Growth is a top strategic priority for every company in the insurance industry. And one of the hottest strategies is program / affinity business! The growth opportunity has never been more promising. Why?
The demand for more personalized coverages. Large gaps in uninsured risks. Emerging new risks. Demand for new, innovative products – parametric, on-demand and more. The ability to create new products and services that are customized for unique groups by using next generation digital platforms, data and analytics allows companies to meet the unique expectations and risk needs of these groups – providing a profitable platform for growth.
The growth potential of these market segments is made even greater with the advent of ecosystems. Insurers, MGAs, brokers and agencies who partner and integrate with other companies to fulfill buyers’ holistic needs and preferences for ecosystems like mobility, dwelling, lifestyle and health/wellbeing and wealth will have a tremendous advantage over their competitors who don’t choose this path. The partner and ecosystem expands reach, leverages other entities trust and brand loyalty, and offers an opportunity to meet the customer needs on their terms. An ecosystem partner will always be squarely in their customers’ activity and purchase paths, in a context where thoughts about insurance come naturally – not forced – and it is easy and advantageous for the customer to buy. Today’s customers increasingly want to buy insurance this way.
Majesco and PIMA recently partnered on a primary research study to gauge the current activities and future plans of the key players in the program & affinity space and contrasted that with Majesco’s recent customer research on how they want to buy insurance --- including from ecosystem partners. Watch this webinar to learn what customers are expecting, which market segments are hot, how companies are responding to customer expectations and the growth opportunities to customers in new and creative ways – opening the door to new, innovative partners and ecosystems.
Denise Garth - SVP, Strategic Marketing at Majesco
Ann Dieleman - Growth Strategist | Leadership Advisor | Board Member at Ann Dieleman Consulting, LLC