Hot off the press: Majesco on what small businesses want

IT services provider Majesco has just complied a report titled “The Rise of the Small-Medium Business Insurance Customer:  Shifting Views and Expectations. Is Your Business Ready?”, where it captured the views and expectations of small businesses.

A la ‘smile you’ve been covered’, the report mentions: Ask Kodiak, Bolt, Bunker, Cover Your Business, Starr Insure, Bunker, Trym and other commercial insurance brands Coverager tracks here.

Fast five below.

1. In the #s.

Nearly 80% of businesses in the US have less than 10 employees, making this group an enormous market for commercial and group insurance .

2. 40 is the new 20.

The average age of a successful startup owner today is 40 .

3. The smaller the business, the harder to research, buy or service insurance

4. The smaller the business, the less loyal it is

Cue: insurance is a commodity. That’s my take.

5. “Easy is not a term SMBs use to describe insurance” 

Because sometimes it’s good to state the obvious. This is the gist of the report.

Bonus. Agents Rule.

Agents and brokers continue to be the dominant channel for insurance purchases, followed by insurers.

Access the full report here.