Future of Small Business Commercial Insurance

The COVID-19 pandemic has disrupted businesses of all shapes and sizes around the world. For small and medium businesses (SMBs) it has posed particularly significant challenges, given their typically thin cash reserves and dependence on a small number of routes to market. However, the pandemic has served as a powerful demonstration of the value of insurance protection and many SMBs are likely to review their arrangements in its wake. This creates significant opportunities for insurers who can provide the right range and choice of cover, through the right channels, at the right price.

It is this notion of becoming a Connected Enterprise that we explore in this report, setting out the hallmarks of Connected Insurance in the SMB context. We explore how this may manifest itself across what we see as the three likely dominant ways of working for small and medium commercial insurance in the new reality we are entering.