An independent survey of 500 SME business leaders commissioned by Allianz found that the top priorities for SMEs when purchasing business insurance are:
- Breadth of cover (75%)
- Claims handling (58%)
- Reputation of the insurer (47%)
The poll also revealed that 80% of the SME senior decision makers said that they would be prepared to pay more for their insurance if they were advised that their cover was inadequate.
Of the factors considered when purchasing insurance, 'cheapest price' was ranked lower with just 31% of respondents claiming it was a priority.
David Martin, Allianz’s director of SME markets, said:
“The results of the survey clearly show that when it comes to protecting their businesses, SMEs value breadth of cover over cost. Brokers can be confident that SME’s recognise the need for good advice to ensure their business risks are appropriately understood and managed.”
Steve White, Chief Executive of BIBA, supported the research findings and said:
“It is promising that SMEs recognise the importance of cover over price, particularly at a time when loss adjusters have reported under-insurance of around 44%. We all want to ensure that claims are paid quickly and in full to help businesses recover and a simple way to ensure this, is to make sure that the correct levels of insurance are in place. It is important for businesses to review their cover regularly and insurance brokers have the expertise and knowledge to advise them on purchasing suitable cover.”
David Martin added:
“When brokers are choosing the right carrier for their customer I would hope they see Allianz as a natural choice.We have one of the largest digital product offerings in the market and ensuring we provide breadth of cover is a key priority for us. With the continued use of data enrichment to expand our underwriting footprint and with more products coming to QuoteSME in 2018, we’ll be able to cater for an even wider range of trades and occupations.”
Businesses looking for an insurance broker can use BIBA’s Find-A-Broker Service on 0370 950 1790 or www.biba.org.uk.
Notes to Editors:
This online survey of 500 senior decision makers in SME‘s was commissioned by Allianz and conducted by market research company OnePoll, in accordance with the Market Research Society code of conduct. Data was collected between 16/01/2018 and 02/02/2018. This survey was overseen and edited by the OnePoll research team.
The information contained in this press release relates to Allianz Insurance plc. Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.
The Allianz Group is one of the world's leading insurers and asset managers with more than 86 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold a leading position in the Dow Jones Sustainability Index. In 2016, over 140,000 employees in more than 70 countries achieved total revenue of 122 billion euros and an operating profit of 11 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
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