The Small and Medium Enterprise (SME) sector is a core pillar of Singapore’s economy. They account for 99% of Singaporean enterprises and contribute about half of GDP and two-thirds of employment. Despite their fundamental importance to the country’s economy, evidence shows that SMEs in Singapore aren’t adequately insured against risk.
This whitepaper demystifies the characteristics and challenges SMEs face to help insurance providers better meet the needs of this prominent and growing consumer base.
The insights are based on a study Netscribes conducted between November 2016 to March 2017 to identify the buying characteristics, competitive market structure, major players, key products, major distribution channels, future strategy, and more using a combination of primary and secondary research. The primary research was conducted based on interviews with small to medium business owners, insurance providers, and insurance channel partners in Singapore.