insurainsight 360 SME Insurance is an initiative to bring 360° feedback and insight from customers and insurance workers to the industry to help develop products and services aligned to customer needs and drive innovation.

We didn’t want to just ask the industry what they thought  to be true; we thought we would ask those that really mattered too - the customers.

We wanted to be able to bring a report designed to help insurance companies, brokers and intermediaries focus their attention and strategies not on internal issues alone but on customer driven requirement.

The chance to really peer through the looking glass and engage with the end consumer warts and all, no place to hide, just the pure, unadulterated facts about your industry, what customer love about you, don’t understand about you - but most importantly - what they want from you!

This will be an annual survey and allow progress analysis to be undertaken and shared with the industry so improvements can be tracked as the industry changes.

Below are some of the highlights of the survey.

Insurainsight SME 360

Thinking small

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?

More than 200 insurers, brokers and business owners took part in the Insurainsight 360 SME Insurance research project, and here we outline some of the top level findings.

If you want to see the full report outlining a detailed look into the findings of SMEs and insurance providers, it is available to buy in the shop.

Accessing insurance

57% of SMEs believe you can only access insurance through Brokers or 3rd party Intermediaries 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.

Q. Brokers & 3rd party Intermediaries are the only way to access Insurance

Q. Brokers & Intermediaries have access to preferential prices

Vital advice

77% of SMEs believe Brokers & Intermediaries offer vital advice yet only 12% ‘Strongly Agree’ they could be trusted, with 52% ‘Agree’. 14% of SMEs say they didn’t trust their Insurance Broker or Intermediary.

Q. Brokers & Intermediaries provide vital advice

Q. Brokers & Intermediaries can be trusted

Value versus 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.

Cover and budget

53% of SMEs have an idea of their insurance budget prior to renewal, but only 32% manage to stay within it. Over 50% of SMEs said they would buy extra cover if recommended. Worryingly 56% of SMEs admitted to not fully understanding what insurance policies they should hold.

Q. I have an idea of my insurance budget before I take out my Insurance Policy

Value for money

52% of SMEs think that insurance companies can be trusted. Interestingly 36% of the SME community think that insurance is value for money with 32% being indifferent and 32% disagree. Whilst 79% of the Insurance Industry think insurance is value for money.

Q. Insurance companies are trustworthy

Q. Insurance is value for money

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 full understand their Industry regulations and obligations whilst only 32% of SMEs say they understand, and a huge 52% say they don’t feel they have that knowledge.

Q. I believe the industry uses too much jargon

Q. I understand the Insurance Industry’s regulatory obligations

The future

The policy

Q. Brokers & intermediaries offer the least amount of cover legally required by a customer

Q. I take out the least amount of cover legally required

The relationship

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