Serving the insurance needs of the dynamic SME market

The small and medium-sized enterprise (SME) market is both vibrant and complex, offering significant opportunities and challenges for insurance providers. As of 2023, the UK’s SME sector was made up of 5.5 million businesses, which is more than 99% of the UK’s business population.

The scale of the insurance opportunity is clear, but SMEs come in different shapes and sizes, operate in thousands of different industries, and their insurance needs rarely fit neatly into the boxes designed by standard cover offerings.

SME owners, often with complex insurance needs, are seeking the right advice and the right cover at the right price. Insurance providers meanwhile can struggle to understand the true risks involved, compounded by the agile nature of many SME businesses and their ability to diversify and adapt to their markets to maintain and grow revenue streams.

Serving the dynamic SME market can be made easier through the intelligent use of data.

This content highlights how insurers and brokers can build meaningful relationships with SMEs by educating clients about risk exposures and leveraging data to provide tailored solutions.

Topics covered include:
• Challenges of underinsurance and overinsurance.
• Complexities in understanding insurance policies.
• Opportunities for education and relationship-building.
• The role of data in enhancing SME insurance.
• Leveraging data for tailored solutions.
• Innovation and future growth in the SME insurance market.