In the increasingly difficult financial environment, organizations are struggling to gain an accurate picture of the market to determine the right platform to invest time and resources. Also, with the rising prominence of challenges such as weak global demand, low inflation rates, and financial market volatility in the insurance space, organizations are advocating the need for market assessment to effectively retain their foothold in the market. Market assessment helps leading insurance providers to understand the current size of the market, the buying habits of the customers, and competitors in the insurance space. Also, with the help of market assessment, insurance providers can further identify the opportunities and provide better returns on investment.
To better understand the customers and their perceptions, leading insurance providers are approaching organizations like Infiniti. With years of expertise in offering services, Infiniti’s market assessment helps clients effectively assess the competition, customer segments and buying patterns, and the barriers regulating the growth of the client in the insurance providers space. Furthermore, effectively devising market assessment strategies helps businesses understand the growth potential in existing and new markets.
The Business Challenge
A renowned insurance provider with a considerable number of offices across the globe was facing a predicament enhancing their service offerings. The client further wanted to improve their expense management and reduce costs. Moreover, the client wanted to formulate business plans to stabilize and improve their future business probability in the insurance providers space. The client also wanted to create better, comprehensive customer relationships and effectively retain the customers for the long run. Also, the client further wanted to understand the prevailing technologies in the insurance space and develop an effective go-to-market strategy.
To tap potential markets and enhance their offerings, the client approached Infiniti’s market assessment experts. Infiniti’s market assessment experts carried out a blended approach comprising interviews and discussions with leading stakeholders in the insurance provider space. Also, the client further compiled information across various proprietary sources such as the paid industry databases, company presentations, media platforms, and newsletters in the insurance providers space.
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Market Assessment Solution Benefits
- Gained a detailed and objective evaluation of the services, new business idea, and new investment
- Gained a comprehensive analysis of the market trends, entry barriers, and competition risks
- Understood the potential customer base to target the customers effectively
- Allocated resources accurately and provided better returns on investment
- Assessed relevant market opportunities and developed effective strategies
- Identified the overall revenue potential and the extent of competition
Benefits of Our Integrated Approach
With the help of our robust market assessment solution, the client was able to gauge information about the customer’s awareness, usage, and perceptions. Furthermore, the insurance provider was able to gain a holistic view of the market both in terms of value and volume, customer segments and buying patterns, and the competition in the insurance industry.