Almost half (48%) of business insurance buyers say their trust in insurance has increased since the start of the pandemic, but only 54% believe that insurance is meeting their businesses’ challenges very well.
A new report from specialty insurer Beazley highlights that in addition to financial protection, businesses are looking to their insurance partners to provide them with more risk insight, risk management-related services and flexible coverage that better meets their business’ changing needs.
The findings are based on research commissioned by Beazley involving 1,000 senior executives and insurance buyers in the U.S. and UK, from across 10 different industry sectors, plus additional insight from in-depth interviews with a panel of risk and insurance industry experts.
The survey found that a quarter of business leaders struggle to understand what coverage they need, while 19% find it hard to get insurance tailored for their sector or specialty business. A worrisome 44% don’t think their insurers understand their business.
The top three asks from insurance partners are:
A deep understanding of risk by sector and size
Specialist risk advisory services as part of their policy
Comprehensive, straightforward cover
According to the research, the top five buying factors for insurance are:
A policy designed for my type of business
A long-term insurer partnership
The cost of insurance
Fast, responsive claims service
Ease of understanding coverage
Source: Beazley’s Risk in a new world order: How can we meet clients’ changing needs?
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