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Win in the small and medium-sized business market

Win in the small and medium-sized business market

Presented by Oliver Wyman

As the insurance industry is starting to evolve, the small and medium business (SMB) market becomes an interesting growth opportunity. Digital capabilities and data become more available and prolific, and customer needs and wants are beginning to shift, opening new value pools. 

Focusing on the small and medium commercial segment helps insurance carriers achieve growth, diversification, and cost-effectiveness. The small and medium business (SMB) market market is approximately $110 billion within the US. When putting all lines of business (LOB) together there is no single player that is a dominant force (more than 10% share) in the market. SMB has also proved to be quite profitable, running a below average combined ratio over the past few years. Taking a dominant position in this space would be a sizable opportunity (more than $5 billion) for any insurer who is willing to make the necessary investment and commitment.

To win, thrive and gain market share in the SMB market, we present 10 considerations that should be at the top of every insurance carrier’s list.

At Oliver Wyman, we have worked with multiple CEOs and their leadership teams on small and medium-sized commercial opportunities. Our unparalleled depth and expertise can help your team make the right types of decisions, build strategy, and position your business for accelerated growth in this growing segment. Learn more. 

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