Insurance Services Market Research & Intelligence

Insurance Services Competitive Intelligence Consulting

No matter which segment of the insurance industry you work within, retail or commercial, you’ve felt the disruption caused by new technology. Property and casualty (P&C), health or life insurance, workers comp insurance, and more – technology has changed and will continue to change the playing field for insurers.

Insurers like you adopt technology to gain a competitive edge. And yet ironically, to a certain degree technology is your competition. Insuretech companies (link to Insuretech page) use technology to create savings, efficiencies and new experiences and carve out new niches within your age-old industry. Some Fintech companies (link to Insuretech page) have used their experience and expertise to move into the insurance space.

When you have access to technology that could be both a friend and a foe, deciding the best way forward demands that you possess more than good information sourced from internet searches and analyzed by an internal team of generalists.

Competitive intelligence is the answer. Our consulting services for insurers can give you clear understanding of competitors, their businesses models and probable strategies. Through experience and a proprietary approach, we position you to improve operations, optimize processes and reduce costs.

Key Segment Experience

For more than two decades, Proactive Worldwide has supplied competitive intelligence to insurers. We bring a deep level of experience to the table in these areas and more:

Property and Casualty
Health and Life
Workers’ Compensation
Disability
Automobile
Business
Cyber/Data Breach

How Insurers Use Competitive Intelligence

Insurance companies have been around for hundreds of years. But while your industry has demonstrated resiliency, it also has clung to tradition. Competitors are out there right now taking advantage of cultures of tradition.

To be fair, you work in a highly regulated industry, forcing you to exercise caution. But that is precisely a characteristic that can be exploited.

Who are these players transforming underwriting, policy distribution, claims management, customer service and more?

Imagine understanding details around the business plans of traditional competitors, the customers they serve and the marketplaces they seek to serve. Imagine knowing whether an Insuretech is a threat or collaborator.

Competitive intelligence identifies your true competitors and what they’re doing to gain an edge over you. It reveals who your best customers are and what they expect and desire from your insurance company. It helps you confidently make decisions about technology and every other aspect of running a competitive insurance business. Ultimately, it guides you to implement according to actionable information.

Understanding the Customers and Applying What You Know

People are inherently irrational. Simply having a large data set doesn’t mean you can accurately extrapolate their next moves. One thing you know for certain is that, especially at the retail level, customers demand digital conveniences and solutions.

In fact, traditional insurers who have followed the lead of some Insuretechs are more profitable and grow faster than insurance companies that have been slow to digitize.

You also know your customer is savvier than ever. But how savvy? They have more control than ever over how to choose and manage their insurance. But how much control and what type of power do they want? And, once you have the answers, how do you – and will you – take steps necessary to bolster your business?

We believe that when you see the outcomes of data analysis and are presented with sound strategies for moving forward, you will have the confidence necessary to make difficult decisions and capital investments as needed.

How Insurers Benefit From Competitive Intelligence

Identify competitors
It’s difficult to know who’s who these days and whether a competitor strategy is a legitimate risk to your business. Disruptive technology can pop up seemingly out of nowhere. Ongoing monitoring of the competitor landscape helps to inform steps you should and shouldn’t take.

Identify product, service and market opportunities
Should you work with an Insurtech? Adopt its technology? Add a new service for your customer or future prospect base – especially when it is simultaneously alluring to you and desired by customers? Maybe not. Consider usage-based insurance. It may sound good to all parties, but is it for you? Competitive intelligence provides answers, enabling you to make informed decisions around your products, services and markets.

Retain customers
While price is a leading driver of buyer switching, it’s not the only factor behind customers leaving you. There are emotional considerations such as feelings around perceived fair treatment and rewards for being a low risk. Having a complete picture and proper analysis of consumer behavior enables you press the buttons that retain customers.

Make strategic and tactical decisions
Without great confidence in your intelligence, you may be less inclined to quickly make crucial decisions. Your world moves fast. Can you afford to delay decisions? Navigate your marketplace with a full understanding of the environment and risks.

Gain guidance for implementation
Once information has been gathered and analyzed, objectives and strategies have been defined, and the meaningless noise has been dispensed, you will have a team at your side helping with efficient, effective implementation.

Competitive Intelligence Services

With our proven approach to targeting our CI services to meet the needs of each company, our insurance services CI offerings feature the following options: