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VERO SME INSURANCE INDEX

2018 Edition - Issue 2

Online expectations and behaviours of SMEs

This second issue of the 2018 Vero SME Insurance Index delves into the online behaviour of small to medium sized enterprise owners and decision makers (SMEs).

The report explores the benefits and drawbacks for SMEs of conducting insurance business online, and identifies opportunities for advisers to harness the power of digital to drive business efficiencies, deliver convenience and increase awareness of their business.

Some key insights we explore:

  • Over 3 in 4 SMEs (78%) are comfortable performing business admin tasks online
  • Age is no barrier, both over and under 50s are extremely comfortable in the digital space
  • SMEs increasingly do online research to look for business insurance
  • Online provides convenience which is key for SMEs, but a major drawback is the lack of trust.
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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SME’s online expectations and behaviours

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

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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