On its own account, and in partnership with carefully-selected third-party providers, Insuramore offers a broad range of marketing, research and consultancy services oriented to the needs of insurance market participants and other organizations serving the insurance sector.
QUICK LINKS: Rankings | B2B Surveys | B2C Surveys | Market Sizing, Segmentation and Forecasting | Market Share Estimates | Distribution Partnership Audits | Distribution Channel Analyses | Confidential Benchmarking | Due Diligence | Validation / Enhancement of Marketing Communications | Validation / Enhancement of Investor Communications | Mystery Shopping | Focus Groups, Concept Testing, Deliberative Research and In-Depth Interviews | Advanced and Specialised Research Techniques | Training | Brainstorming and Workshops | Expert Interviews
Insuramore’s insurer rankings provide original and unrivalled insights into the premiums, business mix, growth and financial performance of carrier (underwriter) groups around the world.
Leveraging both its knowledge of world insurance markets and its extensive network of contacts, Insuramore carries out business-to-business (B2B) surveys with constituencies including insurance buyers, mainstream insurance carriers and intermediaries, and affinity and corporate distribution partners.
Insurance buyers can comprise one or more of micro-enterprises, small and medium-sized enterprises, not-for-profit entities, public sector bodies and risk managers within larger organizations.
Insurance carriers and intermediaries include underwriters, insurance brokers, independent agents and financial advisers, both managing general agents and underwriters (MGAs / MGUs), and pioneers in ‘insurtech’.
Affinity and corporate distributors potentially extend to alumni associations, automotive dealers / importers / manufacturers, banks, building societies, card and mobile payment firms, credit unions, educational institutions, electricity or gas suppliers, lifestyle organizations, mobile network operators, professional / trade associations, sports organizations, supermarkets / other retailers, technology brands, trade (labor) unions, and water companies.
With many years of experience in designing, structuring and translating insurance-related B2C surveys, Insuramore arranges consumer surveys that embrace a variety of sampling methodologies and audiences across all countries worldwide. Sampling techniques include not only online and phone surveys but also those executed on a face-to-face basis which can be at respondents’ homes or on their doorsteps, or in shopping malls or streets. Consumers researched can be representative of adult populations as a whole or oriented to specific age, socio-demographic, regional or behavioural groups. Results can be provided in a raw format or analysed in accordance with clients’ needs.
Market Sizing, Segmentation and Forecasting
On the basis of its long-standing experience of carrying out such work, and employing its advanced modelling capabilities, Insuramore offers bespoke market sizing, segmentation and forecasting services for any country in the world and for any of the insurance types listed (plus other niche lines not listed). Transparent and fully annotated outputs are provided, inclusive of the underlying workings, not only in terms of total premiums (i.e. total market value) but also in terms of new premiums, total or new policy sales (i.e. total / new market volume), insurable customers and attachment / take-up rates among eligible consumers.
Market Share Estimates
Likewise, with many years of experience of devising methodologies to credibly estimate market shares in different segments of the insurance sector, Insuramore provides this service on a customized basis not only for carriers / underwriters (in terms of premiums) but also for intermediaries (in terms of fees and commissions) and comparison sites (in terms of revenues). Again, this can be for any of the insurance types listed (plus other niche lines not listed) and for any country in the world.
Distribution Partnership Audits
Around the world, insurance products are often sold through different types of affinity and corporate partner. For instance, and while far from a definitive list, these can include the following:
- assistance services sold by insurance underwriters and intermediaries;
- cell phone cover sold by mobile network operators and retailers;
- commercial insurance, especially for smaller enterprises, sold by trade associations;
- contracts related to vehicle purchase (i.e. ‘F&I policies’) sold by automotive dealers, importers or manufacturers;
- home and life insurance sold by banks and other mortgage lending institutions;
- professional indemnity / liability insurance sold by professional associations;
- travel insurance sold by airlines and other travel firms.
