Small Business Insurance:
DIGITAL TRANSFORMATION

Small Market Banking

Independent agents have long been the primary distribution channel for commercial insurance and continue to serve an important role as advisors and intermediaries. However, there has been a gradual shift in the value that carriers and customers place on the many activities performed by independent agents.

Celent & Barlow Research are partnering to evaluate the evolving dynamics of the client/agent relationship and provide insights on commercial insurance buyers’ preferences, behaviors and experiences across both personal and digital delivery channels for small business insurance.

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Overview and Objectives

Discover key drivers of satisfaction with delivery models, compare the differences in going direct and through an agent, measure the challenges buyers experience, test the acceptance of new delivery models and identify the target market for direct digital models.


Two phase “preference profiling”

Barlow Research will conduct a two-phase “preference profiling” analysis among small business decision makers to learn how and why different insurers, including InsurTechs, are selected and how open they are to digital-centric servicing processes.

1. Qualitative interviews

Profiling of 30 small businesses ($100K-<$10MM in annual sales) to identify:

  • How decision makers approach the shopping/application process in terms of direct versus agent-based exploration or a mix of the two
  • The most important/satisfying factors as defined by expectations
  • Issues, concerns and challenges buyers experience or anticipate

2. Quantitative surveys

Analysis of 1,000 small business ($100K-<$10MM in annual sales) decision makers at firms across a variety of industries to:

  • Identify and size small business decision makers based on current risk management practices
  • Discover key drivers of satisfaction in both the agent-based and digital delivery models
  • Measure the importance of the agent relationship and its’ trade-off to discounted premiums
  • Test the acceptance of new delivery models
  • Identify the target market to direct the digital delivery mode

Deliverables and Timing

Comprehensive reports

  • Full analysis of qualitative interviews and quantitative survey

Data files available


Gold & platinum sponsorship opportunities available


Results anticipated in Fall 2020


 

Please contact us

to schedule a phone meeting

 

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