Serious change offers immense opportunity

By  Vero Insurance

The Vero SME Index delves into the unique challenges being faced by our industry – most significantly the erosion of trust between SMEs and insurance broking professionals.

Finding ways to rebuild that trust and foster stronger, more productive broker-client relationships is key to future success. Vero’s recent research uncovers the new opportunities for brokers to foster relationships with both current and future SME clients, rebuild their confidence in our profession, and add even more value to their offering.

With the right understanding, insights and tools, brokers have the power to create client connections that are both resilient and mutually profitable.

2019 findings

SMEs are continuing to buy via a variety of channels, with huge implications for how brokers do business.

How is broker usage changing?

  • 60% buying through mixed channels i.e via direct and through a broker, up from 42% last year.
  • 78% of SMEs under 40 years of age are even more likely to use a mix of channels.
  • SMEs tend to buy their more complex covers, such as indemnity or industrial special risks, through brokers, while buying simpler covers, such as motor vehicle or workers compensation, direct

This year’s SME Insurance Index Report focuses on changes to the insurance landscape, as well as:

  • Why SMEs use brokers
  • Building brokers' roles as trusted advisers
  • Simplifying the claims process for SMEs
  • Risk management opportunities

Discover the full findings for 2019 and what they mean for brokers by downloading the report now

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