Bharat Book

Affinity and Partnership Marketing in UK Commercial Non-Life Insurance

Press Release   •   Jun 14, 2013 11:33 IST

It is based on a survey of 1,320 actual and potential partners across eight categories, namely: banks, building societies and specialised lenders; lifestyle organisations; online aggregators and brokers; professional associations; sports organisations; trade associations; trade unions; and others.
 The analysis of partnerships in commercial non-life insurance has been taken to an unprecedented level of depth by splitting out partnerships for five distinct insurance lines: commercial liability; commercial motor; commercial property; commercial specialised (e.g. event cancellation, legal expenses, trade credit); and professional indemnity.
 The PartnerBASE™ database that accompanies the report details more than 1,200 externally organised affinity schemes for commercial non-life insurance identified by Finaccord, recording the operating models and partners used in each instance. Together, the report and database together will provide you with the definitive guide to current and future opportunities in affinity and partnership marketing of commercial non-life insurance in the UK.
 Key findings from the executive summary include:
 - more than 40% of all partner organisations in this study have arranged some form of commercial insurance to their members with a maximum rate of provision of 82.5% in the case of commercial liability cover set up by sports organisations;
 - across all organisations, commercial liability is the type of insurance most likely to be offered, with a provision rate of 31.7%, followed by commercial property (25.1%), commercial specialised (16.9%), professional indemnity (16.7%) and commercial motor (11.5%);
 - where commercial affinity schemes are in place, the average is for between two and three of these types of cover to be available;
 - most commercial affinity schemes are organised through a broker with over 200 mentioned in conjunction with at least one initiative – in contrast, where final underwriters were identifiable, over 60 are involved in at least one program.
 Finaccord's survey of 1,320 actual and potential partner organisations in the UK was carried out between October and December 2012.
 Executive Summary
 Market Overview
 Affinity Categories
 Banks, building societies and specialised lenders
 Lifestyle organisations
 Online aggregators and brokers
 Professional associations
 Sports organisations
 Trade associations
 Trade unions
 Other commercial affinity partners
 List of Graphics / Tables
 Affinity and partnership marketing is an important channel for distributing commercial non-life insurance
 Organisations investigated
 Finaccord's research covers a total of 1,320 actual and potential partner organisations
 Insurance products
 Operating models
 PartnerBASE syntax
 UK affinity and partnership marketing publications
 UK consumer research publications
 Overview of commercial non-life insurance provision through affinities and partnerships
 Finaccord’s research identified 535 organisations with schemes for commercial non-life insurance...
 ... among which trade associations' partnerships often incorporate the widest coverage
 Affinity partnerships are least likely to extend to commercial motor insurance
 The vast majority of commercial affinity schemes are organised via an external broker
 A total of 228 brokers are involved in at least one commercial affinity program
 Towergate has the most relationships out of all intermediaries active in this channel...
 ... followed by RK Harrison, Bluefin and Giles Insurance Brokers
 RSA has the largest share of product relationships among underwriters...
 ... followed by Hiscox, which held the most links for professional indemnity insurance
 AXA and UK Insurance work with important distribution partners in the banking sector
 Top five broker and underwriter concentration by product
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