Half of SMEs will buy insurance online

December 8 2017 by InsuranceAsia News Staff

More and more small-scale businesses are looking to communicate with their insurance providers online, a PwC survey has reported.

In addition, 36% of the respondents said they will buy online in the near term, and 48% within five years.

The findings come from a PwC survey of 2,100 small businesses from 14 countries across North America, Latin America, Asia and Europe.

According to the research, the insurance market for small and medium-sized enterprises (SMEs) is likely to completely change to mirror the digital transformation seen in personal insurance during the past 10 years.

Many industry observers believe that the sector needs to act now to meet this growing demand from small businesses.

Among small businesses worldwide, those in the UK are the most digitally savvy, the survey results showed, with 43% saying they have bought insurance online. The global average was 24%.

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