Changing High Streets

with Nicki Crabb, Tom Hepworth and special guest Chris Barclay from Superscript

The high street is undergoing a significant shift, driven by the changing needs of SMEs and the impact of services and products moving online. As existing business models adapt to modern demands, the insurance industry must play a crucial role in supporting these changes.

In our most recent episode of CovéaPod, Nicki Crabb, Head of SME and Schemes Trading and Tom Hepworth, Research and Insight Manager at Covéa, were joined by Chris Barclay, Chief Commercial Officer at Superscript to discuss the future of high streets and the innovative measures being explored to cater to a dynamic business environment.

Changing Business Models and Insurance Needs

SMEs are increasingly embracing online and mobile options, often reducing their physical stock in favour of direct supplier shipments. This shift requires re-evaluating insurance products, which have historically been limited and outdated. Tom Hepworth emphasises the necessity for insurance products to evolve to meet the needs of these new business models. There is a growing need for tailored, modular insurance policies that cater to the specific requirements of modern businesses.

Enhancing Communication and Support

Effective communication among insurers, brokers, and business owners is crucial in this ever-changing landscape. Covéa has taken steps to improve its communication channels, including relaunching an enhanced web chat service, enabling brokers to interact quickly with customers. Nicki Crabb highlights the importance of cross-training SME trading teams to ensure swift and efficient responses to brokers and customers. This approach not only streamlines communication but also nurtures a deeper understanding of customer needs.

The Role of Technology in Insurance

The use of digital tools is changing how businesses buy and handle insurance. Chris Barclay highlights the shift to multi-channel distribution, allowing customers to access services beyond office hours through online chats and digital platforms. This flexibility ensures businesses can get the cover they need conveniently. The digital experience is also being enhanced to provide personalised services tailored to individual business needs.

Educating Business Owners

Many SMEs are trying to cut costs due to the economic pressures of the cost of living crisis and the aftermath of the pandemic. However, this cost-cutting often leads to inadequate coverage and negative experiences during the claims process. Both Covéa and Superscript are committed to educating their customers to ensure they make informed decisions about their insurance needs.

This includes providing information through seminars, webinars, and other educational initiatives.

Supporting Diverse and Neurodivergent Business Owners

Inclusion and support for diverse and neurodivergent business owners are also critical considerations. Research indicates that a significant proportion of SME owners require additional support, and addressing these needs is essential for their success. Tailoring insurance products and services to be more inclusive and supportive will help these business owners thrive in the competitive market.

Conclusion

The future of high streets is marked by diversification and digitalisation, driving changes in how businesses operate and their insurance requirements. Covéa Insurance and Superscript are leading the way by adapting their products and services to meet these evolving needs. Through enhanced communication, personalised service, and a commitment to education, we are helping SMEs navigate the complexities of modern business. As high streets continue to transform, the insurance industry must remain agile and responsive, ensuring that all business owners receive the support and coverage they need to succeed.