Take the premiums
There are always risks with any decision, but to protect yourself against that risk, there are insurance policies. Until recently, insurance companies mostly provided the same kinds of insurance. The industry's over-focus on price competition led to a race to the bottom and a deteriorating set of plans. Competition from digital disruptors, an evolving regulatory environment, and the demands of modernization are threatening the system of traditional insurance firms .
In 2018, WNS reported that after paying for human efforts such as sales and marketing, only about 20% of the premium that companies collect remains. Yet, the insurance industry has significant technological potential to reduce costs (Source: here).
As a result of the pandemic and subsequent economic recession, industries drove employees to quickly virtualize their business plan operations. While other industries are making adaptations fast, insurance companies are unlikely to face problems in the near future.
There are signs that the interest in life, health, and other insurance products is rising, especially among young people.
A survey commissioned by the Swiss Re in 2020 unveils that one-third of consumers in Southeast Asia purchased a new policy as a consequence of their search. Three-fourths of people liked how much less stressed they felt after getting insurance (Source: here).
Protect your bubble from uncertainties
In the wake of this evolution in consumer preference, insurance companies that were unable to adapt to changing market conditions have been forced to either restructure or exit entirely. The demand for products and services is growing due to a customer base that's more technologically advanced than ever before.
However, insurers are afraid that the new channels will conflict with their existing channels. Because of their customers' need for stability, insurers are often very conservative. So they're cautious about investing in emerging trends.
At this point, customers just want to simplify their finances and also protect themselves against economic uncertainties.
With the technology, insurers expect to lift the veil of traditional insurance sales & distribution models which relied on personal relationships.
Be a step ahead with quality insights
We have slashed through the jargon and distilled out what matters most to you. Keeping your finger on the pulse of what makes your prospects and customers tick can help you make better business decisions.
This is why The Method Research has developed unique packages for our clients to help them stand out from the competition. We bring expert knowledge of the insurance sector as well as a revolutionary approach to market research.
How to ensure the future of customer insights in the insurance industry? Don’t worry, we got you covered.
Secure your data-driven business decisions with a series of packages that fits your needs.
Package #1: Concept Testing
Is your business idea ready to launch? Test it out first with our Concept Testing Package.
Collecting customer knowledge at different stages of the value chain will arm insurers with a wealth of understanding about what really drives insurance policies to be taken out, and how to use this knowledge to create a more effective industry.
Test how your ideas are accepted by the market. Evaluate how much interest your target audience has in this package and figure out how to get their attention.
More information here: https://www.themethod-research.com/bank-insurance-concept-testing
Package #2: Market Overview
It is vital to know where you stand versus your competitors. Knowing how your audience perceives your products and services will allow you to fine-tune your marketing strategies to connect with customers on a different level than the internal information you have access.
Ready to check out your competitors’ cards? We recommend our Market Overview Package. Knowing the penetration of offers, services, and awareness of competitors' brands and yours are equally important for insurance companies to design their strategy and perfect their reach to their target.
More information here: https://www.themethod-research.com/bankinsurance-market-overview
Package #3: Customer Profiling
With this dedicated package, you can uncover your customer's real needs and desires, as well as the ones from your competition. The better you know current customers, the better you can target your marketing efforts at your best prospects.
Knowing your audience allows you to deliver personalized marketing, build loyal relations, and forecast how new services or offers can perform.
This package can help insurance companies get a better understanding of the way their customers live and spend.
More information here: https://www.themethod-research.com/bank-insurance-customer-profiling
Stay sharp, stay ahead
It’s no secret that the insurance industry has seen monumental shifts over the past few years. Insurers should observe and take notes on the thread that connects their market, competitors, and customers.
More than ever, customer experience is setting the benchmark for companies after they’ve earned the backing of customers.
Luckily for insurance companies, market research has been present to figure out where to get the best strategies or help your product and brand stand out from the competition. Each of our packages offers you access to expert insights, so you can use them to make better decisions.
Wondering which strategies are working for you? Contact us today to see how we can help you with your campaign.
Get in touch now or visit our product page here.