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On the Drivers of Customer Needs and Satisfaction in Insurance: a Small Enterprises Based Study

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Mussak, P., Stricker, L. On the Drivers of Customer Needs and Satisfaction in Insurance: a Small Enterprises Based Study. Zeitschrift für die gesamte Versicherungswissenschaft, 99999(), 1-21. https://doi.org/10.3790/zverswiss.2025.1459204
Mussak, Pirmin and Stricker, Lukas "On the Drivers of Customer Needs and Satisfaction in Insurance: a Small Enterprises Based Study" Zeitschrift für die gesamte Versicherungswissenschaft 99999., 2025, 1-21. https://doi.org/10.3790/zverswiss.2025.1459204
Mussak, Pirmin/Stricker, Lukas (2025): On the Drivers of Customer Needs and Satisfaction in Insurance: a Small Enterprises Based Study, in: Zeitschrift für die gesamte Versicherungswissenschaft, vol. 99999, iss. , 1-21, [online] https://doi.org/10.3790/zverswiss.2025.1459204
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On the Drivers of Customer Needs and Satisfaction in Insurance: a Small Enterprises Based Study

Mussak, Pirmin | Stricker, Lukas

Zeitschrift für die gesamte Versicherungswissenschaft, Online First : pp. 1–21

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/zverswiss.2025.1459204
Language
English
Pages
21
License
open-access CC BY 4.0
Keywords

Author Details

Dr. Pirmin Mussak, Lecturer at Institut für Risk and Insurance, Abteilung Banking, Finance, Insurance, ZHAW School of Management and Law, 8400 Winterthur

Lukas Stricker, ZHAW School of Management and Law, 8400 Winterthur

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Abstract

Due to its considerable market size, the small enterprises segment comprising of companies with up to 49 employees is seen as a strategic market segment for 70% of the surveyed Swiss P&C and life insurance companies. Despite this significance, not much research has been conducted as to what drives customer satisfaction of such small enterprises when it comes to purchasing insurance.

Our research aims at understanding how selected aspects, namely the size of the company, the primary insurance contact, the online behaviour as well as the industry sector (in Switzerland defined by the “NOGA” code), impact customers’ satisfaction when interacting with insurance companies.

The research questions were answered by a German-language survey of Swiss insurance customers in the small enterprise segment, resulting in a total of 1,439 responses. Our findings indicate the importance of good coverage and high-quality advice surpasses price considerations. Interestingly, small enterprises who interact online are less satisfied with the quality of advice than those who seek advice from insurance agents or brokers. This shows that the digital advisory skills of insurers are not yet up to a level that could replace personal interactions for a majority of customers. In fact, our findings show that personal advice play an extraordinary role in the insurance industry for the small enterprise segment. Reasons may include that risks faced by small enterprise are divers, that insurance products are generally not self-explanatory and that insurance purchaser at small enterprises are often not interested in spending much time researching insurance options. The results are useful to insurers who want to re-evaluate their role in regard to the distribution model for the small enterprise segment.

Table of Contents

Section Title Page Action Price
Pirmin Mussak / Lukas Stricker: On the Drivers of Customer Needs and Satisfaction in Insurance: a Small Enterprises Based Study 1
Abstract 1
Zusammenfassung 2
1. Introduction 2
2. Literature Review 3
2.1 Customer Satisfaction in Insurance Industry 4
Definition and Relevance of Customer Satisfaction 4
State of Research: Studies on SME Customer Satisfaction 4
Satisfaction with Existing Insurance Solutions 5
2.2 Evolution of Insurance Distribution – a (Slow) Shift Towards Online 6
Channels in Distribution Models 6
Agents and Intermediaries (Insurance Agents and Brokers) 7
Online Channel in Insurance 7
State of Research: Distribution Models 8
3. Methodology and Results 8
3.1 Methodology 8
3.2 Overall Results 9
Importance of Selected Factors in the Purchase of an Insurance Solution 9
Satisfaction with the Insurance Solution 10
Personal vs. Online and Agent vs. Broker 13
4. Discussion 14
Dilemma Between the Desire for and the High Costs of Personal Advice 15
Limitations and Further Research 15
5. Conclusions 16
References 17
Survey 21

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