英国针对个人的保险仲介业者调查

Abstract

Overview

Introduction

Datamonitor' s proprietary personal insurance broker survey canvassed the opinions of 151 respondents regarding their views on the opportunities and threats to their business.

Scope

• Data on brokers' attitudes to having a web presence
• Drivers of broker satisfaction with their insurer partners
• Brokers' views on the impact of FSA regulation

Report Highlights

The relationship between brokers and their insurer partners appears to be strong, with many brokers highly valuing the service level they receive

Despite recent consolidation, a relatively low level of brokers are planning on participating in this activity

Many brokers see ensuring that they comply with FSA regulation as being far greater than achieving organic growth

Reasons to Purchase

• Gain insight into brokers' perceptions of the greatest threats to their business
• Understand what brokers are looking for from an insurer
• Gain a wider understanding of all the issues facing personal lines insurance brokers today

Table of Contents

• OVERVIEW
  • Catalyst
  • Summary
• ANALYSIS
  • The mix between personal and commercial insurance varies significantly by broker
    • There are large differences in the split between commercial and personal insurance by broker
    • The majority of brokers expect no change in the proportion of their business that is personal insurance
    • Brokers feel that their business model may move towards increased selling of personal insurance
  • Despite the recent wave of consolidation in the industry, the percentage of brokers intending to follow suit is still quite low
    • Most brokers do not plan to sell their business within the next year
    • Broker acquisition rates look set to continue at the same rate
    • The percentage of those considering joining a broker network is still fairly low
  • Brokers see direct insurers and aggregators as the two biggest threats to their business
    • Direct insurers are still seen as the biggest threat to a brokers' business
    • The overwhelming majority of brokers do not currently partner with an aggregator
    • Many brokers do not currently have a website
    • Unlike other channels, brokers are yet to fully embrace the internet as a sales tool
    • Many brokers are not planning to develop a web capability
  • Brokers are generally satisfied with the level of service they receive from their insurer partners
    • Brokers display a high level of satisfaction with the service they receive from their insurer partners
    • Norwich Union and Fortis are the best insurers to deal with
    • A high level of personal service is most valued in an insurer
    • Brokers felt that AXA and Norwich Union have the most room for improvement
    • Poor service is the greatest cause of dissatisfaction amongst brokers
    • Private comprehensive insurance premium rates are estimated to have increased by 3.3% in the preceding 12 months
  • FSA regulation is proving to be quite time-consuming and costly for some brokers yet the majority view regulation positively
    • Ensuring compliance with financial regulation is still foremost in the mind of brokers
    • For a significant minority of brokers, the costs incurred to meet FSA requirements are more than 10% of their turnover
    • The majority of respondents believe that FSA regulation is having a positive impact on the industry
    • The amount of work required to satisfy FSA regulations is overwhelmingly regarded as too much
    • Insurer partners have generally been good at helping brokers comply with FSA regulations
    • The majority of brokers do not feel that they require any more support from insurer partners regarding FSA regulation
    • A large number of respondents are aware that the FSA is looking into mandatory commission disclosure
    • The general consensus towards mandatory disclosure legislation is not positive amongst brokers
    • Brokers are most likely to be reviewing their costs as a result of FSA regulation
• APPENDIX
  • Methodology
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Average premium rate movements
  • List of Figures
    • Figure 1: The mix between personal and commercial insurance varies considerably by broker
    • Figure 2: Just over a third of brokers felt the proportion of their business made up of personal insurance would change in the next year
    • Figure 3: The majority of brokers think that personal business will become more important to their book in the next 12 months
    • Figure 4: Most brokers do not intend to sell their business within the next 12 months
    • Figure 5: The majority of brokers are not considering acquiring a competitor within the next year
    • Figure 6: 7% of brokers are considering joining a network in the next 12 months
    • Figure 7: Brokers view direct insurers and aggregators as the biggest threats to their business
    • Figure 8: 2% of brokers currently partner with an aggregator
    • Figure 9: Over a third of brokers do not have a website
    • Figure 10: Online sales account for a small proportion of total sales
    • Figure 11: Most brokers currently without a website are not planning to develop a website in the future
    • Figure 12: Brokers are generally satisfied with their insurance partners
    • Figure 13: Norwich Union and Fortis were cited as the two best insurers with which to do business
    • Figure 14: Brokers want a high level of service from insurers
    • Figure 15: Over 35% of respondents cited that AXA could improve its service to brokers
    • Figure 16: Poor service is the major complaint for many brokers
    • Figure 17: FSA regulation is "top of mind" for many brokers
    • Figure 18: Complying with regulation costs most brokers up to 5% of their annual turnover
    • Figure 19: Just under half of all brokers see FSA regulation in a positive light
    • Figure 20: Over three quarters of respondents feel that there is too much work needed to comply with FSA regulation
    • Figure 21: Brokers felt that their insurance partners have been helpful in helping with FSA regulation
    • Figure 22: The majority of brokers do not require any further help from their insurer partners in regards to FSA regulation
    • Figure 23: Most brokers are aware that the FSA is reviewing the idea of mandatory commission disclosure
    • Figure 24: Brokers do not view mandatory commission disclosure positively
    • Figure 25: Most brokers have reviewed their cost base in light of the expenses associated with FSA regulation