Collaborative relationships drive SME satisfaction
We’ve learned that collaborative relationships play a large part in overall satisfaction. With the recent launch of the 2021 Vero SME Insurance Index report, there have been many insights into what helps drive broker satisfaction in SMEs.
The report shows that most broker clients claimed to be satisfied with their brokers. However, the past 12 months have been a challenging period for many SMEs, and there was a decline reflected in their satisfaction.
There was also a drop in communication between brokers and their clients, which may have played a role in this decline. Our data shows that 28% of SMEs weren’t in contact with their broker over the last 12 months. With communication playing such an important role in driving a collaborative relationship with clients, it’s important to remember to reach out to client regularly and check in with them.
We also need to strike the right balance between technology and people when it comes to communication with clients. Insurance is a relationship business and we need to ensure technology is used to enhance our ability to connect with each other, rather than diminish it.
The data also shows that clients who were more collaborative with their broker were the most satisfied (51%) with more positive attitudes to insurance overall. Comparatively, SMEs who had minimal interaction with their broker, showed only a 24% satisfaction level.
Overall, there has been a steady increase over the past 10 years in the number of SMEs who want to be more involved with their insurance. This year’s report shows that 60% of SMEs are personally researching the insurance needs of their business. They value explanations from their broker about the cover they have in place, how much it costs and why.
Sarah Lyons Chief Executive of Gallagher Australia said, “I met the owner of a broking firm the other day and he used the phrase ‘Make the invisible visible’ and I think that is so apt for brokers because we do so much work behind the scenes but I’m not sure we actually articulate that enough to clients”.
This is an opportunity for brokers to further engage with their customers as well as demonstrate the expertise and the value that they deliver. This could be from sharing the analysis and processes that have gone into a recommendation, or it could be providing SMEs with information on insurance issues such as regulatory or legislative changes and case studies. This will help engage clients and demonstrate a broker's value.
“The whole point of having a broker is to have a relationship. A good broker, they have your best interests at heart and it is a two-way street”. – Jim, Bottle Shop Owner. You can hear what other SMEs are looking for from their brokers in the video below.
Download the report to see the full findings for 2021 and what they mean for brokers.
Register to watch the CPD accredited Vero SME Insurance Index Webinar on demand
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Source: The SME Insurance Index report research was conducted by BrandMatters. See www.brandmatters.com.au
Disclaimer: AAI Limited ABN 48 005 297 807 trading as Vero Insurance (Vero) has prepared this Vero SME Insurance Index Report & Infographic (Report) for general information purposes only. Vero and its related bodies corporate do not assume or accept any liability whatsoever (including liability for special, indirect, consequential or incidental damages, or damages for loss of profits, revenue or loss of use) arising out of or relating to this Report & Infographic or the information it contains. Vero and its related bodies corporate do not invite reliance upon or accept responsibility for the information it provides on or through this Report & Infographic. Vero and its related bodies corporate do not give any guarantees, undertakings or warranties concerning the accuracy, reliability, completeness or currency of the information provided. This Report & Infographic is not a recommendation or statement of opinion about whether a reader should acquire insurance from Vero (or its related bodies corporate) or services from any insurance intermediary or otherwise alter their business arrangements. This Report & Infographic is based on commissioned research by Vero and should not be used as the basis for any decision in relation to the acquisition or disposal of insurance products or the use of broker services. Readers should confirm information and interpretation of information by seeking independent advice.
