In November 2018 Global Data predicted that the small and medium-sized enterprise insurance market would be worth £8.3bn in 2020 and if insurers want to retain and expand their market share in this sector, now, more than ever, they need to be effectively engaging with SMEs.
The need for a more streamlined purchase process is widely recognised. Currently, the customer onboarding journey is often long and complex. SMEs frequently face an extensive and time-consuming questionnaire. Leveraging data enrichment and smarter data usage is crucial for simplifying the purchase process and allowing insurance providers to better understand their customers.
According to a CRIF survey on SME insurance in collaboration with Insurance Post, over 67% of respondents believe that data pre-population would greatly enhance the customer journey for SMEs. Pre-filling risk information can improve the customer experience, enabling more advanced risk analysis and better pricing.
And automating the insurance purchase process can enhance speed and convenience without sacrificing accuracy.
This approach has been successfully implemented in personal lines, with examples of both partial and full automation. Business owners or managers purchasing insurance for SMEs are likely familiar with the personal lines purchase process, which sets an expectation for a similar customer experience.
More than 64% of insurer respondents also agreed that the SME market represented a major opportunity for their business, but what are providers doing to capitalise on it?
