Insurer communication key for SME customers during second lockdown

SMEs rated insurers strongly for communication during the first lockdown and the challenge for carriers is to repeat that the second time around, according to data and analytics firm GlobalData.

The company’s 2020 UK SME Insurance Survey found that more than a third (34%) were very satisfied with their insurer’s performance in terms of, ‘communication about the impact of coronavirus on my insurance cover’.

In addition, 64% were either somewhat satisfied or very satisfied with their insurer’s communication, which 9% said they were unsatisfied.

Ben Carey-Evans, insurance analyst at GlobalData, said: “It is key for SMEs in the UK to know exactly where they stand with their insurance, what they are covered for, and what they are not, as they continue to work under heavy restrictions. This data indicates that insurers have been doing a good job so far.

“However, the survey was carried out before the second UK lockdown was announced. This will cause further problems for many SMEs and insurers, with claims likely to rise again as many businesses are prevented from operating. Therefore, it is essential that insurers maintain, if not improve, this level of communication, as retentions next year – amid squeezed budgets and stories of failure to pay out claims – will be challenging.”

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