What does evolutionary biology tell insurers about SMBs in the post-pandemic world?

With evolution, there are winners and losers. Covid-19 has undeniably hit small and medium-sized businesses (SMBs) hard. However, there is a positive story emerging - one of reinvention and entrepreneurship. The SMB market is changing and adapting to the new world at a rapid pace.

This white paper proposes that Covid-19 resembles an evolutionary shock to the SMB ecosystem that will result in lasting change. Although individual insolvencies are on the rise, the SMB market will continue to be the powerhouse of the global economy. And when the market bounces back, it will be fundamentally altered: highly digitised, with faster operational velocity, and built on new and dynamic business models.

Underwriters need to position themselves now for the SMB recovery and pre-empt permanent changes in the insurance needs of their SMB customers. With traditional underwriting methods reaching their limits before the pandemic, adopting advanced analytics and artificial intelligence (AI) has become imperative for the faster-paced, post-pandemic world.

Download this white paper to find out why insurers must rethink how they serve this market and what lessons can be learned from evolutionary biology.