“World life insurance premiums increased from 4.3% in 2014 after a 1.8% decline in 2013. But even if the future seems bright, insurance executives shouldn’t simply rely on the growing demand for coverage.”
(PRWEB) October 09, 2015
When we talk about insurance, we think of savings and retirement fund generation, provisioning for health and disability benefits, and lately, with unit-linked Variable Life products, going into fund investments. These are long-term ventures that aren’t easy to commit to. But reports revealed a rise in investment for insurance policies.
Based on data from Swiss Re’s Sigma report on “World Insurance in 2014: Back to Life”, world life insurance premiums increased 4.3% in 2014 after a 1.8% decline in 2013. The report forecasts that premium growth in the life sector is expected to remain fairly solid in the advanced economies in 2015, and to accelerate further in the emerging markets.
But even if the future seems bright, insurance executives shouldn’t simply rely on the growing demand for coverage to sustain the industry. Here are 10 ways to future-proof your organization:
1. Learn to interpret big data
Advanced analytics are creating a competitive advantage for insurers to understand consumer behaviour and market needs. By leveraging this information, insurance organizations can provide efficient and reliable financial planning services.
2. Go mobile
Embracing mobile technology can tap into the market that may prefer self-service options. It can also be an avenue to enhance policyholder and agent relationships by staying connected even on the go.
3. Bank on multi-channel engagement
In today's constantly connected world, you can't limit your clients by saying "Our office hours are from 9AM to 6PM." Consumers want to connect with you on their own terms, whether it’s one o’clock in the afternoon or one o’clock in the morning. Being available during their moments of truth is essential to always be top of mind.
4. Expand share of wallet opportunities
Simulate life experiences that inspire prospective policyholders to be proactive about their future. Instead of just classifying a client as "male, 35, non-smoker", highlight the significance of his role in the family and complement this with an ideal insurance plan.
5. Protect clients from cyber breach
According to the Security Threat Report published by cyber security company, Sophos, Asia accounts for eight of the top 10 countries that are highly vulnerable to cybercrime. The International Data Corporation expects Asia-Pacific enterprises to allot billions of dollars to address cyber security breaches. Hence, keeping yourself updated with the latest security issues is vital.
6. Redesign Insurance Distribution
Make your products accessible to the market by maximizing on online distribution channels. Whether it’s for ancillary products or day-to-day basis coverage, setting up multiple touch points to connect will make transactions easier.
7. Visualize data for risk liabilities
Developing metrics help insurance providers manage risk liabilities. With data visualization, insurers can now take into account geographical factors before issuing a policy. Crime rate, public violence, employment statistics, and the like are crucial information, and being aware of these will definitely be helpful.
8. Adjust to Market Relevance
Search advertising and social media have empowered consumers to be well-informed about future purchases, more so products that require huge investments like insurance plans. By keeping your products relevant to consumers’ needs, these become an investment more than an expense.
9. Connect with the Millennial
In an article published by Michael Stanley at LifeHealthPro, he explains that though millennials have trouble committing and are delaying marriages, house investments, and the like, they display a remarkable dedication and interest in financial planning.
10. Attend the 27th Pacific Insurance Conference
A common theme for all these must-dos to stay competitive in the sector boils down to being pertinent and updated with the latest trends in the industry. Stay connected and informed on key insights and challenges by attending the 27th Pacific Insurance conference at Makati Shangri-La, Makati City on November 29 – December 2, 2015.
Top-tier insurance and financial analysts, practitioners, and executives from Manulife, Sun Life, Prudential Corporation Asia, BDO UniBank Inc, OgilvyOne Worldwide and more will be expounding on today’s essential strategies to stand out in this era of disruptive innovation. Don’t miss this opportunity! Register at http://www.pacificinsuranceconference.ph or call +63 2 757 3500 (ext. 311) now!