Insurance trends among SMEs in Singapore
Small and medium enterprises (SMEs) in Singapore are not so different from their counterparts in Asia. They are cash-strapped and often focused on the present with little regard for investing in the long-term. That is because many are in the “live in the moment” mode characteristic of market participants that live very competitive environments.
In an exclusive interview with Fintech Innovation, Karl Hamann, Chief Executive Officer, QBE Insurance Singapore, noted that insurance is not an investment priority among SMEs, reflecting continued pessimism over the economic prospects of 2017.
The price of policies remains a key concern among prospective customers. Hamann concedes that continued education of both SMEs and insurance agents remains an important investment for the industry.
He acknowledges that client onboarding remains a tedious process. He confirmed that QBE is investing in innovation along the lines of how policies are put together. With the new generation of business owners and entrepreneurs, catering to their pre-disposition towards digital processes is also going to be an important area of investment at QBE.