GLG Network Survey Tracker: UK Insurance III

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SURVEY DETAILS
TARGET POPULATION

For this Network Survey, GLG surveyed 30 senior executives at insurance brokerages across the UK. This is the third iteration in this tracker series.

What will you learn from this survey?

  • The research assessed the current trends within the UK insurance space from the perspective of brokerages.
  • Respondents discussed the future of the industry, the implications of Brexit and regulatory changes in the space.
  • Lastly, the survey looked into the perspective of future consolidation in the industry and its possible drivers.

Examples of findings:

  • The outlook of the market is optimistic, with 60% of respondents expecting growth of more than 5% in the next year.
  • 43% of the experts stated that cyber is the sector that has the best opportunity for growth in the next 3 years.
  • 60% of the experts stated that the development of AI technology will automate and optimise away the role of the high street broker in areas such as SME commercial insurance.

Deliverables

The GLG Surveys team drafted the questionnaire with the support of GLG Network Member, Brendan McCafferty, former CEO at Brightside Group PLC.

  • 1 x Individual responses (“raw data”) in Excel.
  • 1 x PPT report with aggregated data.
  • Executive summary with key takeaways and highlights from the raw data.

Sample Questions

  • In your view, which markets provide the best opportunity for growth for brokers in the next three to five years?
  • In your view, which of the following capabilities will brokers operating in the retail and commercial markets need to have to be sustainable in the next five years?
  • What areas do you expect to see regulatory intervention in the next three years?
  • Thinking about the market dynamics and competition, how do you expect the trend to be in terms of the number of brokers in the personal lines retail and commercial markets?
  • Do you expect that insurers have now dealt with the profitability problems that they have suffered in the last two years from rampant claims inflation?
  • Do you expect some significant insurers and capacity providers in the market to withdraw from mainstream market segments and products?
  • How probable do you see technology and digital capabilities including AI fundamentally changing the way insurance is configured?

Access

This survey is available to subscribers of the Financial Business Services (FBS) sector (Limited subscriptions and above). This offer includes the raw data file and a high-level presentation through PowerPoint. Please contact your GLG representative for details on your firm’s access.

DISCLAIMER

Please be advised that GLG Network Surveys operate differently than traditional GLG consultations, surveys, teleconferences, etc. and it is advisable that you consult with your firm’s legal and/or compliance department to review your use of the product and the payment for such work under your current subscription. 

By downloading this document and/or participating in the Network Survey, you understand and agree that the information and material provided by GLG, including survey results and survey proposal information, is provided for your own insight and informational purposes only. You further acknowledge and agree that this is a Network Survey for multiple GLG clients, and the results will be provided to all GLG clients that agree to participate in the Network Survey and GLG clients that agree to purchase the Survey results in the future. All survey results do not constitute investment advice or a recommendation. In using this Survey, you agree to hold Gerson Lehrman Group and the Survey respondents harmless and free of all liability as a result of your use of this Network Survey, other than liability resulting from the gross negligence or wilful misconduct of the protected party. You otherwise agree to be bound by Gerson Lehrman Group’s Usage Policies in your interactions with Gerson Lehrman Group and your receipt of services. These Survey results are for are for client’s own use and client shall not redistribute, disseminate, publish, or display the same, in whole or in part, to any third parties or publicly without the prior written permission of Gerson Lehrman Group, except explicitly set forth in your agreement with GLG. This survey will be double-blinded to both client and respondent. GLG reserves the right to restrict the number of clients that can pre-commit access. These Network Surveys are priced outside of standard GLG subscriptions but at a substantially reduced price to commissioning a fully proprietary GLG Network Survey. Upon finding these terms acceptable, please send an affirmative confirmation via email, which GLG will file in its records. Once confirmed, please note that the Client’s agreement to purchase the Network Survey is a legally binding and irrevocable commitment. If the survey is not included within your subscription, GLG will invoice Client for the fees due for the Network Survey. Please note that some respondents may not be Network Members, and the Terms and Conditions of Network Membership would not apply to such respondents and detailed records for them will not be available aside from the information that GLG capture in the Network Survey.