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Small- to medium-sized enterprises (SMEs) have evolving complex needs and providers can better support this vital market segment.
Amid the current macroeconomic and macropolitical climates, SMEs are continually evaluating their budgets and looking for health insurance products that provide excellent value at a competitive price point. This often results in SME groups switching providers on a relatively regular basis.
Brokers and their SME clients are seeking benefit packages that not only provide global medical cover with access to an extensive hospital provider network, but that also meet the employer’s duty of care to their employees. Because of this, benefits associated with preventative care, general wellbeing, and mental wellness are increasingly important.
To meet these evolving demands of the corporate and SME market, providers are introducing modular plan designs to adapt benefit offerings to the specific needs and budget constraints of the client. This flexibility is especially important in the SME market, where resources and expertise may be limited.
When comparing the demands of the SME market to that of larger corporations, it is important to note that large corporations often have a dedicated human resources team to manage employee benefits.
This is typically not the case with SMEs, which often rely on business owners or directors who may lack insurance experience. As a result, providers need to adapt their service model accordingly to offer simplified, hands-on support.
At IMG, we provide a personalised renewal service to all our SME clients, including face-to-face meetings with brokers and clients to offer step-by-step guidance throughout the renewal process.
Emerging trends in SME customer demand
We are seeing growing awareness among SMEs about the importance of providing their globally mobile employees with robust health insurance that meets requirements of various geographical regions and countries to ensure territory-compliant health coverage.
Cost continues to be a key factor when SMEs are selecting a group IPMI solution, and brokers are tasked with finding the most cost-effective solutions for their clients, often switching providers to accomplish this.
Additionally, there has been an increased demand for more modular plan designs, particularly regarding maternity and dental benefits.
Brokers and their customers are also looking for user-friendly claims portals that streamline the claims submission and reimbursement process. These features are becoming critical differentiators in today’s competitive market.
Looking ahead: Opportunities for brokers and providers
As SMEs continue to grow and globalise, they are increasingly interested in the types of services traditionally offered to large corporate entities.
SMEs are seeking services such as employee benefit taxation advice, regulatory guidance when expanding into new countries, and bespoke benefits and services to meet the growing duty of care requirements that employers have for their staff.
This presents a significant opportunity for brokers and providers to deliver added value, deepen client relationships, and continue driving growth in the SME sector.
IMG has expanded our focus on the SME sector, and we are actively partnering with brokers to deliver tailored solutions like flexible pricing models, dedicated account management support for groups of all sizes, and detailed management reports to help clients understand and optimise their benefit spend. IMG recognises that SMEs are looking for the same level of service and sophistication traditionally reserved for large corporations, and we’re committed to meeting that expectation.
IMG is an award-winning global insurance benefits and assistance services company that has served millions of members worldwide since its founding in 1990. The preeminent provider of travel and health safety solutions, IMG offers a wide range of insurance products designed for expatriates, travellers, international students, and other individuals or groups residing outside the U.S.
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