The highly competitive SME insurance market is characterized by high volume, low premium business at the small end, as well as more complex risks and insurance needs at the larger end. This requires insurers to develop distribution strategies that deliver the right proposition for the right type of customer.
Inform your distribution strategy with an understanding of SME purchasing behaviors and preferences.
Gain insight on the preferred distribution channels for SME insurance.
Effectively engage your customers by investing in the distribution methods preferred by SMEs of different sizes.
Which distribution channel is the most popular among SMEs of different sizes?
How often do SMEs switch their insurance provider and how is this influenced by distribution channel and size of business?
Which providers are spending the most on advertising their business insurance offering?
The SME insurance market is a very important part of the commercial insurance space, as SMEs cover the majority of the UK economy. As such it is crucial that insurers do not treat it as one segment.
Insurers need to develop a channel strategy and proposition that is appropriate for their target audience, one that takes into account evolving behaviors and insurance needs as a business changes and grows.