Analysis

How can schemes transform brokers into ‘trusted advisors’ for UK SMEs?

By 2024-11-13T08:00:00

SME, broker, schemes

Broker schemes have the potential to change insurance for SMEs from being ‘transactional’ to ‘relationship driven’ – however, chief commercial officer feels many market offerings need tech refresh first

Many SMEs feel underserved by the financial services sector.

According to the SME Financial Services Tracker Report by Saffron Building Society, which polled 502 UK SMEs in May 2024, 60% of respondents think that major banks put larger businesses first, while 50% believe that financial services providers do not understand their businesses or its unique needs.

Brokers, however, are one component of the financial services market looking to plug this service gap through the provision of insurance schemes.

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