Crack the SME Code: 5 Clues to Transform the Insurance Ecosystem

Insurance for Small and Medium Enterprises (SMEs) needs a focussed strategy to cater to the nuances and diversity of SME players. SMEs account for nearly 70% of employment and over 40% of Australia’s GDP. Still, over 50% are underinsured, and 13% have no coverage. That’s a $1.4 billion premium opportunity waiting to be unlocked. The opportunity is substantial.

Can insurers in Australia and New Zealand offer faster quotes, personalised experiences, and digital-first journeys? Most insurance companies still grapple with rigid legacy systems, manual underwriting, and disconnected policy workflows. High premium costs and complex application processes raise the insurance gap.

It’s time to opt for AI-led digital transformation.

A Smarter Way Forward

To help insurers seize this opportunity, Newgen and InsureMO have joined forces to create an AI-first approach to SME insurance. This insightful guide lists the top five action steps to achieve speed and scale, while simplifying operations.

Key Knowledge Nuggets

• How to automate underwriting and optimise risk assessment
• Why intelligent document management is a must for modern insurers
• Ways to integrate broker platforms, third-party portals, and surveyors
• Steps to personalise products for various SME segments
• Measurable outcomes achieved by early adopters

Bonus: A 90-day value-added implementation roadmap

Who Should Read This

This playbook is designed for insurance leaders navigating growth, transformation, and complexity in the SME space. By implementing the suggested strategies, insurance providers can close the insurance gap, elevate customer experience, and gain operational excellence, turning market challenges into opportunities.

Download the playbook to explore how Newgen and InsureMO enable robust digital transformation across all touchpoints of the insurance journey.