Digital SME Insurance - Coverager
Digital SME Insurance November 2019
Contents EXECUTIVE SUMMARY 4 THE MODERN LANDSCAPE 5 STATS AND FIGURES NOT IN THEIR DNA DATA PLAYERS PIVOTS NEXT AMTRUST THIMBLE JONES, BUNKER COVERWALLET 7 12 14 17 18 19 21 22 16 THE PAIN POINT 25 PREDICTIONS 30 REFERENCES 36 November 2019 I 2
“ No one can predict the future exactly, but we know two things: It’s going to be different, and it must be rooted in today’s world. Peter Thiel, Zero to One November 2019 I 3
Executive Summary The internet has enabled convenient shopping in personal lines insurance. As a result, shoppers enjoy fast, free quotes and access to free advice via social media platforms, while insurers combat product commoditization as the do-it-yourself shopper can more readily compare on price. But small commercial business is a fragmented business that is neither compulsory (exception apply), nor easy to buy, and innovation isn’t all that different from 2011. This paper focuses on 29.6 million US small businesses with fewer than 20 employees. Rarely will you find ‘big’ numbers although small business is big business – that’s more of a cliché because no single insurer is positioned to capture the entire market. What you will find is an overview of new entrants, analysis of distribution and marketing strategies, failure stories and most importantly a future outlook that is rooted in today’s actions. US SMALL BUSINESSES BY INDUSTRY, 2015 Professional, Scientific, and Technical Services Other Services (except Public Administration) Construction Retail Trade Health Care and Social Assistance Accommodation and Food Services Administrative, Support, and Waste Management Real Estate and Rental and Leasing Wholesale Trade Finance and Insurance Manufacturing Transportation and Warehousing Arts, Entertainment, and Recreation Educational Services Information Agriculture, Forestry, and Fishing and Hunting Mining, Quarrying, and Oil and Gas Extraction Utilities Source: SBA Office of Advocacy 1-20 EMPLOYEES 747,952 635,810 615,701 594,267 569,088 401,142 295,202 277,338 262,019 218,939 187,862 157,974 106,357 70,210 63,321 20,212 18,157 4,493 NONEMPLOYER 3,410,855 3,695,012 2,430,014 1,978,850 1,985,553 371,413 2,069,144 2,635,780 417,272 718,472 355,467 1,528,264 1,341,733 710,383 328,995 236,094 98,134 19,968 November 2019 I 4
The Modern Landscape November 2019 I 5
“ Hiscox is the first company in the US to offer insurance coverage for professional services businesses with 10 employees or less direct, online, and in real-time. We provide professional liability, general liability and business owners insurance, underwritten by Hiscox Insurance Company Inc. We also offer workers’ compensation insurance provided by EMPLOYERS. Hiscox, April 2011 Then and Now In 2011, companies like Joust, Namely, Boulevard and Homee didn’t exist. However, companies like AP Intego, Appulate, Bolt, Dovetail, and CoverHound did; and while their value proposition may have evolved in alignment with the changing landscape, it was a lot clearer to identify competitors in the small commercial space. But ‘back then,’ isn’t all that different from ‘right now.’ CoverWallet is the modern Insureon with its value proposition of selling small business insurance via a comparison tool. Bold Penguin is the modern Bolt – a distribution platform to power entities looking to offer small commercial insurance products online. Semsee and Tarmika are the modern SeaPass (now Bolt), a single-entry multiple company interface that promises to introduce operational efficiency to agents quoting small businesses. And where you’ll find Next Insurance, you’ll find Hiscox, as both companies target the lower end of small business, the DIYers, the modern shoppers. COMPANY Joust Namely Boulevard Homee AP Intego Appulate Bolt Dovetail FOUNDED 2017 2012 2016 2016 2003 2005 2000 2006 ABOUT Banking platform for pros HR, benefits platform, & agency Management software for spas On-demand property maintenance Commercial broker MGA software provider Distribution technology provider MGA SaaS COMPANY CoverHound CoverWallet Insureon Bold Penguin Semsee Tarmika Next Hiscox FOUNDED 2011 2015 1997 2016 2017 2017 2016 1901 ABOUT Personal, commercial broker Digital commercial broker Digital commercial broker Distribution technology provider SEMCI SaaS SEMCI SaaS Commercial insurer Global insurer November 2019 I 6
