Competition for the SME market segment remained strong amongst commercial insurance providers in 2008. This report provides a unique evaluation into the purchasing behaviour of SMEs based on the SME survey, giving the reader an edge in this dynamic area.
Scope
- A detailed look into SMEs insurance purchasing patterns
- An evaluation of the potential for growth for direct insurers and bancassurers in the SME sector
- Action points detailing potential strategies for different providers wishing to target SME business
Highlights of this title
The majority of SMEs72.8%purchase their commercial insurance from a broker, illustrating the dominance of this channel.
When asked why they chose their insurance provider, almost half of respondents cited the price of an insurance premium while a further 40.2% cited the price of their providers service.
Among those SMEs that would consider a purchase through a bank or building society, obtaining a cheaper quote was by far the key motivator for doing so, with 59.6% of SMEs stating that they would purchase their insurance through this channel in a bid to save money.
Key reasons to purchase this title
- Improve customer retention by understanding SMEs reasons for staying with a provider, as well as their reasons to switch providers
- Boost customer acquisition by understanding what insurance products SMEs are willing to buy online and via the telephone
- Understand the current competitive environment of the SME sector in relation to competitor strategies and current distribution trends
