ADVERTORIAL - Are insurers prepared to meet the real needs of SMEs? Deloitte SME Insurance
SMEs make up more than 99 percent of companies in Switzerland and account for almost two-thirds of the nation’s jobs. According to Deloitte’s SME Insurance Report «The future of small business insurance – What do customers want?», it is a segment in which insurers can still grow substantially by offering additional protection or advisory services. This is because SMEs are increasingly realizing the value of insurance.
Since the outbreak of the Covid pandemic, their level of trust in insurers seems to be at an all-time high. The positive experiences with insurers during the crisis made a real impression on SMEs. And yet, while trust is high, more could be done. Many of the 5,300 SMEs surveyed globally and 400 in Switzerland express an appetite for more advisory services and for products better suited to protecting their business. This could create new growth opportunities for insurance companies.
Moreover, Swiss SMEs are open to purchasing insurance coverage and services from non-traditional players, such as large technology companies. Insurance providers that understand SMEs better than big tech can expand their standard range of solutions by providing advisory services and leveraging partners and ecosystems.Post-Covid, SMEs are more aware of their risks and vulnerabilities and are likely to increase their insurance spending.
The report suggests that, among SMEs, the main driver for purchasing more insurance is their increased vulnerability to damage and losses in the post-Covid world. The events of recent years have demonstrated to Swiss SMEs the potential impact of systemic risks such as utility failures and other potential «black swan» events.
With the war against Ukraine, cyber risks are also becoming more apparent, with state-sponsored attackers exploiting vulnerabilities to gain access to or interrupt critical applications and infrastructure.
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