New Players 01. There are approximately 21 direct and digital new small business commercial entrants in the US since 2015. US Commercial Insurance Entrants Direct, Digital Other 19 13 11 7 6 3 2 2015 biBERK Bunker Cover * CoverWallet Embroker Talage Thimble Ask Kodiak DataCubes General Indemnity Groundspeed IIG ** Planck Terrene Labs Ventus Wunderite xagent Y-Risk 2016 2017 Intrepid Direct Layr MyGearVault Next Insurance Simply Business (US) Starr Insure Attune Bold Penguin Carpe Data Fenris Flyreel GST Software Hazardhub Indio Technologies Lumen Insurance QBIS RiskGenius TensorFlight Well Insurance Berxi Huckleberry Suracy BeemaBroker Blackboard Broker Buddha Hi Marley InsuraTech Insurdata Kalepa NeuralMetrics Newfront Insurance Oyster Insurance Pogo Insurance Ronoco Semsee Simply Insurance SMB Insurance Swivyl Tarmika Zesty.ai 3 2018 Coterie ProSight Direct Vouch Linchpin Insurance RiskRevu Vindati 3 2019 Harborway Inshurents THREE * Cover is semi-digital ** Internet Insurance Group *** CoverHound, EverQuote expanded to offer commercial lines Source: Coverager November 2019 I 7
02. Incumbents are establishing modern brands to handle direct business. Incumbent Berkshire Hathaway Brand Type biBERK Develop Berxi Develop Focus GL, WC, Property & Liability, PL, Umbrella THREE E&O Develop (by Accenture) Small business Harborway Develop Simply Business (US) Acquire W. R. Berkley Intrepid Direct Develop Auto service & repair garage, Franchise restaurant, Junk hauler franchise, Gym & Fitness ProSight Specialty ProSight Direct Develop Consultants, Fitness, Freelance Contractor, Media & Entertainment Starr Co. Starr Insure Develop Small business Travelers Small business Small business Note: Y-Risk was acquired by the Hartford and looks to reach freelancers directly via GigProtect (redirecting users to different D2C insurers including Hiscox). Since it is mostly working with brokers, it isn’t part of this list. November 2019 I 8
New Insurance Investors 03. Approximately 22 insurance companies have backed commercial players, including Bold Penguin, Bunker, CoverHound, CoverWallet, DataCubes, Embroker, Indio, INSHUR, Mylo, Next, Paladin Cyber, QBIS, Slice Labs, Sure, Thimble, UpGuard, and Zeguro. Investor Investee Aflac Ventures CoverHound 58 AmFam Ventures Bunker Bunker CoverHound CoverHound 2 6 14 33.3 Argo Ventures Paladin Cyber Assurant Growth QBIS Sure AXA Venture Partners Thimble Thimble 4.2 22 Chubb Bunker CoverHound 0 58 Grupo SURA Slice Labs Guggenheim Partners Hiscox Amount ( , M) Next Insurance 35 MS&AD Ventures CoverHound 58 MTech Capital INSHUR 8.5 Munich Re Ventures INSHUR Next Insurance Next Insurance Next Insurance Slice Labs Slice Labs Zeguro 20 Nationwide Ventures Sure 8 Bold Penguin 32 NFP Ventures DataCubes 0 Mylo 28 Indio Technologies 0 QBE Ventures Zeguro 5 Starr Companies CoverWallet 18.5 CoverWallet 0 Bunker Indio Technologies 4.5 0.75 8 2 58 2 UpGuard 17 IAG Firemark Ventures UpGuard 2 Manulife Investee Markel Corporation CoverHound IAG Investor Amount ( , M) Embroker XL Innovate 28 Zurich 8.5 35 83 250 11.6 20 5 Embroker 12.2 Embroker 28 Slice Labs 3.9 Slice Labs 11.6 Slice Labs 20 0 CoverWallet November 2019 I 9
Q1 Q2 Q3 Q4 2015 Source: Coverager 173.43M 18.9M 31M 153.34M 35.5M 71.13M Q2 Q3 2016 Q4 Q1 Q2 Q3 2017 Q4 Q1 Q2 Q3 2018 477.18M 567.2M 166.2M Q4 Q1 106.43 252.72M 272M 82M 109.2M 692.32M 566.85M 319.18M 20.05M 160M 165M 202.57M 13M 42.1M 6.23M 147.3M 55.4M 233.77M 0.15M 113.92M 51.7M 177.87M 202.55M 66.57M 31.27M Q1 21.85 40.29M 0 0 16M 127.31M 17.8% of total global insurance funding is invested in commercial lines players Personal v. Commercial Lines Funding (USA) Commercial Personal Q2 November 2019 I Q3 2019 10 Q4
1 player stands out Noteworthy Investments in Commercial, US Next Source: Coverager 381M Bold Penguin 51M Embroker 42M Groundspeed Analytics 32M Thimble 29M CoverWallet 28M Indio 28M Cover 27M Vouch Insurance 25M Zesty.ai 13M Planck 12M Hi Marley 9M Bunker 8M Carpe Data 7M Flyreel 6M Broker Buddha 5M Huckleberry 4M Insurdata 4M QBIS 4M xagent 3M RiskGenius 3M DataCubes 3M TensorFlight 2M Fenris 2M Terrene Labs 1M Coterie 1M November 2019 I 11
“ Agents are begging for leads, we respond with technology. Anonymous Source November 2019 I 12
Modern Isn’t in Their DNA Doing nothing is also a strategy as it beats wasting time, money and effort going down the wrong path, and some will go down. In 2015, CNA launched its microsite, a direct-to-consumer, agent-facing quoting widget for its independent agents to place on their websites so consumers shopping for insurance could get a quote for either small business or workers’ compensation insurance. The product supports ‘plain vanilla’ risks – simple exposures, single location, and no losses. And now Hanover and AF Group have followed in the footsteps of CNA: Hanover partnered with CoverWallet on Insurago, a consumerfacing digital insurance platform for independent agents. AF Group partnered with Talage, an insurance software company that allows small business owners to buy essential commercial insurance coverage online, to provide a “software enablement solution” to its independent insurance agents. November 2019 I 13
