The SMB customer is a target for insurtech innovators and insurers. Many owners state their willingness to embrace online offerings and self-service insurance
Not surprising then that the potential small firms hold is being eagerly eyed by insurance firms and indeed has been a major driving force behind the significant tech investments made by many of the industry’s biggest players. Recent pertinent deal flow includes the acquisition in March of UK online SME insurance broker Simply Business by US insurance giant Travelers for £400m. A closer look at Simply’s performance and customer metrics reveals why Travelers, the largest commercial lines insurance writer in the US and a top five player in the US small business insurance market, was so keen on snapping up the UK firm to support its long term strategy for SMEs.