Custom Market Research Solution Helps an Insurance Company to Achieve Savings of Over $1.2 Million
Currently, the US insurance sector is going through a period of turmoil. Low-interest rate and persistent barriers to growth, shifting demographics, and rising customer expectations are increasing challenges for companies operating in the global insurance industry. To succeed in the long-run, insurance companies will need to stay current with the market trends, competitors’ strategies, and […]
Currently, the US insurance sector is going through a period of turmoil. Low-interest rate and persistent barriers to growth, shifting demographics, and rising customer expectations are increasing challenges for companies operating in the global insurance industry. To succeed in the long-run, insurance companies will need to stay current with the market trends, competitors’ strategies, and evolving customer needs and demands. This is where Infiniti Research steps in with its best-in-class custom market research solution. Infiniti’s custom market research solution can help clients in insurance industries to keep pace with market developments and industry changes.
Low-interest rate, slow growth, and evolving regulations are increasing challenges for companies in the insurance industry. Our custom market research solution can help insurance companies to get a holistic and more accurate view of the market to make informed business decisions. RFP here.
The client is an insurance company based out of the United States.
Owing to declining investment yields and slowing market growth, the client encountered a steady decline in profit margins. Also, the client had to spend a large part of their discretionary budget on being compliant and on building systems and processes to keep up with the escalating requirements in the market. Besides, their inability to build a strong digital distribution platform for delivering intuitive and personalized experiences for consumers made it difficult for them to maintain profitability. Consequently, they were losing ground to their competitors. To achieve operational excellence and cost-efficiency, they wanted to understand market developments and keep pace with industry changes. To do so, they chose to partner with Infiniti Research to leverage their expertise in offering custom market research solution.
To gain a competitive advantage in today’s competitive marketplace, insurance companies need to improve their cost efficiency and achieve operational excellence. Our custom market research solution can help you to achieve these strategic objectives. Contact us here.
Our Integrated Approach
As a part of the custom market research solution, 100+ in-depth interviews were conducted with market experts, stakeholders, and business executives in the US insurance industry. Based on these insights, our experts provided recommendations to the client on the emerging market trends and opportunities.
Also, our experts analyzed critical factors including investment environment, industry development, industry capacity, and marketing channels. Besides, an analysis of the current and future market potential, spend, value chain, and market trends in the insurance industry was conducted at a global level.
In addition to this, in-depth industry research covering market size, distribution channel analysis, market trends, competitive landscape, legislation, and company profiles were conducted as a part of the custom market research engagement.
By leveraging Infiniti’s custom market research solution, the client was able to focus on improving their loss ratios through a diverse set of measures, including portfolio mix diversification, improved risk selection and pricing, and stronger risk management. Besides, the client applied lessons and leading practices from other markets around the world to increase efficiencies and lower costs in risk and compliance. The experts also helped the client to identify the best InsurTech companies in the United States. The collaboration with InsurTech companies helped the client to accelerate digitization journey and fulfill their longer-term transformation plans. In addition to this, the effective use of advanced technology helped the client to develop new value propositions and new business models.
Within one year of leveraging our custom market research analysis, the client was able to achieve operational excellence, manage regulatory pressures, digitize distribution, master disruptive technology, and navigate the market risks. This subsequently helped the client the insurance service provider to achieve savings of over $1.2 million.
Want to know how our custom market research services can help your business? Request more info here.