Your Market Research Library
 

Ask For A FREE Membership Here !
 


Your Market Research starts at Allbizreport !
Order here all your market reports, company profiles, country analysis, competitive intelligence ... upon any industries and countries :
20.000 market research, 5.000 company profiles, 150 industry monitor

   
  
   
   
   Advanced Search     

   
  
   
  
   
   


Home

UK Commercial Insurance Broker Survey H1 2007
Market Briefing, June 2007, 1356  €


Description

IntroductionDatamonitor's commercial insurance broker survey canvasses insight and opinion from 150 respondents covering their perceptions of alternative distribution channels, their experience of working with different insurers, their growth plans and their attitudes towards FSA regulation.ScopeThe opinions and views of 150 UK commercial insurance brokers on a range of issues in commercial insurance distribution Data on the prevalence of the broker network model and brokers' appetite for further acquisitions Brokers' views on insurer service standardsHighlightsThe majority of survey respondents perceive national brokers to be a ``high`` or ``medium`` threat to their business The majority of brokers are keen to pursue organic growth More than half of brokers surveyed believe that mandatory commission disclosure would have a negative impact on their businessReasons to PurchasePlan your broker relationship management strategy Understand appetite in the brokerage market for acquisition and the potential for future consolidation Gain insight into the mindset of the broker community on a range of business critical issues

Sommaire
 
DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
National brokers are considered the biggest threat to brokers' businesses while there is concern that commercial motor business is most at risk of moving to the direct channel 2
Survey respondents believed national brokers represent the greatest threat to their business 2
Commercial motor products are at most risk of being absorbed by the direct channels 3
There are opportunities for a number of insurers to improve their service levels 4
Brokers felt that AXA, Norwich Union and Royal & SunAlliance have the most opportunity to improve their broker service levels 4
Poor service is the most common reason for dissatisfaction with insurers 5
Norwich Union is viewed positively by the broker community 6
Norwich union stands out as being a particularly good insurer to deal with 6
Brokers value a high level of service from insurers 7
Brokers are keen to pursue organic growth 8
The majority of brokers surveyed are planning to grow their business organically 8
Acquisitions among brokers remain common 9
More than a third of brokers surveyed are considering planning an acquisition in the next 12 to 18 months 10
The most common reason for planning an acquisition is to grow premium turnover 11
The broker network model is popular 12
Over a third of brokers are part of a broker network 12
The most common reason for joining a broker network is to obtain access to a larger panel of underwriters 13
The proportion of brokers considering joining a broker network has decreased 14
Mandatory commission disclosure is a potential threat to brokers 15
Almost half of survey respondents believed that FSA compliance costs were no more than 5 per cent of their annual turnover 15
The majority of brokers think that their insurer partners have been helpful in assisting them with FSA compliance 16
However, brokers feel that insurers could be more helpful in certain areas 17
The majority of brokers are aware that the FSA is revisiting the issue of mandatory commission disclosure 18
Most brokers believe that mandatory commission disclosure would have a negative impact on their business 19
APPENDIX 20
Supplementary Data 20
Methodology 22
Further reading 22
Ask the analyst 23
Datamonitor consulting 23
Disclaimer 23
List of Tables
Table 1: Q: ``What banding does your company fall into in terms of general insurance premium income turnover?`` 20
Table 2: Q: ``What proportion of your business is commercial insurance compared to personal insurance (in terms of premium income)?`` 21
Table 3: Q: ``What level of threat do the following distribution channels pose to you?`` 21
Table 4: Q: ``On average, by approximately what percentage have premiums changed in the last year?`` 22
List of Figures
Figure 1: The majority of survey respondents perceive national brokers to be a ``high`` or ``medium`` threat to their business 2
Figure 2: Commercial motor is the line of business most at risk to the direct channel 3
Figure 3: A number of insurers have scope to improve their image among brokers 4
Figure 4: Poor service from insurers is a common source of dissatisfaction 5
Figure 5: Many brokers view Norwich Union positively 6
Figure 6: Brokers value a high level of service 7
Figure 7: The majority of brokers are keen to pursue organic growth 8
Figure 8: Almost a quarter of brokers have acquired a fellow broker in the last 12 to 18 months 9
Figure 9: Over 15 per cent of survey respondents are planning an acquisition in the next 12 to 18 months 10
Figure 10: The majority of brokers are planning an acquisition in order to increase their premium turnover 11
Figure 11: Over a third of brokers surveyed belong to a network 12
Figure 12: Access to a larger panel of insurers was the most common reason cited for joining a network 13
Figure 13: The majority of survey respondents have no plans on joining a broker network in the next 12 to 18 months 14
Figure 14: Almost half of survey respondents believe that costs arising form FSA compliance have been no more than five 5 per cent of annual turnover 15
Figure 15: A large proportion of brokers surveyed believed that their insurer partners helped them meet FSA requirements in the first half of 2007 16
Figure 16: The majority of brokers felt that speed of documentation was an area their insurer partners could improve on when helping them meet FSA requirements 17
Figure 17: Over four fifths of brokers are aware of the FSA's work on commission disclosure 18
Figure 18: More than half of brokers surveyed believe that mandatory commission disclosure would have a negative impact on their business 19
[ Home ] [ Contact ] [ Site Map ]
© UBIQUICK SARL tous droits réservés