Willis launches Zest Insurance digital platform for Australian SMEs

Willis, a WTW business, has launched Zest Insurance, a digital platform aimed at providing insurance services to small and medium enterprises (SMEs) in Australia.

Zest Insurance provides a fully online experience for SMEs, allowing them to purchase, manage, and renew insurance policies through a digital interface. The platform is designed to address the specific needs of small business owners, offering a streamlined process as well as broker support as needed.

Digital SME focus

James Baum, Head of Pacific, WTW, said Zest Insurance has been launched in response to current trends in Australia's SME sector. "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. Zest Insurance aims to bridge the gap between traditional insurance models and the digital expectations of modern SME owners."

The platform's introduction comes as Australian SMEs continue to express a need for more convenient and tailored insurance solutions, having contended with traditional processes that are often regarded as slow and complex.

Brent Lehmann, Head of Commercial & Affinity, Pacific at Willis, said: "SMEs are the backbone of the Australian economy, yet many still face outdated, complex processes when it comes to insurance. They increasingly demand convenience, speed and tailored insurance solutions. Zest Insurance is our answer to that challenge, bringing together digital convenience and trusted expertise in one powerful platform. It aims to make purchasing business insurance more straightforward for small business owners."

The Australian SME market is currently valued at over AUD $9 billion in gross written premium. However, analysts note that the sector has adopted digital insurance solutions at a slower pace compared to similar markets overseas. Willis's Zest Insurance will now look to address this gap by providing a customer journey that is fully online-from quote to policy issuance, renewal, and management.

Product features

The platform includes industry-specific insurance, with one insurer dedicated to each sector to enable coverage tailored to the unique requirements of those businesses. For the initial phase, Zest Insurance will focus on the administration and support services industry. This includes bookkeepers, payroll services, management and marketing consultants, and market research firms, among others.

For these business types, Zest Insurance policies will be underwritten exclusively by Chubb, a global firm in the insurance sector. Future expansion is planned to extend the offering to further industries.

Zest Insurance's digital approach is supported by user-friendly design elements and interfaces, aimed at simplifying the customer experience. At the same time, broker support is available for clients who need professional advice or guidance, with the intention of ensuring customer clarity and confidence.

Market expectations

Willis has positioned Zest Insurance as a response to the expectations of digitally enabled SME owners in Australia. As businesses in the sector pursue more agile and efficient processes, digital solutions such as the one presented by Willis are expected to become more prominent.

James Baum outlined the company's wider vision for the new platform. "We've built Zest Insurance to be more than just a platform. It's a new way of thinking about SME insurance. It's about simplicity, transparency and putting the customer first. Together, we're setting a new standard for SME insurance, starting in Australia."

Zest Insurance is initially available to SMEs in the administration and support services industry, with further industries to be added in subsequent phases as the platform expands its reach within the Australian market.