According to the Vero SME Insurance Index 2015, launched last week, a growing number of business owners are buying their insurance directly as even late adopters begin to embrace the internet. However, as technology becomes more mainstream, there are emerging opportunities for brokers to strengthen their businesses via a strong online presence, visibility on mobile channels and the effective use of search engine optimisation to help target the growing number of potential customers who use the internet to search for their insurance needs.
The 2015 report, created as part of BrandMatters’ ongoing partnership with Vero, is based on an online quantitative survey of 1,500 business owners and insurance decision makers around Australia and a series of 12 qualitative interviews, with 6 filmed on site at SME businesses.
The 2015 Index is the fourth Index BrandMatters has developed in partnership with Vero. The purpose of the Index is to help insurance brokers to understand and work with their clients (SMEs) more effectively by identifying insurance industry insights; shedding light on the attitudes and behaviours of SMEs with regard to insurance; and highlighting challenges and opportunities in the SME insurance sector.
In addition to identifying the crucial role that digital channels play for broking businesses, the report also emphasised the opportunity for brokers to build stronger relationships with their customers by providing more analysis and explanation, and pointing out explicitly when premiums have been reduced.
‘Brokers deliver significant benefits to SMEs, and they need to highlight these benefits to their customers,’ said Kylie McNamara, BrandMatters’ Director of Brand Strategy.
‘They bring insurance expertise, and often the ability to offer a better value policy alternative for their clients. Brokers need to sell these strengths to make sure their customers are aware of the benefits using a broker can deliver.’
In addition to conducting the research study, BrandMatters wrote, designed and produced the 36 page report. BrandMatters also created an infographic to support the rollout of the Index, conducted the qualitative interviews, and worked with video production partners to film onsite at the six SMEs across Sydney.
We invite you to download a copy of the Vero SME Insurance Index 2015.