Dublin-based Research and Markets announced the addition of “Targeting SMEs in UK General Insurance 2005” to their offering.
R&M said the report “provides an insight into the potential for commercial insurers selling to small and medium-sized businesses. It amalgamates two exclusive surveys of SMEs concerning their needs and requirements in property and liability insurance, focuses on the viability of the direct channel and examines the potential it offers insurers.” It also “provides an understanding of the level and drivers of attrition in the SME insurance market, and gives access to two unique and comprehensive surveys of SMEs commercial insurance requirements.”
R&M’s research found that AXA, the U.K. division of France’s AXA Group and Norwich Union, the U.K. general insurance arm of Aviva, are the two leading SME insurers “with “fierce competition between the two for the top spot.”
The survey results also “suggest that the direct insurance channel has the potential to increase its market share.” It found that “over 60 per cent of survey respondents said that they would consider buying commercial insurance direct. Banks and building societies also have the potential to grow their share of distribution. More than three out of every ten SMEs say that they would consider buying via this channel.”
The survey is intended to help “increase customer acquisition through a better understanding of SMEs purchasing criteria;” identify the main competitors in the SME sector and their market shares as determined by those responding to the survey. It also aims to help “improve customer loyalty by understanding the factors that cause SMEs to switch provider and the services that add value to your offering.”
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