About 75% of companies in New Zealand are satisfied with their brokers’ services, according to research commissioned by Suncorp New Zealand.

Nearly 60% feel the same about their insurers.

“A majority view insurers positively,” the research report says. “Businesses are seeking insurers to provide solutions that mitigate risk in the most cost-effective way, provide tailored products to meet the varied needs of businesses, and development of innovative products.

“To achieve this, they need a stronger relationship with business to understand their needs –and also, conversely, better explain what is on offer and how insurers can support businesses.”

The study says New Zealand businesses tend to be conservative when it comes to risk-taking. About 42% have taken on moderate risk and only 11% took on larger risks in choosing a business course of action.

Compliance costs, cyber crime and rising input costs are among the main threats they face.

“Most businesses take some action to minimise risk, including growth, having insurance, planning, diversifying locations, having good processes and systems, conducting market intelligence and having the right staff,” the research says.

Suncorp has established its inaugural Business Success Index based on the survey earlier this year of more than 400 New Zealand companies.

About 48% agree a business will not reach its potential if management does not take risks, and 55% agree risk can push a business to improve and grow.

Almost 60% say learning to take calculated risks results in better business decisions.