2008-08-13 11:11:03 - Targeting SMEs in UK General Insurance 2008 - a new market research report on www.companiesandmarkets.com

Introduction

Competition for the SME market segment remained strong amongst commercial insurance providers in 2008. This report provides a unique evaluation into the purchasing behaviour of SMEs based on an SME survey, giving the reader an edge in this dynamic area.

Scope

*A detailed look into SMEs´ insurance purchasing patterns

*An evaluation of the potential for growth for direct insurers and bancassurers in the

SME sector

*Action points detailing potential strategies for different providers wishing to target SME business

Highlights

The majority of SMEs72.8%purchase their commercial insurance from a broker, illustrating the dominance of this channel.

When asked why they chose their insurance provider, almost half of respondents cited the price of an insurance premium while a further 40.2% cited the price of their provider´s service.

Among those SMEs that would consider a purchase through a bank or building society, obtaining a cheaper quote was by far the key motivator for doing so, with 59.6% of SMEs stating that they would purchase their insurance through this channel in a bid to save money.

Reasons to Purchase

*Improve customer retention by understanding SMEs´ reasons for staying with a provider, as well as their reasons to switch providers

*Boost customer acquisition by understanding what insurance products SMEs are willing to buy online and via the telephone

*Understand the current competitive environment of the SME sector in relation to competitor strategies and current distribution trends


www.companiesandmarkets.com/Summary-Market-Report/Targeting-SMEs ..