“ Next Insurance’s data- and technology-driven business model offers outstanding growth opportunities, which we will harness together. Joachim Wenning, Chairman of the Board of Management at Munich Re November 2019 I 14
The Rise in Commercial Data Players A handful of commercial data providers are leveraging thirdparty datasets to provide a holistic view of the customer either for classification purposes or to track business activity and alert underwriters to changes in risk. Too early to draw any conclusion and the value of real-time underwriting, otherwise knowns as continuous underwriting, is best looked at from the lenses of specific classes of businesses. Carpe Data Planck NeuralMetrics Middesk DataCubes 2016 2015 2017 2018 2015 Santa Barbara New York New York San Francisco Schaumburg Employees 82 45 13 7 49 Total Raised 6,600,000 12,000,000 N/A 4,000,000 2,500,000 N/A GUARD 3 insurers N/A NAICO, Penn National, Hanover, Columbia Insurance, Selective, RLI Founded Headquarters Partners * DataCubes’ pricing starts at 100K a year, according to one source. November 2019 I 15
Pivots November 2019 I 16
Dynamic Landscape Next Insurance wasn’t always in direct competition to Hiscox. Post its 13 million round in 2016, Next was directing leads from its site to Hiscox. Fast forward and now Next is a licensed insurer in 17 states, as of July. Next reached 77M GWP in August 2019 from over 100,000 small businesses (both existing and past companies). 40K CONTRACTORS 30K FITNESS INSTRUCTORS 27.5% Munich Re’s stake in Next November 2019 I 17
AmTrust’s Attempt at Direct In February 9, 2017, Coverage met with a few folks at AmTrust to discuss their plans to go direct and their challenge to find a good domain name. One thing led to another and Coverager suggested the domain name AmVenture.com, which at the time was available for purchase for 2,500. And that was that. AmVenture was launched to attract small business insurance companies online. However, the user experience never amounted to much as the site offered a quote request form for users to complete to have an insurance representative reach back. It didn’t take long before AmTrust upper management axed the project for the simple reason that going direct isn’t a skill in their toolkit. Fast forward, AmVenture has recently rebranded to Suracy, an insurance agency led by Sam Liotta and Tim Hummer – both ex-AmTrust employees – to offer national business insurance programs that support a broad range of franchises, small and larger businesses, unions, and other organizations. Specifically, it is targeting religious organizations via a sub-brand called Suracy Faith. November 2019 I 18
“ We sell 200 policies a day but each policy is worth 5. Former Employee, Thimble November 2019 I 19
Thimble: Too Small Verifly launched in August 2016; claiming to be the first app for on-demand drone insurance for personal and commercial use. Premium started at 10 per hour for 1 million in liability coverage underwritten by London-based Global Aerospace. And then, in 2018, it expanded to offer on-demand liability insurance starting at 5 per hour for up to 2 million in liability coverage underwritten by Markel. Finally, Verifly has rebranded to Thimble, is no longer mobile-only, isn’t available in New York and is desperate to attract agents and move towards a heterogenous distribution strategy. Its Thimble Broker Program pays 10% commission in perpetuity for each new customer, and for a ‘limited time’ agents also receive a 50 bonus for each new customer. Note: Thimble is the broker of record on all policies. November 2019 I 20
Jones: From Insurtech to Proptech New York City-based Jones launched in early 2018 to offer independent contractors pay-as-you-go liability insurance starting at 1.99 a day. The company, now a team of 63, has shifted its focus to offer commercial real estate and construction companies a liability management platform to track certificates of insurance. In addition, Jones takes care of finding, approving, scheduling, and managing facility service providers. Bunker: Competing with Jones [see above] Similar to Jones, San Francisco-based Bunker also offers a contract insurance marketplace and has raised a total of 8 million in funding. But that’s where the similarities end, as Bunker, which was established in 2015 is showing signs of struggle – employing fewer employees than it had back in June and enjoying very minimal to no activity in its direct-to-consumer channel. November 2019 I 21
