Vero’s SME Insurance Index 2023 Highlights Where Brokers Can Provide Value For Small Businesses In Aotearoa

New research released by Vero New Zealand through their
Vero SME Insurance Index 2023 has highlighted that around
70% of SME’s overall are not considering fundamental
elements when renewing their insurance. This shows where
brokers can play a vital role and provide value for small
businesses within Aotearoa.

The insurer aims to equip
brokers and advisers with insights into the perspectives and
actions of business decision makers regarding their
insurance.

Acting Chief Customer Officer at Vero, Paul
Gallop, says by understanding what small businesses are
really wanting, this will help brokers and advisers more
effectively address the diverse, intricate and substantial
needs of businesses across New Zealand.

The insurer
found that SMEs whose broker was involved in their last
renewal are more likely to report higher satisfaction
levels. Additionally, 86% of businesses would like their
brokers to stay updated on changes within their business
that could affect their insurance, and this is where SMEs
see a large value add for brokers.

Over 750 businesses
were surveyed as part of this research and the findings
showed that around 57% of businesses believe they are mostly
covered for the risks their businesses face. The research
found that businesses whose brokers are involved in the
renewal process are more likely to consider themselves
completely covered.

In the past year nearly half of
all businesses surveyed have made changes to their
operations, however, the research also showed that over one
in three businesses failed to consider these changes when
renewing their insurance.

“For brokers this is an
opportunity to support their business customers to start
thinking critically about the risks their businesses face
and start fostering a proactive mindset to mitigate
potential future risks.”

Gallop says that brokers
need to have proactive involvement with the customer’s
business, as understanding their evolving insurance needs
and addressing changes effectively can have a big part in
strengthening the broker-customer relationship as well as
contributing to higher customer satisfaction
levels.

“In these uncertain times, the value of and
importance of Broker advice to SME customers has never been
higher.”

Through this research Vero has demonstrated
how the insurer is going over and above to support small
businesses and brokers as well as the wider New Zealand
market. This research is part of a number of tools available
to brokers, including the SME toolkit, risk profilers which
are guides to help businesses reduce their risk, and other
helpful content on the Over and
Above
website.

© Scoop Media