At Finity, our pricing and portfolio management leaders have over 150 years of combined knowledge of the insurance market. We know insurance inside-out and work with insurers on their strategic direction.
We have access to unique industry data, bespoke templates and can help you answer strategic queries, such as;
- Should I expand my product range over the next 5-10 years? How?
- What are key market trends/ competitor behaviours that could have a material impact on my business in the short term?
We take the time to learn your business and can help you consider important scenarios around the insurance market such as trends in competition, price sensitivity, market demand, vehicle safety, self driving cars, urbanisation and other social trends.
Case study / Insurer
The client's challenge
A personal lines insurer wished to revisit its product strategy for the purpose of acquiring new members and increasing product penetration per customer. The scope was broad - to scan the personal and commercial insurance market and comment on future trends.
What Finity did
Extensive market research on 60+ new insurance products and product extensions. We developed a scorecard to assess and rank each product, looking at: profitability, future growth, market competitiveness, brand alignment, staff expertise, system capability requirements, capital requirements and risks associated with the new product. We delivered a paper on the future of insurance, sharing views on digital disruption, the sharing economy and customer life-time value.
The insurer developed a powerful strategy to release an innovative product within six months of our project and incorporated our research in developing their 5 year plan.