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Here’s how insurers can protect SMEs in 2022 and beyond

Article provided by King Price Insurance

Cyber insurance is critical

With heightened threat levels for SMMEs and growing cyber risks associated with employees working from home, insurers are partnering with external providers to increase cyber security and provide comprehensive cyber insurance as a ‘back-up’ in case of cybercrime. The proactive security approach provides the first line of defence by identifying and protecting against vulnerabilities in existing systems and infrastructure, with a strong cyber insurance policy, such as cybersure from King Price, providing protection against the cost of restoring productivity and reputation.

Insurance products have evolved due to the pandemic’s impact

Usage-based insurance is probably the hottest trend in the global insurance industry right now. People don’t want to pay full premiums for assets that are standing idle or being used infrequently. In South Africa, a growing number of insurers are bringing usage-based products to market, basing premiums on mileage. King Price has also extended usage-based insurance into areas like agriculture, where farmers get rebates for the time that their expensive machinery stands idle.

Insurers are embracing digital technologies

Insurers have pivoted to transform the customer experience they offer amid shifts in consumer behaviour and preferences around engagement and service.

Technology is the enabler, but clients are the real disruptors. They want simple products tailored to their needs, a slick customer experience, and the ability to manage their insurance through their choice of digital channels, whether that be WhatsApp or self-service portals. Technology gives insurers the ability to provide an individual customer experience, with AI, user-friendly apps and chatbots driving a range of digital-first, human-friendly services that are tailored to the exact needs of their clients, whether in the personal lives or small business space.

King Price Insurance is a proud Partner of the NSBC

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