The trends of broker usage for 2018

One of the defining features of our era is an increase in choice. The digital age has brought with it an almost endless number of options and decisions to be made, making our lives more connected but ever more complex.

A complex environment in which clients are bombarded with choice represents both challenges and opportunities for brokerages. Through understanding how SMEs approach insurance, we will have a more meaningful perspective of the challenges facing the industry and will be better equipped to meet them.

2018 findings

Almost a third of SMEs claim that they are using a broker less than they used to. This finding is consistent with the significant declines we have seen in broker usage since the Index first launched. Notably, SMEs who are dissatisfied with their broker are significantly more likely to have reduced their usage of brokers, which suggests that by focusing on improving client satisfaction, brokerages can dissuade clients from exploring other purchase channels.

Are you using a broker less than you used to?

This year’s SME Insurance Index Report focuses on the general market landscape, including:

1. Industry and business changes prompt SMEs to review their insurance on a regular basis
2. Insurance purchase behaviour is more complex than you may think   
3. Peer advice continues to grow in importance 

SME Insurance Index Library