Abstract
Overview
Introduction
Intense competition to win and retain business governs the SME general
insurance market. This report provides a unique insight into the purchasing
behaviour of SMEs based on Datamonitor' s SME survey, giving the reader an edge
in this dynamic area.
Scope
- A privileged look into SMEs' insurance buying patterns
- 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
Report Highlights
The combination of new entrants and existing players trying to expand their
books has resulted in a very competitive market for SME risks.
The proportion of SMEs contemplating a switch in the near future rises to 23.9
per cent among firms that have been with their insurance provider for less
than two years. There is therefore a higher rate of promiscuity among SMEs
that have recently switched provider than among other companies
Despite the Internet being a newer platform for insurance purchases than the
telephone, respondents to Datamonitor' s SME survey showed a greater
willingness to use an online platform to arrange their insurance than to use
the telephone.
Reasons to Purchase
- Improve customer loyalty by understanding SMEs' reasons for staying with a
provider, as well as their reasons to switch providers
- Improve 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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