A bancassurance breakthrough: Nurturing SME relationships through customized insurance products

in partnership with

VeriPark

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SME Banking
03/04/2024 Study
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Simone Cooper

Standard Bank

Head Business Clients

Foreword

There is no doubt that a vibrant SME sector is the beating heart of any economy, but it is also a sector that faces several challenges. Insurance cover is often complicated, expensive and difficult for SMEs to obtain. However, it is critical given that SMEs face significant risks.

In the wake of the pandemic, many SMEs are reviewing their insurance coverage, and this presents banks with an opportunity to disrupt the market – and increase their income. By providing insurance products that are tailored to suit the specific business needs of SMEs, banks can support and empower the sector by helping them to mitigate risk.

While the needs of SMEs can be complicated, the solutions banks offer should be simple. By staying focused, banks can benefit from integrating insurance products into their offering, and this, in turn, will enable SMEs to thrive.

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