Room for innovation - not complacency - in providing tailored insurance solutions for SMES

Since the launch of its Business Insurance offering for small and medium sized enterprises (SME) in August 2005, Auto & General has enhanced and expanded the portfolio of business insurance products to meet the demand for customised solutions in different sectors.

Auto & General now offers 35 tailored business insurance products designed to address the specific insurance needs of SMEs in five market segments, namely: Business, Office, Practice, Professional and, a new product for Guest Houses.

Within these segments are categories such as florists, salons and small retailers, travel and estate agencies, medical and dental practices, accountants and lawyers, to name a few. Under the Auto & Business product alone, five new tailored solutions have been developed for funeral parlours, coffee shops, garden services, electronic installers and, electricians, plumbers and locksmiths.

Each product contains the ideal combination of traditional policy sections to ensure that a small or medium sized business is adequately looked after from an insurance point of view. This means that there are no superfluous or irrelevant clauses and features, which, in turn, means that there are no unnecessary premium costs. Most importantly, though, clients still have the flexibility to include additional cover, should it really be of benefit to their business.

Auto & General has also introduced a new value-added product, Business Assist, which provides small businesses with cover when they need specialist third-party assistance such as labour and legal consultants.

“We are constantly evolving and enhancing our business insurance offering to meet the increasing demand for specialised, tailored insurance solutions for small and medium sized businesses. This is done through comprehensive and ongoing analysis of the SME market to identify the specific insurance needs of businesses across a range of different sectors, says Anthony Jackson (pictured right), general manager of Auto & General Business Insurance.

“Auto & General firmly believes there is no ‘one size to fit all’ when it comes to insurance for business. Insurance requirements vary from business to business, and especially across different sectors and industries. So, there is a very definite need for customised solutions that are not only relevant to the industry that a business operates in, but also the type of business they are engaged in,” says Jackson.

When Auto & General launched Auto & General Business Insurance three years ago, they knew that it wasn’t going to remain static and that they would continuously have to hone and expand its portfolio of business insurance products. And, that’s what they have done, and will continue to do moving forward. There is always room for improvement and innovation.

“Auto & General is particularly agile, thanks to our network of brokers and the sophisticated systems we have in place, which allows us to respond quickly and timeously to demand,” adds Jackson.

Auto & General’s Business Insurance solutions are available nationwide, through brokers. Brokers can service Business Insurance clients quickly and efficiently, as they receive instant telephonic quotes. All policy and claims administration is done telephonically, which speeds up the entire process. Plain English policy wording, based on the industry’s MultiMark III and awarded the Readability Mark, is another benefit, as is the Cash Back Bonus. This Bonus offers clients their first year’s premium back, or 25% of the total premium paid, whichever is lesser, after a four year claim-free period.

Small and Medium Enterprises account for over half of South Africa’s national economic output and yet, despite the size of the flourishing SME market, there are few short-term insurers offering products that are tailored to the specific insurance needs of smaller businesses.

Auto & General Business Insurance answers to the demand for affordable, short-term insurance products for SMEs. The Company’s offering not only caters for SME-specific insurance needs but, can also be further customised to individual business requirements.

“In just under three years, we have positioned Auto & General’s Business Insurance as a preferred provider of customised business insurance solutions for smaller South African businesses. We believe that the uptake of Auto & General Business Insurance is largely due to the fact that small business-owners appreciate being able to customise their business insurance according to their individual requirements and, it’s hassle-free”, concludes Jackson.”