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Global Insurance industry insights - Digitant

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Digitant Insights:
Check out global insurance industry insights, with trending technologies in Insurance and marketing of its services. Visits us for Digital Marketing Consusting Services in Insurance

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Global Insurance industry insights - Digitant

  1. 1. Industry Insights Insurance Industry
  2. 2.  World insurance industry is growing rapidly, especially in “life Insurance”, “Vehicle Insurance” segments.  Annually insurance industry is witnessing a growth at 5% to 10%.  Developing countries are open big markets for insurance industry.  Life , health, travel, home and vehicle insurance are leading the insurance industry with 70% of total market share.  Insurance industry is automating user experience & services.  Enabling mobility of insurance services.  Social media collaboration for better branding. Global Insurance Industry Status of the industry Global insurance is going to explode with a growth rate of 8% annually
  3. 3. Global Insight  The world insurance industry is about US$4.1 trillions.  By 2015, insurance industry expecting US$5.1 trillion turn over.  Life insurance is leading the market with 58% of market share.  EU only representing 35% of market share. Indian Insight  Indian is the fifth largest life insurance market.  Indian insurance industry is about US$ 41-billion .  Annual growth rate of insurance industry in India 32% to 34%.  There are 24 life insurance companies are in Indian market. Insurance Industry – Global & India Status of the industry Developing countries are emerging insurance markets.
  4. 4.  Individual financial growth & development.  Savings rate Vs. income of the country.  Individual income levels and savings.  Interest rates of the nation.  Law and regulations by the government.  Individual view on social and personal security  Huge dependency ratio.  Economical fluctuations and currency value.  Risk involved in various stage. Influencing factors of Insurance Status of Industry Economical growth and income levels of individual influencing insurance sales.
  5. 5. Strengths Weaknesses  Diversified polices and services  Safe and profitability of services.  Tax benefits and assured income.  Redemptions on emergency.  Long term & short term benefits.  Cost of services.  Financial weakness of individuals.  Low Interest rates and margins.  Long term returns. Opportunities Threats  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. SWOT analysis of insurance industry
  6. 6. Insurance has less unified regulatory bodies and laws 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. Regulatory Bodies Regulation in Insurance Promotional & product design regulators controls individual activities.
  7. 7. Global  Association of British Insurers www.abi.org.uk  American Insurance Association www.aiadc.org  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 Insurance industry associations Associations in Insurance Insurance associations supports individual players across globe.
  8. 8.  Customized services as per user needs.  Short and long terms polices .  Policies based on demographics.  Segmentation of markets for better targeting of 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. Trends in insurance industry Trendy Insurance Customized services leading insurance industry
  9. 9.  Digital marketing transform the way to market insurance policies.  Digital marketing offers new profitability strategies to insurance industry with big data.  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 being offered through digital channels.  Social channels are being primary source of brand building and engagement.  Mobile technology is being used to target individuals. Digital marketing status in Insurance Industry insights Individuals & agencies also practicing digital marketing for better sales.
  10. 10.  Customized tools are primary source in educating prospective user and converting them into leads.  Client stories and user experience have been the primary source of branding.  Creative messaging with emotional attachments through digital channel have been creating great reach and brand.  Right messaging to right people through personalized digital channels.  3rd party reviews, rating and promotional activities for bigger leads and conversion.  Podcast’s, videos and white papers for instant bigger reach and attachments.  Automation of operations with digital channels Digital marketing trends in Insurance DM made promotional activities easy User experience are improving with digital channels in insurance
  11. 11. Strengths Weaknesses  Great reach Instantly.  Affordable way to market with high conversion rate.  Data driven strategies with high ROI.  Able to automate operations.  Big branding with great engagement.  Scalability of marketing activities .  Able to target only educated people.  No clear messaging about Terms and conditions of policies. Opportunities Threats  Technology adaptation by individuals.  Huge social & search trends.  Wider emerging markets of world.  Mobile technology trend in sales.  Huge investments in off line marketing in insurance.  Competition from early adaptor.  Fraud clicks , enquiries in customer acquisition process.  Economical imbalances of countries.  Regulatory bodies and laws. SWOT analysis of Digital Marketing in insurance industry
  12. 12.  Demographics are primary influencing factors in digital marketing activities in insurance.  User behavior and knowledge on digital channels.  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. Factors influencing digital marketing in Insurance Industry insights Big players are quick to adopt DM however lagging in using emerging technologies
  13. 13. Need for digital marketing in Insurance Digital needs of insurance Improving user experience & support is supporting factors of digital marketing.  For customer acquisitions and engagement.  Selection of content and channels that tent for engagement.  For new product launch and to build brand.  Integration of on 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.
  14. 14.  Subscribe for digital marketing audit service to increase transparency and best practices of your digital marketing  Digitant will help you to identify the working model for your digital marketing practice Join Hands with Digitant.co Contact us To know more, send details to info@digitant.co

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