While broker use among SMEs remains stable, there’s still plenty of untapped opportunity in this segment
The latest SME Insurance Index from Vero highlights both the complexity of SMEs’ buying behaviours and the increasing importance of referrals. While almost eight in 10 SME clients said they were willing to recommend their broker, only 19% had actually been asked by their brokers to do so. “The trend demonstrates the power of word of mouth for brokers, yet the index suggests there are very few exploring this option,” said Anthony Pagano, head of commercial intermediaries for Vero.
The report also revealed that just under half of all SMEs are using brokers for only some of their business insurance needs. “If you can understand why your client is more comfortable obtaining certain products via direct channels, you’re much better placed to explain the value you can provide,” Pagano said.