Fast Market Research recommends "2020 Foresight Report: Innovative Branding and Segmentation Strategies in the Global Life Insurance Segment" from Timetric, now available
Boston, MA -- (SBWIRE) -- 08/16/2013 -- The global life segment is changing the way it markets products and services. Insurers have adopted innovative branding and segmentation strategies to distinguish their products from those of their competitors. Rebranding, brand establishment campaigns, social marketing and the proliferation of video and mobile technology have created an enhanced audience-based marketing platform to increase brand awareness. Innovative strategies have increased the client base and potential customers. To capitalize on this, insurers have expanded their product portfolios and spread their businesses into new geographic areas. The global life segment offers immense opportunities as well as challenges with regards to innovative products and new target customers. Insurers have been focusing on the technological aspects of offering their products and managing risk to capitalize on business expansion, improving the customer experience. The changing dynamics of broadband internet penetration and smartphone adoption have created a need to supply customers with access to account information anywhere and at any time. Multi-channel access, coupled with integrated information, enables clients to access constantly updated and accurate information, whether in person, over the telephone or online. Due to high competition in the life insurance segment, insurers have been prompted to invest in newer distribution channels to market products and services to their target audiences. Distribution channels in developed and emerging economies offer both personalized products and a simplified sales process, meaning greater convenience for customers to buy and access product offerings. Life insurers target customers through these channels by building strategic alliances with non-traditional organizations, offering life policy quotes through social media, video conferencing, comparison sites and company sites.
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- In order for their business to expand, global companies such as American International Group, Rakuten Group, BGL Group and HDFC Standard Life Insurance adopted rebranding, collaboration and expansion strategies. They also conducted brand campaigns to generate awareness and extend their reach through social media.
- Insurers focus on rebranding as it leads to stronger associations with the client base in terms of products, competitive advantage, credibility and defining a clear role for the company in the customer's mind. To remain competitive in the industry, a new brand needs differentiated products.
- Greater use of technology enhances operational capabilities, encouraging further investment and expenditure. Both customers and insurers are expected to benefit from this.
- The demand for greater transparency in the costs and services of life insurance is prompting insurers to avoid commission-based sales as the preferred distribution channel.
Companies Mentioned in this Report: HDFC Standard Life, BGL Group, Tokio Marine Life Insurance, American International Group, New York Life, Aviva
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