The future of small business insurance

Canadian small business owners faced tremendous disruptions to their core business operations as the pandemic wreaked havoc on supply chains, labour shortages took hold, government-mandated shutdowns prevented some businesses from operating, and climate change continued to intensify with increasingly frequent extreme weather events. 

The unforeseen risks served to highlight the value of insurance protection. It’s important for insurers to recognize how the COVID-19 crisis has reshaped small business owners’ attitudes toward insurance, from the risks they are most worried about to the services they want from their insurers and intermediaries beyond insurance.

Our five key recommendations for insurers to better serve the insurance needs of small business owners:

• Build on the high level of trust with customers
• Provide broader risk solutions and offer flexible policy features
• Invest in providing high-quality advice and non-insurance services
• Proactively reinvent distribution, exploring direct-to-customer and non-traditional channels
• Develop omnichannel interaction capabilities across the end-to-end value chain

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Contributors
 

Chris Duvinage
Senior Manager, Consulting

Dana Bastaldo
Senior Manager, Consulting

Scott Laiken
Senior Advisor, Consulting

Raj Matharu
Senior Manager, Audit & Assurance

Lasith Lansakara
Senior Manager, Consulting

Michelle Doan
Consultant, Consulting

Mike Clark
Senior Consultant, Consulting