Global Insurance Industry
Status of the industry Global insurance is going to explode with a growth rate of 8% annually
World insurance industry is growing rapidly, especially in “life Insurance”, “Vehicle Insurance” segments. Annually insurance industry growing at 5% to 10% rate. Developing countries are the open big markets for insurance industry. Life , health, travel, home and vehicle insurance are leading insurance industry with 70% to total market share. Insurance industry is automating user experience & services. Enabling mobility of insurance services. Social media collaboration for better branding.
Insurance Industry – Global & India Global Insight The world insurance industry is about US$4.1 trillions.
Status of the industry Developing countries are emerging insurance markets.
By 2015, insurance industry expecting US$5.1 trillion turn over. Life insurance is leading market segment with 58% of market share. EU only representing 35% of market share. Indian Insight Indian is the fifth largest life insurance market. Indian insurance industry is about US$ 41-billion . Annual growth rate of insurance industry in India 32% to 34%. There are 24 life insurance companies are in Indian market.
Influencing factors of Insurance Status of Industry Economical growth and income levels of individual influencing insurance sales.
Individual financial growth & development. Savings rate vs income of country. Individual income levels and savings. Interest rates of nation. Law and regulations by government. Individual view on social and personal security Huge dependency ratio. Economical fluctuations and currency value. Risk involved in various stage.
SWOT analysis of insurance industry Strengths
Diversified polices and services
Cost of services.
Safe and profitability of services.
Financial weakness of individuals.
Tax benefits and assured income.
Low Interest rates and margins.
Redemptions on emergency.
Long term returns.
Long term & short term benefits. Opportunities
Individual needs and awareness about insurance services. User knowledge & views on insurance. Individual view about risk management. Income level & economical growth of individual and country. Demand in emerging countries. Inflation and recession.
Regulatory bodies and laws. Competitive world. Nature calamities. Frauds by individuals and brokers. Political, economical environments.
Regulatory Bodies Insurance has less unified regulatory bodies and laws
Regulation in Insurance Promotional & product design regulators controls individual activities.
Global Insight The International Association of Insurance Fraud Agencies The International Association of Insurance Supervisors The Offshore Group of Insurance Supervisor Indian Insight IRDA- Insurance Regulatory and Development Authority. Tariff Advisory Committee. Insurance Association of India. Law’s In India: IRDA Act 1999. The Insurance Act 1938.
Insurance industry associations Associations in Insurance
Global Association of British Insurers www.abi.org.uk American Insurance Association www.aiadc.org
Insurance associations supports individual players across globe.
Insurance Brokers Association of Canada www.ibac.ca American Risk and Insurance Association www.aria.org National Association of Insurance Commissioners www.naic.org General Insurance Association of Singapore www.gia.org.sg India IRDA
Trends in insurance industry Customized services as per user needs.
Trendy Insurance Customized services leading insurance industry
Short and long terms polices . Policies based on demographics. Segmentation of markets for better targeting users. Replacement of traditional channels of promotions. Enterprise data collection and data excellence. Automation of Customer experience and engagement. Growth of agencies and influence in conversions. Social and other online channels influencing conversions. Data driven decision making for profitability of policies.
Digital marketing status in Insurance Digital marketing transform the way to market insurance policies.
Digital marketing offers new profitability strategies to insurance industry with big data.
Individuals & agencies also practicing digital marketing for better sales.
Insurance industry experiencing digital marketing and its benefits in generations of leads and sales. Individual agency’s & agents adopted digital marketing as core part of their regular marketing activates to meet their targets. Personalized services are offering through digital channels. Social channels are being primary source of brand building and engagement. Mobile technology is being used to target individuals.
Digital marketing trends in Insurance DM made promotional activates easy User experience are improving with digital channels in insurance
Customized tools are primary source in educating prospective user and converting them into leads. Client stories and user experience are being primary source of branding. Creative messaging with emotional attachments through digital channel are being creating great reach and brand. Right messaging to right people in right through personalized digital channels. 3rd part reviews, rating and promotional activities for bigger leads and conversion. Podcast’s, videos and white papers instant bigger reach and attachments. Automation of operations with digital channels
SWOT analysis of Digital Marketing in insurance industry Strengths
Great reach Instantly.
Able to target only educated people..
Affordable way to market with high conversion rate.
No clear messaging about Terms and conditions of policies.
Data driven strategies with high ROI. Able to automate of operations. Big branding with great engagement. Scalability of marketing activities . Opportunities
Technology adaptation by individuals.
Competition from early adaptor.
Huge social & search trends.
Fraud clicks , enquiries in customer acquisition process.
Wider emerging markets of world. Mobile technology trend in sales. Huge investments in off line marketing in insurance.
Economical imbalances of countries. Regulatory bodies and laws.
Factors influencing digital marketing in Insurance Industry insights
Demographics are primary influencing factor digital marketing activities in insurance. User behavior and knowledge on digital channels.
Big players are quick to adopt DM however lagging in using emerging technologies
Educations and income levels of individuals. Mobile and other technology adaptations by prospective customers. Regulatory bodies of online marketing. Need of big data for optimized strategy and conversions. Cost and efficiency of digital marketing.
Need for digital marketing in Insurance For customer acquisitions and engagement.
Digital needs of insurance Improving user experience & support is supporting factors of digital marketing.
Selection of content and channels that tent for engagement. For new product launch and to build brand. Integrations of off line marketing and off line marketing activities. Build social presence and brand reputations . For better understanding user needs and experiences with services. To improve relations with user and life cycle of services. To automate user engagement. For instant support to users.
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