“ Our operations are now 50% technology and 50% insurance sales. Source, CoverWallet November 2019 I 22
CoverWallet: 50-50 Launched in 2016 with a 2 million seed investment, CoverWallet was initially focused on building an insurance management platform for small businesses. “Shopping and managing insurance policies from multiple brokers can be really painful. Businesses need a single, central location to rely on for everything from understanding their risks to managing their policies,” said Rashmi Melgiri, the cofounder of CoverWallet, at the time of the announcement. It has since shifted to provide technology services to Zurich, Hanover, and Aon. In Spain and Switzerland, CoverWallet is powering Zurich’s direct-to-consumer small business insurance initiatives. In Australia, CoverWallet powers Aon’s small business. And in the US, CoverWallet powers Aoncover.com (by Aon) and Hanover’s Insurago, a consumer-facing digital insurance platform for independent agents. The company has approximately 300 employees in New York City, Rochester, NY, and Spain. November 2019 I 23
November 2019 I 24 JACK OF ALL TRADES, MASTER OF NONE
The Pain Point November 2019 I 25
Keyword Monthly Volume CPC ( ) Keyword Monthly Volume CPC ( ) business insurance 27,100 46.15 business insurance near me 1600 23.32 commercial insurance 22,200 27.94 general liability insurance for small business 1600 65.4 small business insurance 9,900 51.79 hartford business insurance 1600 12.93 commercial truck insurance 8,100 41.33 liberty mutual business insurance 1600 27.62 business liability insurance 6,600 46.31 commercial car insurance 1600 42.84 commercial auto insurance 6,600 48.18 commercial insurance brokers 1600 22.14 geico commercial insurance 6,600 4.3 commercial property insurance 1600 27.72 progressive commercial insurance 6,600 4.44 nationwide commercial insurance 1600 9.03 business insurance quotes 3,600 47 business insurance companies 1300 34.75 general liability business insurance 3,600 46.88 business interruption insurance 1300 20.78 commercial general liability insurance 3,600 43.95 health insurance for small business owners 1300 43.79 farmers insurance commercial 3,600 14.14 hiscox business insurance 1300 7.38 geico business insurance 2,400 14.42 small business insurance quote 1300 45.36 small business liability insurance 2,400 48.65 state farm business insurance 1300 10.55 commercial insurance companies 2,400 29.29 allstate commercial insurance 1300 14.14 commercial vehicle insurance 2,400 45.56 state farm commercial insurance 1300 11.06 what is commercial insurance 2,400 8.52 allstate business insurance 1000 15.85 progressive business insurance 1,900 7.44 business health insurance 1000 41.75 commercial liability insurance 1,900 37.18 business liability insurance cost 1000 50.31 business insurance cost 1,600 36.25 commercial insurance quote 1000 39.34 progressive commercial auto insurance 1000 5.82 1.84M small business insurance searches per year November 2019 I 26
Generating Awareness If the mountain will not come to Muhammad, then Muhammad must go to the mountain. According to the U.S. Small Business Administration, there were 30.2 million small businesses in 2018. If we take this number and compare it to the volume of yearly small business insurance searches performed on Google to determine the level of awareness around the product, we’ll find that the search volume - 1,844,400 million - accounts for 6.1% of the market. On the other hand, there are around 147 million American households with at least one car and there are 42,999,600 yearly Google searches for car/auto insurance, accounting for 29.2% of the market. At times when consumer interest can be measured by search volume, it’s not surprising to see a 378.7% increase between a compulsory product that’s continuously advertised and one that isn’t required by law (with a few exceptions) nor frequently promoted. 30.2 MILLION SMALL BUSINESSES 1.84 MILLION SEARCH VOLUME RELATED TO SMALL BUSINESS 147 MILLION HOUSEHOLDS WITH AT LEAST ONE CAR 43 MILLION SEARCH VOLUME RELATED TO CAR INSURANCE There’s the famous saying that if the mountain will not come to Muhammad, then Muhammad must go to the mountain. In other words, when things aren’t going your way, you have to adjust to the way they are. November 2019 I 27
