One of our motivations at Cytora comes from the conviction that business owners get a bad deal when it comes to insurance. Only around £0.70 of every £1.00 commercial customers spend on insurance policies is returned to policy holders via claims, and up to 50% of small businesses are underinsured for the risks they face.
Furthermore, insurance companies – and their technology partners – do not always interact directly with business owners about their insurance. With business owners increasingly wishing to purchase online and direct, we think there’s a better way for insurers to deliver cover that’s truly valuable for the end users of their products.
Earlier this month we gave our company values a polish. One of the things we were determined to re-emphasise was the role of the end-customer in the insurance value chain.
A growing number of our customers use Cytora to build digital platforms and sell commercial combined insurance policies direct to SME businesses.
Because we build products that enable insurers to sell direct to business owners, we take the lead in championing the needs and pains of business owners. And because the success of our customers is determined by how satisfied SME businesses are with their insurance buying experience, we focus on understanding and enabling business owners to have a great experience with these platforms.
In doing so, we align the interests of business owners and insurers, helping to reduce inefficiencies and make insurance more valuable to the end customer.
To tackle these questions we are working on a user research project to understand the small business customers of our own insurance customers. Over the coming months we’ll be digging into the needs and pains of small businesses by interviewing them about the insurance buying process.
This study is already helping us to gather insights on:
The learnings from these interviews will help to shape and inform our product development strategy, which is guided by making it easier for business owners to purchase the cover they need.
Are you in charge of buying insurance for your business? We want to hear about your experience if:
If you fit this profile and are willing to be interviewed, please get in touch using this short google form: