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Asteron Life gives advisers SME boost

Insurer Asteron Life is to launch a SME Insurance Index for the life insurance market, in April.

Wednesday, March 28th 2018, 9:13AM

Its sister company, Vero, has been operating one in the general insurance space since last year.

The index will be designed to help life insurance advisers tailor their offering for small- to medium-sized business owners.

“Suncorp has talked to nearly 1000 SMEs, and Asteron Life is thrilled to be able to use the insights this year to support life insurance advisers with SME customers,” said Trevor Longbottom,  executive manager of distribution.

“SMEs represent 97% of New Zealand businesses, and those customers face unique challenges that affect their purchasing decisions across both their business and their personal insurance."

This year’s research included questions about the types of life insurance cover SMEs held and how they felt about advisers, and examined the attitudes of businesses who took out insurance on behalf of their employees.

“SMEs are a key customer segment, and I think that there is a lot of room for Asteron Life and advisers to work together to better understand and meet their needs,” Longbottom said. “By shedding some light on the attitudes and behaviours of SMEs towards life insurance and financial advisers, this report takes the first step towards that.”

A survey of brokers in late 2017 showed that 21% said the 2017 Vero Index had helped them to attract new business.

Half of the brokers surveyed in 2017 believed that the SME Index had assisted them to understand their SME clients better, and 68% said they looked forward to learning more from future Indexes.

“These insights will help advisers understand how SME customers may differ from their other customers, and tailor an offering to meet their needs.”

The first Asteron Life SME Index will be released on 11 April.

Tags: Asteron

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