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VERO SME INSURANCE INDEX

2018 Edition - Issue 3

Women SME Decision Makers

This third issue of the 2018 Vero SME Insurance Index uncovers important insights about female Small Business Enterprise (SME) decision makers and identifies valuable opportunities for brokers and advisers to add value for customers and provide the best possible service and advice.

This report explores some of the differences between male and female SMEs and outlines various challenges and concerns amongst this group.

Some key insights we explore:

  • 55% of female SMEs are more likely to be part owners or managers (compared to 39% of men) and are significantly more likely to be younger than males. 63% of females in small business are under 50, compared to only 39% of males.
  • A notable challenge for female decision makers is lack of time, with 26% of female SMEs saying they have no time for themselves or their families, compared to 19% of male SMEs.
  • Female SMEs who do use Brokers understand and appreciate the value they bring, however the uptake on Brokers is lower with female SMEs, why?

 

Cover of SME Insurance Index 2018 - Issue 2
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Preview of SME Insurance Index 2018 - Issue 2 infographic
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Women SME Decision Makers

View all issues

View all the customer insights from each issue of the Vero SME Insurance Index. These insights will help build a deeper understanding of commercial insurance for SMEs in New Zealand.

2017 Edition

2017 Edition - Issue 1
SME Market Landscape

2017 Edition - Issue 2
SMEs under 50 years

2017 Edition - Issue 3
What makes a satisfied client?

2018 Edition

2018 Edition - Issue 1
SME Market Landscape

2018 Edition - Issue 3
Women SME Decision Makers

About the Vero SME Insurance Index

Over 900 SMEs across New Zealand have voiced their opinion in the Vero SME Insurance Index this year. The findings show several areas where brokers and advisers can target their offering to add value for SME customers. Vero will work with our business partners in using this research to identify opportunities to target their offerings and provide the right kind of value to customers.

For this research, a SME has been defined as per Statistics New Zealand - a business that employs between 1 and 19 people (including sole traders). The survey has been run in Australia for the last five years, but this is the first time it has run in New Zealand.

Following the launch of the first Index last year, a survey of 250 brokers revealed:

Included21% had used the insights to attract new clients,

Included50% believed that the SME Index had assisted them to understand their SME customers better,

IncludedA comparison with Australian broker usage trends

Included68% said they looked forward to learning more from future Indexes

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