The Future of Small Business Insurance: Understanding Customer Needs
Small business insurance has been a topic of significant discussion over the past five years. However, despite the talk, most established insurers have been slow to take action. The pandemic has driven small businesses to adapt their models, embracing digital operations and heightened risk awareness. A global survey conducted by Deloitte, involving 5,300 small-to-medium enterprises (SMEs) across 14 countries, reveals that insurers must invest and differentiate in the SME insurance market.
The survey uncovered six key findings that highlight the potential for profitable growth in this segment through targeted investment. As the SME segment remains largely untapped, insurers have a significant opportunity to focus on this market. The need for innovation is clear, driven by changing consumer behaviors and technological advancements.
Key considerations for insurers include:
- Understanding evolving SME needs
- Investing in differentiated insurance products
- Leveraging technology to enhance offerings
The Deloitte report emphasizes the importance of addressing the SME insurance gap. By doing so, insurers can capitalize on a significant market opportunity while supporting the growth and resilience of small businesses worldwide.
