“[We are] seeing a generation of businesses which are different to what they were before,” says head of SME
Insurers and brokers have a responsibility to ensure small and medium sized enterprises (SMEs) are being provided the right products.
That was according to Will Edwards, head of SME at Zurich Insurance, who told Insurance Times that it was important for the industry to be there for SMEs amid economic uncertainty.
Edwards highlighted that the economy was “quite a challenge”, with companies facing pressures such as inflation.
“The SME market is not immune to that and we’ll feel those pressures as much as anyone,” he added.
“That’s where it’s on us as insurers and brokers and as an industry to make sure we’re providing the right product to the right business, to make sure that we’re there for them when they need us.”
Meanwhile, Edwards said the way companies evolve could “change over time” as different individuals take charge, leading to transformations in the way SMEs operate.
“We’re seeing the ways that SME businesses used to work changing,” he said.
“An example of [this can be observed] during the pandemic, [when] businesses couldn’t have a shop.
“So, they couldn’t physically have a presence on the high street.”
Edwards felt SMEs had not yet resumed establishing physical shopfronts, but rather embraced new digital mediums to conduct their transactions.
“[We are] seeing a generation of businesses which are different to what they were before as well,” he said.