BUILDING A BUSINESS MODEL FOR THE NEXT GEN SMB LEADERS
The increasing demand for and use of digital technologies, the continued emergence of innovative business models and products, and the rapid shift of Gen Z and Millennials as the owners of SMBs will require innovative new approaches by existing insurers to capture the market shift and corresponding growth opportunities. The crucial and strategic question for existing insurers is: Are you ready to capture the tremendous growth opportunities in this vast market --- but in a new, innovative and digital way?
- New leaders, new opportunities The embracing of digital technologies by SMBs will accelerate as Millennials and Gen Z become the dominant population as both consumers and SMB owners and leaders. These new SMB leaders are using technologies to engage in new behaviors and businesses that require new risk products and services.
- Gain first-mover advantage The rapid growth of market trends and digital technologies is accelerating SMB interest in new insurance products, services and business models – putting those insurers with innovative offerings in a first-mover position to win market share and drive growth strategies.
- Be ready for the Future of Insurance When it comes to knowing your customers, one size does not fit all. Business segments, sizes, and generational differences exist, and insurers must adapt to these differences. SMBs have started their digital journey. They expect and demand you to begin your journey today as well.