In the absence of a month to close the year 2011, we can affirm that the evolution of the insurance sector in Spain in comparison with other economic sectors has been satisfactory. According to ICEA, income from insurance premiums in Spain reached the figure of 45,353 million euros in the first nine months of the year, which represents a growth of 6.44%. This increase is fundamentally based on the 14.54% rise in Life, up to 21,628 million in premiums, sustained in turn by the strong increase in savings premiums (18%).
However, we must not forget that at the beginning of November the European Commission cut the growth forecast for Spain to 0.7% of GDP in 2012 (compared to the 1.5% it had forecast in the spring), due to the impact of the debt crisis, the slowdown in the world economy, adjustments in the public sector and the process of deleveraging families and companies.
For this reason, it is now more important than ever for insurers to face the economic crisis with a customer perspective that allows them to develop and offer a more attractive product offering, optimize cross-selling ratios, reduce the rate of leaks and improve, in short, the value of the client portfolio.
In this special issue of our newsletter Wake up! “The Client Vision”, we encourage you to read in the Wake Up section the article entitled Guiding insurance management towards the client, which will help you understand the path that some insurers have already taken to get to know their clients better and adapt to their needs.
In the Breakfast section we recommend the book Customers’ Preferences of Insurance Services by Fatima Alinvi and Maira Babri, which will allow you to explore ways insurers can improve their ability to respond to constantly changing customer preferences. . In an environment of increasing competition, where insurance companies are fighting for the same clients, having a client-oriented culture is extremely important to not only retain clients, but also attract new ones.
In the Agenda section, we propose several events that we believe may be interesting to adequately face the year that is beginning, such as the Seminar on the Outlook for Insurance and the Economy for 2012 organized by ICEA, the IV International Insurance Forum Forinvest or the already traditional Insurance Week, which will take place in Madrid from March 13 to 15 next year.
Likewise, in the Farewell section, we encourage you to read the synthesis of the White Paper prepared by Cognodata Consulting The customer vision as a business philosophy, which we will gladly send you by mail if you are interested.