Insights
Whitepapers
Insurance
Combined commercial: any flavor so long as it’s vanilla

Combined commercial: any flavor so long as it’s vanilla

In this report we explore the opportunity for SME insurers of offering tailored and personalized combined commercial and analyze three key trends for embedded SME banking

FintechOS
29 June 2022
Customer centricity
Customer Experience
Digital Transformation
Innovation
Insurance
SME Banking
SME Insurance
SME Lending
ice-cream cone over blue background

Combined commercial: any flavor so long as it’s vanilla – SME strategy whitepaper 2022 - FintechOS

SME combined commercial shouldn’t be one-size-fits-all

In its current form, combined commercial is available in any flavor, so long as it’s vanilla. Add-ons are personalized at the most basic of levels, and policies are far from tailor made. This is doing nothing to benefit small and medium-sized enterprises (SMEs), who are, arguably, the most in-need of properly personal, tactically targeted insurance policies.

At DIA Amsterdam, Chris Kay, sales director for insurance at FintechOS, presents a digital solution based in Big Data that provides SMEs with insurance options tailored to their needs, and offered when and where they need them.

People attending the DIA Amsterdam event

Read our report summarizing:

  • The opportunity for SME insurers of offering tailored and personalized combined commercial
  • Three key trends for embedded SME banking
  • The future of the SME combined commercial industry
  • How the FintechOS platform can help you tap this new market

Using the FintechOS pipework, the data that SMEs generate on a daily basis through their accountancy and banking apps can be used to also offer related insurance products. If, for example, an SME was making a loan application, the information needed to fulfil that need would also be used to access their insurance needs, and specific insurance cover would be offered in the same transaction.

The benefits to SMEs are significant. Traditionally time-poor, nimble and volatile, using existing data saves SME owners a large amount of time by dramatically simplifying the application process, and encourages them to access a greater number of optional insurance opportunities. This, therefore, increases their chances of, not just surviving, but thriving.

Making better use of the data also enables insurance providers to offer coverage based on the SME’s budget at that particular point in time, again increasing the chances of the SME taking out relevant insurance, and work to create a deeper relationship with the financial institution.

It’s not just the SMEs who will benefit from better use of data, and of combining embedded SME banking and embedded finance into one digital bundle. There is a huge opportunity for innovative insurance providers, or financial institutions, to lead the charge through the digital landscape to the future, and offer truly attractive propositions for market-leading SMEs.

As the global economy emerges from the pandemic and uncertainty remains prevalent, being able to provide targeted support for SMEs with data-driven products is crucial for, not just their survival, but the overall growth of the global economy.

It is hard to overstate just how big an opportunity there is to completely overhaul the way SMEs are currently sold insurance.

Chris Kay

Commercial Director with Western Europe

ice-cream cone over blue background

Combined commercial: any flavor so long as it’s vanilla – SME strategy whitepaper 2022 - FintechOS