A recent survey on 2100 SME’s by PwC highlighted the importance of digital transformation in the business insurance arena. With 68% of small businesses wishing to switch providers online, the SME insurance market is under pressure to follow the rapid digitalisation seen in personal insurance lines.
In their report, PwC discuss the drive from founders of SME’s purchasing behaviour and suggest this creates a knock-on effect and demand to continue purchasing insurance online for their business. Whilst digitalisation in the insurance industry has been a focus for many insurance providers recently, these surveys continue to evidence both the demand and gaps of the current insurance landscape. In light of these results, business insurance providers are likely to have digitalisation at the forefront of their strategic agenda and as mentioned in PwC’s report, must look to InsurTech start ups as potential partners for providing technology solutions.
The full article can be read here.