Female SME owners are less likely than their male counterparts to use brokers to purchase insurance, research from
Vero has found.
Approximately 29% of women business owners said that they use a broker, compared with 33% of their male counterparts, according to the latest batch of results from Vero’s SME Index. However, the report also found that more women business owners believe that getting the right business insurance is important to them.
Vero’s head of commercial intermediaries,
Anthony Pagano, said that there are important nuances between female and male SME owners and decision makers, and brokers can look to the differences in the two markets as an opportunity.
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“Understanding these will enable brokers to fine-tune their approach to providing the most appropriate and relevant range of services. The Index findings will help brokers understand the needs of female business owners better,” said Pagano.
The research found that more women SME owners embrace online channels to obtain further information on their insurance with 68% of those women surveyed using the internet to research their insurance options, including pricing, compared with 56% of men.
In addition, female SME business owners want to be more involved in their insurance buying and Pagano said that brokers need to understand this and “adapt their relationships accordingly.”
“These owners want to be across the detail to understand the complexities of insurance and to be familiar with the options available to them,” Pagano continued. “Female SME owners are more likely to value brokers for the peace of mind they deliver and this needs to be the key message they take away from any interaction they have with their broker.”
In addition, it was found that women SME decision makers and owners are less likely than their male counterparts to have business interruption cover with just 29% of those surveyed currently holding the cover, compared with 34% of male decision makers. The report notes that this offers brokers an opportunity to discuss how well-prepared those businesses are for any potential business interruptions.
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