Why the SME Market?
The SME market holds huge potential for the insurance community, but because SMEs come in all shapes and sizes they have different, and sometimes complex, needs.
- Being a small business, they are generally unwilling to pay for personalised advice.
- A recent survey showed they are uncertain of their vulnerabilities with only 16% of UK SMEs having cyber insurance although 46% said it could be applicable to them.
- This places a burden on the insurance community to help these businesses understand the risks and implications of being underinsured.
Add to this the problem of scattered data. Insurers collect a wealth of data, but few have found ways to monetise it. Plus the commercial insurance community is faced with changing customer preferences. Globally, 24% of SMEs purchased their most recent insurance business insurance online, but in the UK that figure rises to 58%.