Content is King If the Kingdom is Interested Next Insurance isn’t positioned well organically on Google when it comes to small business-related insurance keywords and doesn’t benefit from the advantage of being an established brand, hence, it is interesting to note its content strategy. Next dedicates its blog almost entirely to different small business needs with very little insurance-related content. For example, the company published a 3,651-word article (18-minute read) on the topic of license requirements for general contractors. The article appears on Google’s first page when people search for ‘general contractor license’ which has a monthly search volume of 6,600. This strategy results in search traffic being the highest source of traffic for Next - in October, 63.35% of its traffic came from search. On the other hand, The Hartford, which relies more on its brand name and superior insurance-related keyword positioning, received 31% of its traffic from search in the same period. Hiscox No. of keywords bringing users to the site (top 100 organic results/Google) Hartford Next 159.5K 38.7K 18.2K 492.4K The estimated monthly traffic for keywords 61.4K Non-branded traffic (keywords that don’t include the domain’s) 56.3% 70K 56% 89.7% November 2019 I 28
But Next Insurance isn’t just relying on content marketing. The company recently hired Melanie Chase, formerly VP of Marketing at Fitbit, as Chief Marketing Officer and it’s also looking to hire a creative director to help establish itself as the top of mind brand in small business insurance. “ The Creative Director is responsible for elevating Next’s brand and developing high-impact, polished creative across full 360 campaigns including TV, online video, website, out of home, digital, social, email and beyond. This role will be responsible for building out a full creative team to execute mass-market campaigns on an ongoing basis. The ultimate goal of this role is to establish Next as the top of mind brand in small business insurance. November 2019 I 29
Predictions November 2019 I 30
Good Things Come In Small Packages 01. There’s no doubt small commercial insurance distribution is heading online – modern players are digital players, but not all digital players are direct players. In fact, heterogenous distribution strategies are typically the norm – combining B2B2C and D2C strategies to offset the cost of Google ads. In its recent earnings call, John Sauerland, Chief Financial Officer at Progressive, mentioned how “amazing” it is to him that many people are willing to buy their auto insurance via a mobile device. And a quick analysis of top commercial players’ web traffic highlights which brands enjoy the most activity from a mobile device. And while mobile may not be the final destination for policy purchase, the consensus is that mobile is influencing a shopper’s decisions. But it’s not ‘just’ about purchasing a policy, in small commercial, the emphasis should also be about being able to digitally access certificates of insurance and process policy changes online. Currently, most incumbents don’t enjoy such operational efficiencies. October’s Traffic Analysis for Select Commerical Brands Company Desktop Total Total (Desktop Mobile) Mobile Total % Hartford 527,900 1,500,000 74% 2,027,900 Next Insurance 110,100 379,500 78% 489,600 CNA 401,700 15,700 4% 417,400 Hiscox 190,400 175,400 48% 365,800 Insureon 100,300 115,400 54% 215,700 CoverWallet 96,300 53,100 36% 149,400 THREE 95,000 11,500 11% 106,500 biBERK 27,800 48,500 64% 76,300 AmTrust 53,100 15,400 22% 68,500 Simply Business 15,800 34,700 69% 50,500 Progressive * 20,874 28,126 57% 49,000 Berxi 19,700 24,800 56% 44,500 Thimble 15,200 25,600 63% 40,800 Bizinsure 12,600 9,000 42% 21,600 Bunker 19,300 0 0% 19,300 3,900 13,900 78% 17,800 0 2,100 0 2,100 Embroker Nationwide ** * via progressivebusiness.boldpenguin.com ** via nationwidecommercial.boldpenguin.com Source: SEMrush November 2019 I 31
02. There’s also no doubt parts of small commercial insurance will be distributed by platform partners and non-insurance players. Technology is making it easier than ever to embed insurance and the rush to make up for lost revenues in struggling industries is enough of a motivation to have noninsurance companies consider offering insurance, which is, after all, a universal product. Select Partnerships in Small Commercial Non-Insurance Company Insurance Partner Industry HOMEE Coterie CoverWallet AP Intego Home Improvement Wave (H&R Block) Next Insurance AP Intego Finance Entrepreneur.com Bold Penguin Media HomeAdvisor Next Insurance Home Improvement B2B2C can be leveraged as a strategy to offset the cost of going direct (aka Google ads and social media ads). AP Intego is an interesting example, as the company, which has over 50,000 customers, has partnered with leading companies such as Intuit, Square, Gusto, Wave and Homee to distribute miscellaneous small business insurance products including workers’ compensation. This makes you wonder whether user-centric platforms will stay content with handing over the experience along with substantial commissions to a middleman. Nonetheless, we’re seeing an increased appetite amongst digital platforms when it comes to offering insurance to their user base. November 2019 I 32
