With small and medium enterprises accounting for 97% of businesses in Australia, Willis, a WTW business, has launched Zest Insurance, a digital platform designed to offer SMEs access to insurance products and services through a fully online experience.
Zest Insurance allows users to obtain quotes, bind policies, manage coverage, and handle renewals via a digital interface.
It is currently available to businesses within the administration and support services industry, such as bookkeepers, payroll providers, marketing consultants, and research firms. Policies under the platform are exclusively underwritten by Chubb.
The launch aims to address the limited adoption of digital insurance solutions in the Australian SME sector. While the local market contributes more than AU$9 billion in gross written premium, many businesses continue to rely on manual or legacy processes to manage risk.
“SMEs are the backbone of the Australian economy, yet many still face outdated, complex processes when it comes to insurance,” said Brent Lehmann, head of commercial & affinity, Pacific at Willis.
Lehmann said Zest Insurance was built to make insurance more accessible and efficient for small business operators through a single, digital channel supported by broker expertise.
Features of the platform include industry-specific policies tailored to the unique risks of each sector. The interface was developed with simplified forms and workflows to allow users to complete the entire insurance process without switching to offline channels. On-demand support from insurance brokers is available within the platform.
Meanwhile, James Baum, WTW’s head of Pacific, said the platform targets a segment that has traditionally lacked access to convenient digital tools. “The launch of Zest Insurance comes at a pivotal time for the Australian SME market. With 97% of businesses having 20 or fewer employees, the platform is poised to serve a vast and growing segment of the market.”
Willis confirmed that Zest Insurance will eventually be extended to other sectors beyond administration and support services, although no timeline has been disclosed. The collaboration with Chubb as the exclusive underwriter will continue during this initial rollout.
The platform offers SMEs the ability to manage policies independently or with broker assistance, depending on their preferences.
Is a digital-first insurance model practical for Australia’s SME sector? Share your thoughts in the comments.
