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Do Small-Business Buyers Like Insurers More Than Banks?

Insurance companies have struggled to maintain a positive image for customer service, but it turns out that carriers might be doing a better job than banks, at least in keeping small-business consumers satisfied.

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Insurance companies have struggled to maintain a positive image for customer service in light of the mainstream media’s focus on isolated incidents of unpaid claims, disputes over underwriting criteria and price-hike controversies. But as it turns out, insurers might be doing a better job than banks in keeping clients satisfied, at least when it comes to small-business consumers.

Deloitte Research recruited 20 focus-group participants who are responsible for managing financial services at their respective companies—half representing those employing 10 or fewer, and the other half with 11-50 workers. The goal was to examine the needs, preferences and satisfaction levels of small businesses in their financial-services relationships.

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