The SME market - How to crack the SME market

The sheer number of SMEs makes them a primary target for insurers aiming to crack the business market. However, Ray Kneeshaw says it would be a mistake to treat them as a single homogenous group with similar insurance needs

It is the diversity of small to medium sized enterprises (SMEs) that makes the sector so vibrant and, potentially, profitable for brokers.

Certain factors can nevertheless be taken as applying across large segments of the SME market. Businesses in their early years may take some convincing of the need for untried or seemingly peripheral covers. More developed enterprises will begin to encounter their first staff problems or cash flow complications, and therefore recognise policy benefits. Medium