Asteron Life Research Reveals Women SMEs Seek Advice Less Than Men

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Asteron Life research has found that female SMEs are significantly less likely to use advisers than males and do not see the value of using them.

The third issue of Asteron Life’s SME Insurance Index 2018 focussed on women SMEs and found that a number of them go direct simply because they hadn’t considered using an adviser.

According to the survey:

  • Accessing expert advice and guidance on insurance issues and getting the right insurance for the right price are the key reasons why female SMEs use an adviser
  • Female SME decision makers would consider using an adviser if they knew they would save money and access expert knowledge and advice. They also value personalised service that an adviser could offer.
  • Females are more likely to use word of mouth and online channels to find an adviser

Asteron Life Executive Manager Customer Experience, Catherine Bateman, says the research shows that women are worrying a lot more about a far greater range of things.

“On the other hand, it’s clear that when they get advice women are getting more value from it than men, because they are much more likely to say they are saving time, getting expert advice and have greater peace of mind when using an insurance broker,” said Bateman.

The research found that 38% of females with life insurance say that having no time for self or family is a challenge, significantly higher than the 29% of males who also nominate this as a challenge.

“We need to find a way to connect women to the expert advice out there…”

“We need to find a way to connect women to the expert advice out there, because we know when they do this they get so much value from it,” said Bateman.

“When women want something done, I think the natural response for many is to just do it,” she said. “But using the services of an insurance broker is one aspect of their business where female SMEs could save themselves time and create more peace of mind,” she said.

Bateman says the insurer will be using the findings to work with brokers and advisers to help them offer a compelling proposition to female SMEs.

The insurer confirmed that advisers will be receiving the research directly from Asteron Life later today.