Small Business Metrics: Insurance for Small Businesses and Self-Employed Individuals in Germany
Finaccord, July 2009, Pages: 350
Finaccord’s report titled Small Business Metrics: Insurance for Small Businesses and Self-Employed Individuals in Germany is based on an online survey of 1,577 small business owners and self-employed individuals carried out by mo’web research during April and May 2009. The study provides fresh and detailed insights into the market for providing a range of business insurance services to the 3.13 million registered small and medium-sized businesses with fewer than 250 employees in Germany in addition to a further significant number of self-employed individuals. In addition to providing a comprehensive analysis of the results across all respondents, the publication also breaks out the findings for key trade categories in the small business market, namely: building and construction; child or pet care; education or training; healthcare or related services; hotels, restaurants, cafés and pubs; I.T. services; logistics, motor trades or transportation; manufacturing; media, marketing or entertainment; professional or financial services; property management or rental; retailing or high street services; and other consumer or business services.
Furthermore, the research also provides clear answers to key issues in the market for insurance for small businesses including their propensity to strike up relationships with more than one insurance provider and the degree to which small businesses in some categories are more likely to make claims than those in others. You may be able to use this report in one or more of the following ways: gain detailed insights into how the requirements and behaviour of small businesses vary in accordance with key categories of business customer; appreciate the penetration rates among small businesses across the spectrum of commercial insurance policies and gauge the potential for marketing niche cover such as business loan / overdraft protection insurance and e-commerce insurance; assess the degree to which distribution channels such as direct sales by the underwriter, insurance brokers and banks, are eroding the position of traditional insurance agents; understand the extent to which small businesses say that they may consider using the websites of online aggregators the next time they need to search for or acquire insurance; comprehend the true potential for establishing partnerships with commercial affinity groups for the distribution of business insurance policies.
What is the rationale?
A number of factors underpin the rationale for publishing this report titled Small Business Metrics: Insurance for Small Businesses and Self-Employed Individuals in Germany. First and foremost is the fact that the market for insurance services promoted to small businesses is substantial given that Finaccord estimates that there are around six million small businesses and self-employed individuals in Germany. Indeed, around 99.7% of registered businesses in Germany can be classified as small businesses if these are defined as enterprises with fewer than 250 employees.
In addition, the market for small business financial services, like that for consumer financial services, is subject to rapid change. As Germany’s small business sector continues to evolve, it results in a community with more complex requirements in the domain of insurance. Moreover, the increasing use of the Internet by consumers for financial services acquisition is mirrored in the small business sector, a development which opens up new opportunities for incumbent and aspiring providers of insurance services to this segment.
Finally, use of the mo’web Internet panel of small business owners allows both for a more detailed investigation than that which would be possible through conventional market research techniques and is of a magnitude that can yield credible results for key segments within the market for small businesses and self-employed individuals as well as an aggregate analysis.
Which types of business insurance are covered?
- Agricultural / crop / livestock insurance
- Business assets / equipment insurance
- Business car insurance
- Business interruption insurance
- Business loan or overdraft protection insurance
- Business property / premises insurance (excluding residential landlords’ property insurance)
- Business travel insurance
- Business van insurance
- Cargo or goods-in-transit insurance
- Commercial vehicle insurance (excluding business cars and vans)
- Computer / software insurance
- E-commerce insurance (e.g. risks such as unintentionally transmitting a virus to third parties)
- Employee theft insurance
- Employers’ liability insurance
- Engineering / machinery insurance
- Key man insurance
- Legal expenses insurance
- Loss of rental income insurance
- Pecuniary loss liability insurance
- Personal accident insurance (for your employees)
- Private health insurance (for your employees)
- Professional indemnity insurance
- Public / product liability insurance
- Residential landlords’ property insurance
- Trade credit insurance
Against which customer satisfaction metrics are leading insurers benchmarked?
- Accessibility of business insurance provider
- Breadth / quality of business insurance products offered
- Breadth / quality of extra services offered
- Ease of contact with business insurance provider
- Frequency of contact with business insurance provider
- Personal contact with a named business insurance adviser
- Efficiency of business insurance provider at the point of sale
- Efficiency of business insurance provider on an on-going basis
- Fairness of claims management (if used)
- Premiums charged for the main business insurance package
0. Executive Summary: providing a concise evaluation of the principal findings of the report.
1. Introduction: offering rationale and a detailed description of methodology. 2 Insurance Overview: this chapter compares the survey results across the various 2 segments of the small business market analysed. Key metrics presented in this chapter include penetration rates for business insurance policies, number of business insurance relationships, identity of primary and secondary insurance providers, likelihood of changing main business insurance package and usage of commercial affinity groups to contract business insurance services.
3. Insurer Performance: for ten fundamental indicators, as well as for the apparent propensity of their customers to consider switching, the performance of Germany’s leading providers of insurance is benchmarked in accordance with the feedback gathered in the survey from their own customers.
4. Businesses with male owners: an analysis of the principal survey results for business insurance as they pertain specifically to small businesses with male owners.
5 - 24: similar results to those presented for businesses with male owners for 20 other categories of small business including 13 specific trade categories as well as other groupings such as self-employed individuals and businesses with international revenues.
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