Small and medium enterprises (SME), or businesses, make up the majority of businesses across the globe. 99% of businesses employ fewer than 500 people.
However, SME businesses are critically underserved. There have been limited improvements in SME insurance offerings over the past decade, as insurers have fallen behind other industries in terms of customer-centricity, speed of innovation and use of data. As a result, there is a real opportunity to deliver a next-generation experience for customers and underwriters.
Why is it so hard to serve SMEs, and what can insurers do to capture more of the market?