Boston, MA -- (SBWIRE) -- 01/18/2013 -- The incredibly competitive SME market is still evolving as insurers master fast-flow distribution strategies for commercial products. Considered positioning of SME propositions are vital when difficult current economic conditions and a mature market mean insurer ambitions to achieve marked growth will likely come at the cost of rivals' business.
- Target prospects emerging from shifts in the shape of the SME market and changes in product penetration rates.
- Inform your distribution strategy with an understanding of SME purchasing behavior and preferences.
- Develop strategies for attacking opportunities arising from the key concerns and needs of SMEs.
- Understand approaches taken by other insurers and their resulting performance in terms of broker selection and SME choice.
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Director's and officers' liability insurance saw a marked increase in purchase rates between 2011 and 2012 according to Datamonitor research, as insurers and brokers push penetration.
A majority of SMEs continue to purchase insurance through a broker (50.5%); however, businesses are increasingly turning to direct channels (35.1%).
Aviva remained most popular with brokers placing packaged SME business in 2012, favored by 17.2% of respondents, while surveyed SMEs selected AXA as the overall provider of choice.
Reasons to Get this Report
- What insurance opportunities are emerging from the concerns of SMEs or growth in particular trade sectors?
- Which insurers are favored by SMEs in the purchase of, for example, public liability or directors' and officers' cover?
- How do SMEs approach the purchase of insurance and where in this journey can business be won?
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