Tomorrow's Leading European General Insurer: Four Elements for a Winning Strategy

by Catherine Stagg-Macey,  Nicolas Michellod, December 30, 2010
Industry Trends
EMEA

Abstract

Today’s market offers no rest to 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 a new report, Tomorrow’s Leading European General Insurer: Four Elements for a Winning Strategy, Celent recommends that insurers focus their attention on four strategic dimensions if they want to gain competitive advantage: refocusing distribution efforts, applying manufacturing techniques, positioning the brand and proposition, and applying customer science.

“Since the end of 2007 and the financial crisis, insurers have had to cope with uncertain times ahead,” says Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and coauthor of the report.

“Tomorrow’s leading European insurers will focus on automation at each level of the insurance value chain—not only to improve their operational efficiency, but also to bring value to customers,” adds Catherine Stagg-Macey, Senior Analyst with Celent’s Insurance Group and coauthor of the report.

In this report, Celent defines drivers of change impacting the general insurance market in Europe and details strategic responses insurers should implement to be successful in the long run.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

What Will It Take to Become Tomorrow’s Leading General Insurer?

4

Refocusing Distribution Efforts

6

Applying Manufacturing Techniques

9

Positioning in the Brand Proposition

14

Applying Customer Science

17

Conclusion

21

Leveraging Celent’s Expertise

22

Related Celent Research

23

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