“ Intuit is looking to further develop its insurance offering and have greater control over the experience for its 5 million users. Source, Intuit November 2019 I 33
03. Small commercial insurance will become a game of curation and less a game of commoditization. Insurance has borders. How folks in the UK shop for insurance is different from how folks in the US shop for insurance. One primary reason is that you can’t find a KAYAK experience offered by a US insurance player; as the experience either lacks in ‘product’ (top insurers not participating on a given platform) or in ‘practicality’ (a link redirect). There are a handful of companies including Bolt, BizInsure, CoverWallet or Insureon that attempt to aggregate small business insurance. Just as there are a handful of companies that look to aggregate small business insurance for independent agencies. The latter group is more truthful when describing its value – the ability to send data to carrier portals and start the commercial quoting process with less rekeying. Well, that may or may not be good enough for agents and is certainly not good enough for consumers. For now, Agency writers account for approximately 68.6 percent of commercial P&C net premiums written, and direct writers account for 27.7 percent. This may explain, why Next and Thimble are looking to spice up their distribution strategy by working with agents. Except, it isn’t rational or economical for agents to handle small business insurance with fewer than 20 employees or less than one year in business. So in essence, aggregation (and eventually commoditization) isn’t in the stars. Finally, small business is a fragmented business comprised of many industries with microsegments that demand customized messaging. Distribution Strategies by Mode of Delivery and Target Audience Delivery Customer Curated Embedded Aggregated Commercial Agent N/A N/A SaaS Small Business Owner Direct Digital Writers Non-Insurance Players Digital Commercial Brokers November 2019 I 34
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Motley Fool Transcribers. (2019). Progressive Corp (PGR) Q3 2019 Earnings Call Transcript. Retrieved from transcr.aspx Nationwide LinkedIn page. (2019). Retrieved from https://www.linkedin.com/company/nationwide/ads Next LinkedIn page. (2019). Retrieved from s Next. (2019). Website. Retrieved from: rector Progressive Insurance LinkedIn page. (2019). Retrieved from https://www.linkedin.com/company/ progressive-insurance/ads SBA Office of Advocacy. 2018 Small Business Profile. [Report]. Retrieved from: https://www.sba.gov/sites/ s-US.pdf Selective Insurance LinkedIn page. (2019). Retrieved from e/ads Starr Insure LinkedIn page. (2019). Retrieved from https://www.linkedin.com/company/starr-insure/ads The Hanover Insurance Group LinkedIn page. (2019). Retrieved from https://www.linkedin.com/ company/the-hanover-insurance-group/ads Thimble LinkedIn page. (2019). Retrieved from https://www.lin
Next Insurance CoverHound INSHUR INSHUR Next Insurance Next Insurance Next Insurance Slice Labs Slice Labs Zeguro Sure DataCubes Indio Technologies Zeguro CoverWallet CoverWallet Embroker Embroker Slice Labs Slice Labs Slice Labs CoverWallet 35 58 8.5 8.5 35 83 250 11.6 20 5 8 0 0 5 18.5 0 12.2 28 3.9 11.6 20 0 Amount ( , M)
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Digitalization of SME operations also brings the benefit of generating data that institutions need to view an SME as a 'real business' with potential and make more informed credit decisions. This helps bring small businesses into the financial mainstream. An empowered SME sector is a growth engine for the economic development of a country.
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High-Level Principles on SME Financing, which call for strengthening SME access to credit, while also supporting the diversification of their financing sources. Questions for discussion 1. Are recent policy approaches to address SME financing challenges on the supply and demand sides meeting their objectives? What elements call for further
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