Smaller businesses in the UK have multiple options when it comes to insurance, but those who wish to buy directly online face dramatically fewer choices. Of 65 leading SME insurance insurers, MGAs, and brokers, 72% do not provide direct online access for SME customers, according to our new research. This is why, we launched the first ranking on SME online insurance in the UK.

Nearly three-quarters of the companies miss out on growing their SME portfolio every day because they cannot sell directly to customers over the internet. Others have online platforms which are too complex, opaque, or simply don’t work. They’re missing out too.

We tested the internet-based quoting platforms of the 65 UK SME insurance suppliers to assess the ease of obtaining an online price, and buying cover directly from them. They also measured transparency and support throughout the process. When seeking online quotes for businesses including a café, a consulting firm, and a hair salon, Wenalyze found that only 13 allowed customers to buy a policy online.

Each quoting platform was assessed according to 16 parameters including the number of questions, the time required, and the ease of access to useful information.

We found that the fewest number of questions asked before quoting was 10, and the greatest 70, against an average of 26. Only 4 sites had FAQs, just 3 allow a quote to be saved for later, and a paltry 2 allowed a support call during the quote.

To download the complete details of the first ranking on SME online insurance in the UK, click here.

© Wenalyze 2023
For more information, you can also contact us at wenalyze@wenalyze.com
This article was written by: Dr Adrian Leonard, Strategic Insurance Communications adrian@strategicinsurancecommunications.com