Understanding how small businesses buy and manage their insurance today
Digitisation is disrupting all sectors of the economy, and the insurance industry is no exception. Our Global Digital Small Business Insurance Survey highlighted that small businesses expect insurers to offer online products, and to add more digital services going forward.
Less than a quarter of companies in our survey bought their business insurance online, often due to the limited options available to them. There are noteworthy geographic differences: Those in the UK were most likely to have bought their business insurance online, while those in Switzerland were the least likely.
However, the future intention of these companies reveals a growing preference for digital services across all geographic markets. Among the small businesses that indicated they are likely to switch their insurance provider in the next 5 years, there was a strong preference for digital insurance products4; with 48% of respondents stating they would prefer to purchase their business insurance online.
Of those who indicated an online preference for the future, 50% would rather do this directly from an insurance company website, 28% would prefer a price comparison website or app, and just 10% would use a broker or agent’s site.
This time its personal: A global survey of 2100 small businesses to identify attitudes towards using digital to buy and serve their insurance needs.
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