Insuramore estimates that the annual churn rate for partnerships in many of these fields lies in a range from 20% to 40%. This means that insights concerning such partnerships have to be updated on a regular basis as old relationships are discontinued, new ones are forged and insurance providers vie to dislodge one another from the most attractive programs.
In fact, in sectors in which there are many actual and potential relationships, it can be hard to keep track of them. Therefore, the substantial experience of Insuramore in carrying out accurate distribution partnership audits – wherein both generic categories and specific identities of insurance providers can
be pinpointed – may prove to be a valuable resource to tap into.
Distribution Channel Analyses
Almost irrespective of the form of insurance in scope, distribution is a key consideration. What is the online / offline split and trajectory, how much is being sold direct or through tied agents, how much via brokers or other intermediaries, what is the influence of comparison sites, and to what extent is cover being distributed through affinity or corporate partners? And how are current distribution channel dynamics likely to evolve in future? Insuramore seeks to provide answers for these important questions for any line of insurance.
On a confidential basis and with data stored in a secure environment, Insuramore helps membership organizations (e.g. international or national insurance trade bodies, insurance broker networks) to collect, analyse and report back data submitted by members for benchmarking purposes. Such exercises can be carried out on a monthly, quarterly, annual or other periodic schedule, as required.
Is your organization evaluating a significant investment or divestiture in the insurance space? If so, and depending on the stage that it has reached, it may be interested in commissioning Insuramore to carry out due diligence to inform that process. This can entail a variety of activities including market sizing, segmentation and forecasts, market share estimates and distribution partnership audits as well as competitor intelligence and other services that Insuramore offers. Among other organizations, Insuramore’s capabilities in due diligence may be of particular interest to private equity firms.
Validation / Enhancement of Marketing Communications
Insurance providers employ a variety of marketing communications techniques to convey desired messages about products and services to their target audience. These include advertising, direct marketing and press releases plus media relations, in general. Such messages can be strengthened by independent validation by Insuramore (e.g. “According to Insuramore, Company X is the market leader in the world’s construction insurance market.”)
Validation / Enhancement of Investor Communications
Likewise, insurance providers whose shares are listed on public stock markets or who are planning such a listing can add further credibility to presentations and other messages targeted at investors by citing validation from Insuramore (e.g. “According to Insuramore, Company X ranks among the top ten insurance groups worldwide in terms of value of gross direct premiums written for commercial P&C insurance.”)
Does your organization need to obtain insurance policy documentation or pricing from actual or potential competitors? If so, Insuramore may be able to assist by means of mystery shopping techniques (i.e. incognito research into insurance products and services).
Focus Groups, Concept Testing, Deliberative Research and In-Depth Interviews
In partnership with external market research agencies that specialise in these fields, and through applying its own insurance expertise, Insuramore structures and manages projects designed to elicit softer or qualitative viewpoints from insurance customers or intermediaries.
Advanced and Specialised Research Techniques
Again in partnership with external agencies, Insuramore structures and manages projects based on advanced and / or specialised research techniques such as brand and copy testing, eye tracking, gamification, neuromarketing etc. or ones based on use of social media / networks.
Does your organization need to train employees in respect of one or more elements of the global insurance market and the enterprises that populate it? If so, why not leverage the knowledge of Insuramore to develop a bespoke training program? This may be of particular interest to companies seeking to win insurance providers as customers (e.g. technology firms, digital marketing enterprises, law firms, recruitment companies etc.) for whom demonstrating a genuine understanding of the business issues faced by insurance market participants can be key to winning or retaining accounts.
At least once a year, insurance providers need to take stock and ask themselves how their activity needs to evolve in future if it is to be sustainable. If any expert independent viewpoint is needed, Insuramore can be called upon to provide it for internal brainstorming sessions and workshops.
Insuramore can also be contracted directly, and on an hourly basis, for expert opinion about any aspect or segment of the global insurance market.
In most cases, and if required, the services listed can be executed on a confidential basis via NDAs (non-disclosure agreements).