OLDWICK, N.J.--(BUSINESS WIRE)--This A.M.BestTV episode examines how commercial insurers are aggressively courting small businesses, but are torn concerning platforms and selling strategies. Click on http://www.ambest.com/v.asp?v=smallbusiness116 to view the entire program.
A recent Deloitte study showed that direct sales of business insurance have been slow to develop, though the market is primed for automated service.
“A lot of these businesses are being grouped into program segments ... they tend to get pretty standard off-the-shelf products, with pricing being pretty straight forward,” said Sam Friedman, insurance research leader, Deloitte Center for Financial Services. “These businesses for the most part are starting to resemble the personal lines buyers and for that reason this segment is primed for automation.”
John Lucker, principal, Deloitte Consulting LLP, global advanced analytics & modeling market leader and leader, Deloitte Analytics, addressed the hurdles facing the segment in selling online.
“Ultimately there are three main features as to what customers want, they want the business to be easy to originate and process, to be done quickly and finally, to be cheap,” said Lucker.
Additionally, the Deloitte study pointed out that the keys to moving this business forward are listening to the voices of the small business consumers, resolving their conflicting needs and resolving what is most important to them and their insurance relationships.
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