Over the course of this blog series, I’ve examined how experiential research and design thinking can enable insurance carriers to build better customer experiences. I also discussed how our own experiential research, conducted with Fjord, shows that direct carriers are not currently giving small commercial customers what they need and want.

However, small commercial insurance remains primed for disruption by innovative direct players—whether these are incumbents pivoting to new business models, insurtechs, or companies in adjacent industries that serve small commercial clients. To take advantage of this significant market, carriers should look at securing and extending their position in the market by betting on direct channels, compelling customer experiences and specialized, segmented solutions.

The winners will not necessarily be the organizations that are first to market or those with the simplest and fastest online quoting process. Instead, the victors will be those that create a transformative buying and service experience that addresses the fears, concerns and frustrations that trouble small business owners today when they buy direct or through agents.

To be among the winners, an insurance carrier must develop a deep understanding of small business owners’ needs and provide a superior experience that earns his or her trust and confidence. No small commercial solution yet delivers this winning formula, meaning that the market is open for the first players who get the recipe right. You can listen directly to some of these small business owners’ experiences in this video.

Carriers who want to win need to leverage design thinking, co-creation with customers, imagination, and experiential research capabilities to create and rapidly refine their target segments, channels, and touchpoints to address small business owners’ real needs and concerns.

Have a look our Small Commercial Insurance research report to find out more, or browse my previous posts in this series.

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