intelligent

Paul Williams , CEO of Ripe

them . New equipment will be purchased , for example , new staff hired and bigger premises secured . Insurance policies must be expanded or businesses may find themselves underinsured once again . Overly complex legalese and policies can be a significant barrier to small business owners understanding the extent of their coverage and overall package , impacting whether their insurance stays relevant as their business grows .

With SMEs likely to face tighter budgets this year than ever before , this problem has

What needs to change

Insurance providers must step up , adapting to better serve SMEs , and creating real solutions to support small business owners . To start , it ’ s time to move away from complicated and inaccessible language , as well as ditching the outdated ‘ one-size-fits-all ’ approach that has long dominated business insurance policies .

In order to create bespoke solutions that prioritise the customer , insurance businesses must develop a deep understanding of the risks faced by SMEs across various sectors , informing hyper-personalised product development and ensuring customisable protection at the right price point .

At Ripe , we have focused on creating a proprietary platform to enable this new form of business insurance procurement . SMEs can tailor their policy , ensuring they only pay for what they need depending on the nature of their profession .

The future of insurance lies in data-driven , technology-enabled solutions that offer realtime , adaptable coverage – while , crucially , keeping customers ’ needs front and centre .

Leveraging technology solutions to develop products that better serve SMEs , we can start to make positive progress in the right direction .

What the future holds for SME insurance

AS SMALL BUSINESSES

CHANGE AND ADAPT

QUICKLY , THEIR INSURANCE

POLICIES NEED TO GROW

WITH THEM . become even more urgent . Higher interest rates , VAT thresholds and increased energy and labour costs mean almost half ( 47 %) of British Chambers of Commerce members expect to raise their prices this quarter , according to their annual report .

As an industry , we must work to enable customers to accurately tailor their product based on their needs , ensuring that their coverage is both comprehensive and priced appropriately for individual business needs . With more people than ever before looking for insurance products online , we have a clear opportunity to adapt our own platforms and interfaces to best serve the specific needs of SMEs .

For too long , essential financial services products , such as insurance , have been designed without SMEs in mind . Small businesses need transparent , quick and easy to understand services , because they often