Dublin-based consultants Research and Markets announced the addition of “UK Commercial Insurance Distribution 2005” to their offering.
The new publication analyzes changes following the introduction of the new FSA regulatory regime in January 2005, and concludes that, “distribution is currently one of the most pressing issues in UK general insurance.”
R&M said the “Report identifies some of the major effects this regulatory shift has had on the UK, and highlights how distributors and commercial insurers can operate most effectively in the FSA environment.”
According to the company’s press bulletin it contains the following information:
— Leverages our Insurance Broker Database, a resource identifying the broker partners of approximately 1,500 UK companies of varying sizes.
— Indicates distribution splits within the commercial insurance sector based on our research and industry insight.
— Features two exclusive B2B surveys of brokers and SMEs, providing insight into their needs and requirements and actionable conclusions.
— Provides distribution split forecasts to 2009 to indicate the development of the commercial market in future years.
While iMarket represents a giant leap forward for the industry as a whole, to truly capitalize on the opportunities it will present, brokers and intermediaries must remain mindful of their advisory role, and continue to use the service they provide for their clients to differentiate themselves from the direct channel.
“Almost three-quarters of small businesses in our SME Survey were amenable to being sold commercial products direct, indicating a potentially large appetite for cutting out the broker. The primary motivation of these firms was price-related,” said the bulletin.
“In general terms, the likelihood of changing brokers increases with the size of company,” it continued. “This pattern was more pronounced between 2004 and 2005 compared to the previous year, as the soft cycle began to stimulate a greater degree of price-competitive behavior across many commercial lines.”
Was this article valuable?
Here are more articles you may enjoy.