The client: A leading professional indemnity insurance services provider
Area of engagement: Digital analytics
Professional indemnity insurance helps protect business organizations against the financial strain of litigation. It is specially designed for professionals who provide services or advice to their customers. Professional indemnity insurance covers the legal liability of an organization to compensate third parties for losses caused by negligence in the performance of professional services.
Professional indemnity insurance service providers offer solutions for a wide range of scenarios including:
- Unintentional breach of copyright and confidentiality
- Professional negligence
- Defamation and libel
- Loss of data
- Loss of goods
The Business Challenge
Company Description- A leading insurance industry client, specializing in providing professional indemnity insurance services.
The professional indemnity insurance services provider approached our team of experts to help them leverage the use of digital analytics based solutions to streamline their business processes. The client was looking at refining their strategies to optimize their marketing efforts and improve ROI. They also wanted to strategically plan their policies so as to improve their overall content strategy and policy.
With the help of Quantzig’s digital analytics solution, the indemnity insurance services provider wanted to enhance their reach and offer relevant services to its customers. Moreover, the client also wanted to employ certain software tools to enhance their overall analytic capabilities.
The Solution and the Business Impact
Leveraging Quantzig’s digital analytics solution assisted the indemnity insurance services provider in enhancing their service and product offerings to suit the needs of their customers. The solution offered also helped them garner insights that led to the development of a strategic plan that had the highest probability of engaging customers in relevant ways.
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Digital Analytics Predictive Insights
While implementing digital analytics, it is essential that brands overview their digital analytics strategy at regular intervals to determine the effectiveness of their marketing campaigns. Moreover, it is extremely important that brands evaluate their success on different social media channels as different platforms can have different levels of success.
Quantzig’s digital analytics provides actionable insights that help indemnity insurance services providers improve their ‘on-the-shelf’ performance as well as enhance their overall marketing effectiveness. Moreover, it also enables them to work smarter by making better-informed decisions as they are in a better position to understand the business processes.
Insurance Industry Trends
Multi-distribution channels- It is essential for players in the insurance industry to adopt a multi-distribution channel strategy to increase the market penetration and expand the distribution networks. The insurance industry has also witnessed the emergence of alternate distribution channels. Such channels include online distribution, bancassurance, brokers, direct selling, and corporate agents.
Product innovation- Product innovation is one the best strategies for insurance firms as it helps them in increasing their market share in a profitable manner. Also, the constant regulatory changes offer considerable potential for insurance companies to be more innovative.
Claims management- A key factor that decides the performance of players in the insurance industry is an efficient and timely claims management process. However, a delay in claim settlement generally results in higher claims costs.