SMEs are often described as the life blood of the UK economy. But what do these business owners and their insurance providers really think about the products and services they receive and offer? And how do both think these could be improved?
These were among the key business critical questions that InsuraInsight 2016 looked to discover the answer to as part of a new initiative to gather 360 degree feedback and insight from customers and insurance workers.
More than 200 insurers, brokers and business owners took part in the Insurainsight 360 SME Insurance research project, and here we can share with you some of the top level findings.
For more insight into this report and to sign up to ensure you see the next years report headline before anyone else does – please visit ukinsight.co.uk
57% of SMEs believe you can only access insurance through Brokers or 3rd Parties whilst…
58% of the Insurance Industry disagreed that they were the only route for SMEs.
72% of SMEs believe Brokers & Intermediaries get better rates.
25% of the Insurance Industry believe they don’t get better rates for their clients.
Yet 80% say they offer value for money to their customers.
Value vs Needs
22% of SMEs only use one Insurance Broker or Intermediary, yet
only 8% of the Insurance Industry believe that to be the case.
25% of SMEs felt Insurance Brokers or Intermediaries offer value whilst 36% of the Insurance industry felt this to be the case.
Value for Money
36% of the SME community think that insurance is value for money with 32% being indifferent and 32% disagree.
79% of the insurance industry think insurance is value for money.
77% of SMEs believe Brokers & Intermediaries offer vital advice
14% of SMEs say they didn’t trust their Insurance Broker or Intermediary
…while 52% agree they can be trusted
…yet only 12% ‘Strongly Agree’ they could be trusted
84% of Brokers say they offer vital advice and assistance to the SME market.
Cover and Budget
53% of SMEs have an idea of their Insurance budget prior to renewal, but only…
32% manage to stay within it.
56% of SMEs admitted to not fully understanding what insurance policies they should hold
Over 50% of SMEs said they would buy extra cover if it was recommended to them.
Jargon and Regulation
A staggering 71% of SMEs feel the Insurance Industry uses too much jargon, whilst a huge 75% of the Insurance Industry agree.
89% of the Insurance Industry feel they fully understand their Industry regulations and obligations.
…whilst only 31% of SMEs say they understand, and a huge 52% say they don’t feel they have that knowledge.
82% of SMEs would like a one-stop-shop for all their insurance needs
49% of insurance providers believe this to be the case
92% of SMEs would provide more details to get a better rate.
Over 50% SMEs would buy additional policies if recommended to them.
40% of the Insurance Industry agree.
81% of Insurance Industrysay Brokers and Intermediaries never
offer customers the least amount of insurance they require.
32% of SMEs take out the least amount of cover legally required.
56% of SMEs would recommend their current insurance provider.
66% of the Insurance Industry think they would get recommended.
31% were indifferent.
89% of the Insurance Industry believes they meet customers needs.
62% of SMEs felt they were looked after.
Have your say
This will be the second insurainsight survey allowing us to report on progress made from last year’s survey so improvements can be tracked as the industry changes.
Take part in the survey, it takes only 5 minutes and receive a copy of the top level survey results.
Take part at ukinsight.co.uk