In brief

In brief

  • Small commercial businesses in North America have lagged personal lines customers in adopting direct channels for purchasing insurance.
  • They find the process as time-consuming, confusing and frustrating as agent purchases are today.
  • Accenture and Fjord’s experiential research methodology is an approach any carrier can leverage to understand small commercial businesses’ future requirements.

Seizing the direct opportunity in small commercial insurance

Small business owners are strapped for time, under pressure and passionate about their businesses. Most direct small commercial insurers are failing to connect successfully with what this market segment truly cares about. Experiential research from Fjord and Accenture reveals that small commercial insurance customers are eager to purchase online but hold back because they find that the process is as time-consuming, confusing and frustrating as agent purchases are today.

Carriers that want to seize the sizeable opportunity in direct small commercial insurance sales must design customer-centric experiences that address all the small business owner’s needs for speed, simplicity, flexibility, transparency and advice. Above all, the carrier must show that it understands the small businesses in which owners are so deeply invested and the challenges they face in navigating an ever more complex world.

As a fragmented $100 billion market where no single player has more than 4 percent market share, small commercial insurance represents an attractive opportunity for growth-hungry insurtechs and incumbents alike.

A methodology for understanding the small business owner’s perspective

Accenture explores why small commercial customers find purchasing insurance online to be time-consuming, confusing and frustrating. Listen to the perspectives of small business owners and find out how Accenture and Fjord's experiential research methodology offers an approach every carrier can leverage to better understand small businesses' current and future requirements.

Small Commercial Insurance

Accenture's video reveals small commercial insurance is ripe for digital disruption but online sales growth has disappointed to date. See more.

View Transcript

Michael Reilly

Managing Director – Insurance, Underwriting Community of Practice

Jim Bramblet

Managing Director, North American Insurance Industry Lead – Accenture

Tom Keane

Senior Manager – Accenture Insurance


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