How to conduct a competitive analysis for insurance firms

Key quotes:

• "Currently, almost half of insurers have no single cohesive digital strategy — today we’re going to try and change this."
• "We’re going to put your knowledge to the test, and help guide you on how to make your own successful digital strategy."
• "In this third instalment, we’ll gauge your overall digital readiness and answer some key questions that should be considered before you implement your strategy."
• "This will help you make better more informed decisions, and give you a strong grasp on your digital readiness — so you can develop a successful strategy long-term."
• "Want to know how digitally mature your company is? You should not only have a general knowledge of how digitally ready your business is, but you should also be keenly aware of how you perform in each individual element."
• "By knowing where you are and where you want to be, you can better understand what digital aims to achieve in order to reach your end goal."

Key quotes:

• "Big Data technologies are applied to predict risks and claims, to monitor and to analyze them in order to develop effective strategies for customers attraction and retention."
• "Therefore, we have prepared the top 10 data science use cases in the insurance industry, which cover many various activities."
• "Highly personalized and relevant insurance experiences are assured with the help of the artificial intelligence and advanced analytics extracting the insights from a vast amount of the demographic data, preferences, interaction, behavior, attitude, lifestyle details, interests, hobbies, etc."
• "The personalization of offers, policies, pricing, recommendations, and messages along with a constant loop of communication largely contribute to the rates of the insurance company."
• "Insurance marketing applies various techniques to increase the number of customers and to assure targeted marketing strategies."
• "Prediction of the CLV is typically assessed via customer behavior data in order to predict the customer’s profitability for the insurer."

Transcript: Hi and welcome to today's lesson we're going to be looking at competitive analysis and how to perform a competitive analysis so what's the definition of competitive analysis well a competitive analysis template is a strategic tool that allows you to examine how your company stacks up against both your direct and your indirect competitors now you can define direct competitors as companies that are basically selling the same products and services that you so and you can define indirect competitors as companies which don't sell exactly the same products and services but the products and services that they do sell satisfy the same needs now for indirect competitors this should also include companies in different industries but which could switch relatively easy to become one of your competitors so an example of this might be a company if you're selling home insurance and another company which doesn't compete with you only sells car insurance it's not a huge stretch for them to switch so the benefits of competitive analysis include it's going to assist you in your strategic decision making it will highlight the strengths and the weaknesses of your own organization as well as the strengths and weaknesses... See more →

Key quotes:

• "Are you are building a great chatbot-, machine-learning-, AI-, Robotic-Process-Automation technology but struggle to sell it to insurance companies or other large service companies? I’ve seen first-hand how insurance companies think about innovation, make purchase decision and implement new technology solutions."
• "Even marriage only lasts “till death do us part”… To protect the trust of their customers, insurance companies have developed extremely diligent processes, procedures and organizations."
• "This is great for insurance companies, because it allows them a) to quickly and efficiently manage the claims process b) raise customer satisfaction with potentially providing a payout much quicker after providing the photo of the accident c) most importantly: lower claims cost / reduce leakage! Once you know the value of your technology and solution, it is key to identify who you should try selling to: You can find answers to these questions by talking to people from the organization."
• "Once a technology has clearly proven its worth, insurance companies will often buy large-scale solutions only from one company in a sector: the market leader with the longest successful history."

Key quotes:

• "What other service makes their customers feel like this?! Brand values need to connect with real consumer insight and insurers would benefit greatly from investing in ways to create experiences for their customer that make these brand values tangible and rewarding — to ‘story do’ rather than story tell."
• "Based on our market analysis, we identified three key trends where challengers and new entrants are beginning to influence how these brand relationships can be built."
• "Customers feel like they are getting something back, even if the money is re-invested in the community pot, or given to good causes."
• "Vitality Health lowers costs and provides discounts for customers who exercise and eat well, and Aviva and Tesco Bank use tracking apps and telematic technology to reward sensible driving."
• "If this trend becomes more prevalent, customers will expect this level of responsibility from their insurance providers."
• "Key trend 3: Trust building promises A number of insurers are now promising to ask fewer questions when customers make a claim, the implication being that they are more likely to pay out."

Transcript: The purpose of this presentation is to give you an overview of the accounting reporting and analysis for insurance companies every industry has their nuances and turns no exception in terms of how things are recorded have what they title of accounts would be and what is the focus of any evaluation of the company and what we're going to do first talk about the regulation of insurance companies then some of the basic idea of how you analyze insurance company and then specifically look at what are called iris ratios for property and casualty as well as life and health insurance companies the regulation of insurance companies is simple but it's important to understand that this is an area where there may be some change due to some of the laws coming out of the subprime crisis so we may see some changes in this but this is the current state of the regulation insurance is regulated by the state because of the Tenth Amendment to the US Constitution this basically tells us that anything not specifically power given to the federal government is basically by default up to the States and this is the basis the live States... See more →