The number of SMEs using brokers for their insurance arrangements has stabilised after falling 7% over the past five years, according to Vero.

The insurer’s SME Insurance Index finds 37% of respondents used a broker for their last insurance purchase, up from 34%.

The trend was previously downward from a high of 44% in 2013.

However, the report says many businesses now use a combination of intermediaries and direct insurers, and brokers must focus on gaining a greater share of clients’ total insurance spend.

Almost one-third of SMEs say they use brokers less than they used to, but the report highlights a series of opportunities for intermediaries to fight back.

“Brokers have been hearing the message that they need to continually evolve and adapt and show value and relevance,” Vero’s Head of Commercial Intermediaries Anthony Pagano told insuranceNEWS.com.au.

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