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Industry Insights

Insurance Industry


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

Weaknesses

 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.

Threats

 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.

Industry insights

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

Weaknesses

 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

Threats

 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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Global Insurance Industry Insights - Digital Marketing In Insurance