Vero SME Insurance Index

Australia’s annual report on intermediary business insurance brokers

  • Ongoing key industry publication
  • Measure shifts in SME purchasing behaviour
  • Inform and tool broker community
  • Contribute to overall health of business insurance industry

The impact of changing SME purchasing behaviour on business insurance

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 has 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 Vero SME Insurance Index was born.

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.

Download the Vero SME Insurance Index 2023 here. 

  • Qualitative research – SMEs
  • Quantitative research – SMEs
  • Quantitative research – Brokers
  • Perceptions and attitudes tracking
  • Index content development

Tracking the attitudes and perceptions towards brokers

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

In the 12 years since its launch, BrandMatters has engaged with 18,000 business owners and decision-makers across Australia in a mix of qualitative and quantitative research methods.

Each year the following research is conducted:

  • Qualitative: Face-to-face interviews with SMEs across a variety of industry types.
  • Quantitative: Research of over 1,750 Australian business, across a range of business types, locations and sizes.
  • Quantitative: Research of the broker audience (n=900) to track perceptions and use of the Index over time, enabling refinement of content to maintain relevance and engagement.

A key industry metric and standard

The annual Vero SME Insurance Index has been an ongoing source of engagement between Vero and its broker clients for the past 12 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.

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.
0
%

of brokers state the Index has positively impacted their business

0
%

of brokers state the index makes them think Vero supports the broker network through education

An ongoing partnership

"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

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