Today’s market offers no rest for insurance firms. Changes in the past decade in technology, customer attitudes, distribution, brand, and insurance value perception have forced insurers to rethink their business models.
In the report Tomorrow's Leading Asian Life Insurer, Celent recommends that insurers focus their attention on four strategic dimensions if they want to gain competitive advantage:
- Applying data mastery technology and customer science.
- Rethinking the brand, product, and service.
- Applying manufacturing techniques.
- Refocusing distribution efforts.
Celent also defines drivers of change impacting the life insurance market in Asia and details strategic responses insurers should implement to be successful in the long run. The report also discusses technologies around these four strategic dimensions.
“Applying data mastery technology and customer science is the foundation of the other three areas. Customer science should be applied in marketing, product/service, process, and distribution,” says Wenli Yuan, a senior analyst with Celent’s Asian Financial Services Group and author of the report.
