The behavior of the economy in general, and of insurance in particular, in the year that has just started looks very similar to what has been observed in 2012, according to the speakers at the “Insurance and Economy Outlook for 2013 Conference ” that organized ICEA. However, the expected improvement in the economy for the second half of the year, it is foreseeable that it will take time to be transferred to the insurance sector and that it will do so with less intensity.
Faced with this shrinking market, it is necessary to develop capacities that allow us to differentiate ourselves from the competition, offering each client a product tailored to their needs at the time they need it.
According to Michael Porter, a competitive advantage is one that allows the company that generates it to have higher profits than the average in its industry. In order for it to be sustainable, it must produce this impact over a long period of time. Competitive advantages are difficult to defend constantly, except for those that are a consequence of size or derived from the development of complex differentiating capabilities.
According to a study carried out by Cognodata Consulting on customer strategy in insurance companies, which will be presented at the Fundación Pons headquarters in Madrid next Wednesday, May 29, investing in customer management, in addition to being profitable, is an indisputable competitive advantage for the insurers. Developing this advantage is difficult, but that is what makes it sustainable and enduring over time.
After the good reception of the first edition of the study “The strategy of clients in insurance companies”, from Cognodata Consulting we have decided to reissue it three years later to continue offering an updated vision of the situation and perspectives of the insurance sector in Spain and to contribute our granite of sand in improving the customer strategy in insurance companies.
This new edition allows, on the one hand, to anticipate the evolution of the client strategy in Spanish insurers until the year 2015 and, on the other hand, to check whether the expectations of those responsible for client management of the insurers participating in the first edition have been met. they had three years ago for the year 2012, which has just ended.
I could not finish this letter without thanking the 27 entities participating in the study for their collaboration, since without their time and dedication it would not have been possible.
We hope that this new issue of our newsletter will inspire you in your business strategy to set out the new challenges that await us in the year that has just begun.