SMEs are the backbone of the western economy. They surround us everywhere we go. It is the bakery down the street, the Bed & Breakfast you stay in your vacation, your tax advisor, your doctor or the home renovator you call to set up your new kitchen. But each year, hundreds of small business owners end up closing their doors due to everything from fire damage to vandalism. Many of these incidents occur because these businesses are not covered by small business insurance.
For Allianz, SMEs are almost a blind spot, claiming only 5 % as its market share. Not anymore: We started a SME Journey at the GDF with the aim to make SME insurance services faster to develop, easier to sell, and smoother to use and manage leveraging on a globally harmonized coverage and risk model. A multi-national and cross-functional team from six Allianz entities created an end-to-end experience from underwriting to claims to give life to Smart SME, which is how we call the innovative digital solution.