Majority of Small Business Insurance Buyers Would Switch Agencies for Better Online Quoting and Service, Semsee's Small Business Snapshot Says

NEW YORK, Oct. 6, 2020 /PRNewswire/ --  Small business owners are looking for a streamlined digital experience when it comes to buying insurance, and they're willing to take a stand to get it. A majority—59%—of businesses surveyed said they'd consider switching agencies if another could provide faster quotes for new policies, according to a new survey from Semsee, the leading automated small commercial quoting solution.  Similarly, 55% said they'd move their business if another agency had more digital service capabilities, such as online policy changes, billing and claims, reveals Semsee's Small Business Snapshot, a survey series designed to measure small business owner preferences in insurance. Just one-quarter of respondents said they would not move their business no matter the digital capabilities of the agency.

Business owners also put a high priority on their agents' ability to provide options for coverage and an open and transparent buying process. More than 8 in 10 say that it's important for their agents to provide quotes from multiple carriers and to offer the ability to see and compare coverages and pricing.

"It's clear that business owners are looking for more information and options before they buy. Agents have a competitive advantage in commercial insurance and the survey shows that insureds value agents' services, but it's important that they look for more ways to deliver that value online," says Philip Charles-Pierre, Semsee's CEO.

Despite their willingness to switch agencies for faster quotes, fast doesn't mean instant for most small business owners, demonstrating their appreciation of the complexity of commercial lines and desire for more quality information from their agents. Only 23% of businesses expect quotes on new policies within an hour or less, while 77% say they'll wait 2-3 hours or longer for new quotes.

"In this Amazon-ized world in which instant gratification is often the name of the game, it's clear that small business owners are more concerned with getting the right coverage and having a good understanding of their options before they buy," adds Charles-Pierre. "The results are particularly compelling given the fact that 72% of the survey respondents are under 45 years old, representing an important segment of commercial insurance buyers for many years to come."

About the Survey: Semsee's Small Business Snapshot was conducted August 24—27, 2020 using SurveyMonkey's online platform. Results are based on a national sample of more than 300 self-identified small business owners ages 18+ of which 54% have insurance and purchase it through an agent. The survey series is designed to help agents better understand small business insurance buying preferences.

About Semsee

Semsee simplifies and accelerates the small commercial quoting experience for independent agents, giving them more time to service their clients and grow revenue. Inspired by the promise of the original SEMCI initiative, Semsee combines advances in technology, workflow efficiencies and data and analytics to give agents fast, accurate quotes from multiple appointed carriers through a single-form submission. Semsee is backed by the D. E. Shaw group, a global investment and technology development firm and a pioneer in quantitative approaches to trading and investment, and Nephila Holdings, Ltd., the first and largest alternative risk transfer fund in the insurance industry. For more information visit: https://semsee.com.

SOURCE Semsee

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