INSURANCE COMPANIES
The insurance industry faces unprecedented challenges from growing competition, current regulatory requirements, shrinking profits from investments, and increased pressure on costs.
A new age appears to be dawning for insurance companies – an age in which companies on the markets need to find the right answers to the following questions: How can we achieve new and profitable corporate growth? How can we stand out from the amorphous mass of providers and services by offering our customers innovative concepts? And how can we leverage customer and sales potential?
It used to be sufficient – in most cases – to sell insurance policies, send them out to customers, and handle any claims that arose. Now, insurance companies need to do considerably more if they want to be successful on the markets. All of the main processes in product development, sales, and communication need to be aligned with customers and integrated with each other. This should be based on a differentiating market position that takes customers as the starting point, coupled with value-based customer segmentation. Consequently, the product and sales orientation that has been established over decades in business needs to be supplemented by a stronger focus on customers across all functions and levels of the corporate hierarchy.
KEYLENS has spent many years working in successful partnership with primary insurers and reinsurers on realigning their business concepts to meet shifting market requirements.
Some of the aspects our consultancy focuses on:
- Image building and growth strategies
- Brand architectures and positioning
- Customer segmentation and management
- Products & service
- Loyalty and 'recommend a friend' schemes
- Contact and lead management
- Integrating marketing and sales
- Efficiency reviews of marketing activities
- Use of social media in marketing and sales
- Pricing concepts
- Sales-related communication
SELECTED KEYLENS PROJECT EXAMPLES
Primary insurer I
PRIMARY INSURER I
Issue:
Holistic implementation of a new brand strategy in the company
Objective:
Differentiating the brand in a homogeneous competitive environment and thereby tapping new growth potential
Results:
External impact
- New brand image, incl. logo and marketing communications
- New image for the insurance agencies (offline and online)
- A reworked product program that conforms with the brand
- All touchpoints between the company and its customers adjusted
Internal impact
- Program for internal brand management
- Business processes and organizations adapted
- Controlling mechanisms introduced
- Change management at all managerial levels: brand focus as a new management dimension in the company
KEYLENS success levers:
Ensuring consistency in externally and internally focused brand management. Thereby creating a high level of consistency between the brand proposition as presented by the marketing and the subsequent brand experience as perceived by the customer
Primary insurer II
PRIMARY INSURER II
Issue:
Multichannel contact management
Objective:
Increasing loyalty, exploiting up-selling potential, and improving efficiency through segment-based management of customer communication
Results:
- We defined the relevant customer segments and strategies
- Identified relevant contact triggers and derived implications for action
- Developed a logic for calculating a cross-channel contact budget based on potential
- Differentiated the way customers are addressed in terms of channel, frequency, and tone
- Adapted to the local specifics in the national sales companies across Europe
KEYLENS success levers:
Pragmatic approach to value-based customer segmentation for setting the contact budget ("inter-practitioner exchange")
Primary insurer III
PRIMARY INSURER III
Issue:
Increasing efficiency in sales
Objective:
Improving the quality of information and communication exchanged with the sales team (> 4,500 people) in terms of product and marketing information
Results:
- We dramatically freed up the field force's schedule for at least 1 more customer meeting per day
- Developed and implemented a new concept for sales communication based on the specific needs of the various target groups and facing both recipients and senders
- Developed tools, formats, editorial plans, and budget plans
- Created a new department for sales communication and embedded it in the corporate structures and processes
- Brought about a change in the basic attitude of everybody involved
- Achieved a demonstrable reduction in field force time spent on communication
KEYLENS success levers:
Broad-based acceptance within the different interest groups by involving them intensively right from the start
Primary insurer IV
PRIMARY INSURER IV
Issue:
Lead management
Objective:
Putting the end-to-end lead management process on a professional footing to increase total premiums
Results:
- We mapped the purchase-relevant customer processes
- Evaluated all aspects of the lead management process from generation through conversion
- Developed the conceptual basis for identifying, classifying, and developing leads
- Derived the process-side success factors in lead management (roles, responsibilities, interface rules)
- Modeled the quantitative potential
KEYLENS success levers:
Two-stage system for qualifying leads in terms of maturity and customer knowledge
Reinsurer
REINSURER
Issue:
Optimizing the brand portfolio for the German-speaking markets to exploit market and individual customer potential cost effectively
Objective:
Identifying brand perception and brand strength from the employee and customer perspective and compared with the competition; deciding which brands should be continued and developing actions to sharpen their profile
Results:
- We analyzed and evaluated the status quo in terms of the positioning and strength of the master brand and individual brands from an internal and external perspective and in comparison with the main competitors
- Recommended which brands should be continued based on strategic business logic
- Defined actions to sharpen the brand profiles to improve loyalty among the most important customers and to generate profitable growth
- Defined and implemented specific actions to strengthen the brand internally and externally, incl. developing and introducing a new mission statement and claim
KEYLENS success levers:
In-depth market understanding; result focus/pragmatism; personal and intensive involvement of those responsible for the brands in order to ensure quality and get the project results implemented
