Insurtech Services Competitive Intelligence Consulting
Is your Insurtech thriving, scrambling to keep up or somewhere in the middle? Insurtech companies are disrupting the turf traditional insurance companies have ruled since 17th century Lloyd’s first began offering ship and cargo insurance. Technology innovations will change insurance in the next decade more than it has changed in the past 400-plus years.
While that may sound exciting, it also creates challenges for companies like yours. Just as in any industry, you need to be fully engaged in the moves of your competitors – focusing on the technology trends that drive the market to reimagine business solutions and encourage a surge of new startups. You need to stay on top of marketplace expectations – Insurtech customer desires evolve constantly. Capturing and holding market share will be difficult at best.
One way to position your business for the coming years is through competitive intelligence. Proactive Worldwide suite of competitive consulting services for Insurtech companies offers unrivaled research and analysis expertise. Through competitive insights and actionable intelligence, we help you overcome business uncertainty so that you can grow your company and increase customer engagement.
Given how technology trends are transforming insurance at this very moment, now is the time for your company to act, or risk swimming in a sea of sameness.
Key Segment Experience
Proactive Worldwide collects data from every aspect of the Insurtech industry and turns it into actionable insights. We will keep you up to date with the latest retail, business and competitor trends across the Insurtech landscape to help you plan and execute effectively and efficiently.
- Property and Casualty
- Health and Life
- Workers’ Compensation
- Cyber/Data Breach
How Insurtech Companies Apply Competitive Intelligence
There are a number of ways Insurtech companies can use competitive intelligence to win in their fast-moving, competitive business environments. Let’s look at three: diversification, growth beyond startup, and strategic partnerships.
- Insurtech initially focused efforts in the property and casualty arena. Today, Insurtech is making inroads into all segments of the insurance industry. Successful expansion into new markets requires understanding of competitors who already inhabit the space as well as the marketplace’s appetite for what you’re offering.
- Whether you’re in the startup or growth phase, your business is more agile than a traditional insurance business. But insurance is complex and teeming with regulation. Good business decisions will come from careful planning and insightful strategy. Nothing gives you a leg up here like expert competitive intelligence. It can prepare you to make informed decisions quickly amid marketplace complexities and uncertainties.
- Some Insurtech companies are out to disrupt the traditional model. A greater number seek to collaborate with traditional insurers. How much integration with a traditional insurer makes sense for you? Where should you focus research and money for future innovation? And if you do go it alone, how do you navigate this complex industry? Competitive intelligence provides answers.
Keeping Up With the Customer
Ten years ago, consumers could go online for digital insurance products such property and casualty, and auto insurance. The Insurtech industry is broader today. As an example, SaaS players have gotten involved, providing platforms for companies like yours as well as traditional insurers. Ten years from now, your company may look nothing like it does today.
As you know, customer satisfaction is an extraordinarily important indicator of Insurtech performance. Your relationships are more direct. Customers have a large hand in driving industry direction.
This new generation of insured not only wants to purchase insurance through channels they know, but they also want different options. Niche categories provide an easy example: insurance products for a borrowed car, body part insurance, insurance to cover a small business if employees win the lottery and leave.
Embedded insurance – bundling third-part offerings with insurance coverage or providing opt-in coverage – could reach $3 trillion in market value in the next decade, serving both underinsured consumers and small businesses.
Regardless of where the Insurtech industry goes, customer behavior at any level is difficult if not impossible to predict. You have to keep an eye on the clues. Competitive intelligence helps you identify consumer trends, stay aligned with your company’s value proposition, and decide what actions to take and innovations to pursue.
How Insurtech Benefits From Competitive Intelligence
Stay on top of trends
The ways in which technologies are applied will expand. Keep abreast of new uses for tech tools such as automated underwriting, automated claims, digital distribution and self-service, predictive analytics, artificial intelligence, and machine learning.
Stay in sync with customer desires
Consumer preference constantly evolves. A fad can look like a trend and vice versa. Being able to distinguish between what’s fleeting and what will be the next big thing could change the trajectory of your business growth.
In a technology-driven industry, new technologies appear quickly. Know which products and services are keeping retail and commercial consumers happy.
Make informed decisions
Before you execute on strategies and tactics, you want to be confident about the decisions you make. Competitive intelligence gives you the confidence you need.
Gain guidance for where and what to innovate
Insurtech first appeared in the property and casualty segment of traditional insurance. That’s changed. Companies like yours have moved in greater numbers into commercial insurance and life insurance, in part because customer attitudes toward technology keep changing. Competitive intelligence can help you assess the obstacles and opportunities and pave the way forward for your business.
Competitive Intelligence Services
With our proven approach to targeting our CI services to meet the needs of each company, our Insurtech services CI offerings feature the following options:
Our Competitive Intelligence Services deliver evidence-based insights to advance your goals.
Our Market Intelligence Services help you understand and adapt to changing market conditions.
Our Customer Intelligence Services provide insights about your brand and customer experience.