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Find out what SMEs
value from a broker
or adviser
Insights from the latest Vero SME Insurance Index
Find out what SMEs
value from a broker
or adviser
Insights from the latest Vero SME Insurance Index
About the 2020 Vero SME Insurance Index
Our report combines data drawn from surveys conducted prior to and during the Covid-19 lockdown, and finds that while the impact of the pandemic has been significant for SMEs, the need for brokers and the role that brokers can play remains unchanged. Strong, valuable broker relationships are built on regular communication, deep understanding and expert, professional guidance, and this is just as relevant during difficult times, whether they be economic downturns, natural disasters or even pandemics.
The highlights
- We are still seeing 43% of SME’s researching and buying insurance on their own, so there is considerable scope for brokers to grow their business by attracting SMEs who currently buy direct and by encouraging existing clients to buy more of their insurance through a broker.
- Many NZ SMEs have experienced a sharp decline in revenue as a result of the COVID-19 pandemic and many are looking for help and advice from experts.
- Satisfaction is softening amongst broker clients based on year-on-year comparisons. We found that satisfaction is strongest when SMEs have collaborative relationships with their brokers, and when brokers are pro-active and engaged, particularly during times of crisis. Our research shows that there are specific tasks brokers can undertake to build customer satisfaction.
- Many SMEs rate risk assessments as an important task for their broker, but significantly fewer say that their broker does this for them. We found a strong positive correlation between doing risk assessments and customer satisfaction with their broker. To assist brokers with this task, we’ll soon be launching a new risk tool – stay tuned!
View all issues
View all the customer insights from each issue of the Vero SME Insurance Index. These insights will help build a deeper understanding of commercial insurance for SMEs in New Zealand.
Insurance policies made for SMEs
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