
Aviva is most frequently cited as being good to deal with, while all other major insurers are providing lower broker satisfaction than a year ago
The most popular electronic trading system is a broker's own system, while the least popular is imarket
Brokers are generally satisfied with the service provided by their insurance partners
Aviva is rated as a particularly good insurer to deal with
Brokers value quality products most highly
Poor service is the most frequently cited reason for dissatisfaction
APPENDIX
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
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