Abstract
Introduction
This report provides a unique evaluation of the purchasing behavior of SMEs
based on Datamonitor' s exclusive SME survey, giving the reader an edge in this
dynamic area. The report also explores how SME' s attitudes differ depending on
size, allowing for more precise targeting of market segments.
Scope of this research
- A detailed look into SMEs' insurance purchasing patterns by company size
- 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
Research and analysis highlights
Of the SMEs in Datamonitor' s survey, 46.0% indicated that they purchased just
package products in 2008. The popularity of package products reflects the
success of simple packages like shops and offices policies that can
accommodate a broad range of risks, but also the more niche products designed
for specific trades, such as the motor trade.
Overall, 34% of the SMEs surveyed were willing to consider arranging their
insurance over the telephone. Of those that were willing to consider a
telephone arrangement, 51.0% cited speed as a reason why they would.
A majority of SMEs that would buy online were inclined to purchase less
complex products such as public or employers' liability, or commercial motor.
Key reasons to purchase this research
- 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
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