Dallas, Texas (PRWEB) June 01, 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.
Insurers build their brands by focusing on specialized services, capitalizing on the experience they have as an established brand, and customizing products in a diversified portfolio. 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. Implementation of these strategies lowers customers’ price sensitivity towards the brand and provides them with access to and knowledge of the products.
The life insurance segment offers ample growth potential in developed and emerging economies. As customers prefer products that offer good returns and life risk coverage, insurers offering life solutions globally redefined their strategies and structured policies comprising these elements.
Life insurance has emerged as an important segment in countries all over the world, which has not only enabled companies to expand their geographical presence but also allowed banks to expand their overall product portfolio. In terms of developed countries, the highest penetration rate in 2012 was recorded in the UK, with a rate of 7.3%, followed by France and Japan. Life insurers in the UK therefore have a greater opportunity to target customers and market custom products.
- This report provides a comprehensive analysis of innovative branding and segmentation strategies in the life insurance segment in developed and emerging economies across the world
- It provides detail on current market and future prospects for the life insurance segment (http://www.reportsnreports.com/tags/life-insurance-market-research.html) in leading markets
- It details the innovative branding, product, target and sales and distribution strategies used by various life insurance companies in the life insurance segment
- It details various approaches, trends and market drivers to segment and drive the market according to target customers
- 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.
- The regulatory framework in the Asia-Pacific region governs the life insurance segment and leads to changes in a company’s operations, business structure and business model. Insurers enter new markets to expand their scope and reach, and carefully utilize different distribution channels to manage costs.
- European customers prefer transparency in products and services, bonuses and incentive programs. Major regulatory changes since the financial crisis have led to the reorganization of business models across Europe. Major opportunities lay in simplified products that appeal to specific groups of people.
- In Latin America, long-term growth in the life insurance segment is due to a large number of companies targeting the middle-class and young affluent populations. Mobile and video-enabled technology has provided insurers with unprecedented insight into consumer behavior and opinion.
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Reasons To Buy
- Make strategic business decisions using information related to branding and segmentation strategies in the insurance segment
- Understand the key market trends and growth opportunities within the insurance industry through the life insurance distribution channel
- Evaluate the various trends and drivers impacting the growth and profitability of the industry
- Assess the competitive dynamics in the life insurance business
- Gain insights into the innovative marketing strategies used for branding, product and customer targeting in developed and emerging economies adopted for expansion of the life insurance business.
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