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The future of small business insurance

What do customers want?

Small business insurance has been one of the most talked about areas of insurance over the past five years. While talk has been high, action has been low from most incumbent insurers. Small businesses are changing their business models (e.g., ghost kitchens, digitally enabled operations, etc.) to align with evolving consumer behaviors and heightened risk awareness caused by the pandemic. This report from Deloitte Global was developed from a global survey which found that the need has never been greater for insurers to invest and differentiate in the market for small-to-medium enterprise (SME) insurance.

To help answer how insurers can explore the small business insurance market, Deloitte surveyed 5,300 SMEs from 14 countries to understand their views about insurance.


The global survey revealed six key findings


As the SME segment has so far been largely untapped in a meaningful way, we believe a significant opportunity exists for profitable growth through a targeted investment and sharpened focus on the segment.

Key findings from the Scandinavian market

  • The impact of COVID-19 on SMEs in Scandinavia has been net positive for insurance companies with increasing trust levels, increased awareness and willingness to spend more on current and in particular new coverages, however, 28% are less likely to buy business insurance going forward having been disappointed about their coverage during the pandemic
  • COVID-19 has not increased the demand for insurer “Direct Digital”
  • There is a significant interest in alternative providers to insurers - vast majority of SMEs would buy from an alternative provider for a range of reasons including better coverage and brand trust
  • Banc-assurance stands out as a big opportunity with 29% considering to purchase their insurance from banks
  • Demand for risk advisory remains high and the potential for additional services promising
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