Small-Medium Businesses (SMBs) are the heart and soul of the U.S. economy. According to the U.S. Small Business Administration, there are 32.5 million of them, accounting for 99.9% of all U.S. businesses; they employ 61 million people or 46.8% of all private-sector employees; and they account for 43.5% of U.S. gross domestic product.
To say they are a dominant market segment and a top growth focus for insurance is an understatement! But SMB needs and expectations are vastly different from the past, creating growth opportunities for an underserved market.
SMBs were hit hard by the pandemic. They are facing vexing challenges, from fighting to recruit and keep employees made scarce by the “Great Resignation,” to changing their business models digitally to produce and distribute their products and services to a changing customer base.
SMBs have shown creativity, grit, and resilience in the face of these challenges, but they need – and deserve – the same from insurers, across all lines of business from commercial and specialty to the group and voluntary benefits. Insurance leaders focused on the tremendous opportunity in the SMB market must adapt and step up to support their changing risk, business, and digital needs by creating and offering new risk products, value-added services, and customer experiences.
Watch this webinar to learn about these opportunities, based on fresh insights from Majesco’s new primary research on the SMB market to capture new growth opportunities. Don’t miss this compelling discussion of the win-win opportunities for SMBs and the insurance industry!
Denise Garth - Chief Strategy Officer, Majesco
Glenn Westlake - VP, Strategic Marketing, Majesco