BrandMatters is proud to celebrate 10 years of working with Vero to develop the thought-leading SME Insurance Index, aimed at truly partnering with insurance brokers by giving them a better understanding of SMEs and their attitudes towards commercial insurance.

Challenge

Vero is one of Australia’s largest and most successful intermediated general insurance companies. Vero’s products are distributed through brokers, agents and corporate partners (such as banks and financial institutions).

BrandMatters have had a strong partnership with Vero since developing the brand back in 2003. With this came a deep understanding of the brand positioning, so when Vero approached BrandMatters in 2012 to conduct research to gain a deeper understanding of their core clients - insurance brokers, the SME Insurance Index was born. 

Insurance brokers are mostly small to medium-sized businesses themselves and would not have the resources to conduct such an in-depth study into their target audience.

Vero was seeking a closer connection with brokers and the Index was the ideal approach to provide value to insurance brokers by giving them this tool to better understand SMEs and their attitudes towards commercial insurance. 

Approach

BrandMatters worked with Vero to develop the concept of the SME Insurance Index. The inaugural Vero SME Insurance Index was launched in 2012, and due to its resounding success, the initiative has been repeated annually.

In the 10 years since it's launch, BrandMatters has engaged with 14,500 business owners and decision-makers across Australia in a mix of qualitative and quantitative research methods. Each year the following research is conducted:

Quantitative: Research of over 1,500 Australian SME business, across a range of business types, locations and sizes.

Qualitative: Face-to-face interviews with SMEs across a variety of industry types.

In addition, BrandMatters also conducts an additional research piece, the role of which is to gather feedback from insurance brokers as to what information they would like to see added to the report via a quantitative survey with 600 brokers across the country. The insights extracted as a result of this process enables BrandMatters to address the information that is most vital to the broking community and as a result, ensures that future reports remain relevant engaging.

Outcome

The annual Vero SME Insurance Index has been an ongoing source of engagement between Vero and its broker clients for the past 10 years.

The index continues to provide brokers with valuable information and insights about the SME market. By reporting annually, the Index helps brokers understand their own clients’ needs and gives them valuable insight into the trends of broker usage over time, allowing them to be better equipped to provide tailored advice and service to their clients.

Insurance brokers across Australia have embraced the index and look forward to it as a valuable source of information about their target audience.

  • 61% state the index has positively impacted their business.
  • 97% found the insights useful for future planning.

The Index’s profile and credibility continue to grow, with key industry luminaries, and even competitors, anticipating its launch each year and referring to the powerful research insights across industry articles and at corporate events. It continues to be a valuable tool that has strengthened Vero’s position as a thought leader and true partner to brokers.

Value

“BrandMatters helped create the Vero brand back in 2003 and have delivered a number of separate projects since that time. They research and write the Vero SME Insurance Index and are working on the next edition. The BrandMatters team is responsive and knowledgeable and understands us and our industry very well. I have no hesitation in recommending them.”

Brand Leader, Market Management Intermediated Distribution, Commercial Insurance, Vero