VERO SME INSURANCE INDEX
Issue 1 - May 2017
SME Market Landscape
This is the first report of the Vero SME Insurance Index in New Zealand. It paints a picture of the isnurance landscape for this segment today. How are Kiwi SMEs buying insurance? What do they want from their broker relationship? What worries them most as business owners and do they have the protection stratgies to cover it?
Get to know the SMEs
Importance of a broker & adviser relationship
Business concerns of SMEs
- The larger the SME, the more likely they will use a broker or adviser to buy insurance
- The single biggest benefit for SMEs using a broker or adviser is saving time so they can focus on their business
- The type of relationship a SME has with their broker or adviser impacts satisfaction—three relationship types were identified: partnership, delegated & distant
- Stay in contact! The frequency of getting in touch with SMEs impact satisfaction with their broker or adviser.
- Based on their claimed coverage, it would appear that many SMEs do not think that they are covered for the business risks they are most concerned about
Download all issues
View all the customer insights from other issues of the Vero SME Insurance Index. These insights will help build a deeper understanding of commercial insurance for SMEs in New Zealand.