BrandMatters worked with Vero to develop the concept of an SME Insurance Index, aimed at building relationships and truly partnering with insurance brokers by giving them a better understanding of SMEs and their attitudes towards commercial insurance.

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Challenge

Following extensive qualitative and quantitative research by BrandMatters, Vero launched the inaugural Vero SME Insurance Index in and has been talking to SMEs every year since.

The intent underpinning the Index was that by understanding how SMEs approach insurance, brokers will be better equipped to provide tailored advice and service to their customers.

Due to the initiative’s success since its launch in 2012, BrandMatters has partnered with Vero to research, design and produce an SME Insurance Index each year. The Report is based on an online quantitative survey of 1,500 business owners and insurance decision makers around Australia, and a series of 8-12 qualitative interviews, filmed onsite at SME businesses. As this is the 8th year Vero has partnered with BrandMatters, this now means we have spoken to over 10,000 SMEs to date.

In addition to conducting the research study and writing the report, BrandMatters conducted qualitative interviews with SMEs, and worked with video production partners to film SME case studies. We have also facilitated training sessions with Vero BDMs and presented the findings to brokers around the country. The Index is also promoted each year via a teaser launch campaign with elements including the SME videos, animated online advertising on key insurance sites and eDMs.

Approach

The purpose of the Index is to help insurance brokers to understand and work with their SME clients more effectively by shedding light on the attitudes and behaviours of SMEs with regard to insurance, and highlighting challenges and opportunities in the SME insurance sector.

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 and engaging.

Outcome

The annual Vero SME Insurance Index has been an ongoing source of engagement between Vero and its broker clients for the last 8 years.

The Index’s profile continues to grow, with key industry luminaries, and even competitors, anticipating its launch each year, and referring to it in articles and at events.

Through the additional step of engaging the brokers with the creation of the report we ensured that the report continued to deliver content that was relevant to its audience. In turn, through these insights Vero continues to be a valuable tool to strengthen 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