Opportunities at renewal

Expertise is the main reason SMEs use a broker, however when it comes to renewals only 52% of SME broker clients are benefiting from brokers advice at this time.

Anthony Pagano, Vero Head of Commercial Distribution - Commercial Insurance has said “with so many variable factors to consider, brokers who simply rely on clients to make contact with them regarding any business changes, may find themselves in a situation down the track, that could have been easily avoided through early detection and a conversation to provide a solution or options to consider”.

Essentially, if brokers are not checking in with clients at renewals it is a missed opportunity for them to demonstrate their expertise in dealing with fluctuating business operations. Changing circumstances such as pandemic, natural disasters or other external factors may leave clients under insured, this is an opportunity for brokers to reassess their clients’ needs and recommend a higher level of cover. 

What can brokers do to ensure they understand their clients’ needs?

Understanding clients at a personal and business level will help to strengthen relationships and reduce their risk exposure, demonstrating the benefit of broker expertise. Checking in with businesses and enquiring about their future plans will help to provide insights into potential new opportunities.

Keep an eye out for the additional Bonus Chapter of the 2022 Vero SME Insurance Index on SME attitudes to risk and under-insurance. If you’d like to receive these updates please contact your Vero representative or follow Vero on LinkedIn.

Source: The SME Insurance Index report research was conducted by BrandMatters. See www.brandmatters.com.au

The information displayed is based on commissioned research involving 1,500 SME and 100 large business owners and decision-makers from around Australia. The research was conducted in October 2021. AAI Limited ABN 48 005 297 807 trading as Vero Insurance (Vero) has prepared this Vero SME Insurance Index Report (Report) for general information purposes only. Vero and its related bodies corporate do not assume or accept any liability whatsoever (including liability for special, indirect, consequential or incidental damages, or damages for loss of profits, revenue or loss of use) arising out of or relating to this Report or the information it contains. Vero and its related bodies corporate do not invite reliance upon or accept responsibility for the information it provides on or through this Report. Vero and its related bodies corporate do not give any guarantees, undertakings or warranties concerning the accuracy, reliability, completeness or currency of the information provided. This Report is not a recommendation or statement of opinion about whether a reader should acquire insurance from Vero (or its related bodies corporate) or services from any insurance intermediary or otherwise alter their business arrangements. This Report is based on commissioned research by Vero and should not be used as the basis for any decision in relation to the acquisition or disposal of insurance products or the use of broker services. Readers should confirm information and interpretation of information by seeking independent advice.

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