Many companies today either manage their marketing strategy internally or outsource marketing to a third party, such as a market research firm, broker, vendor or other consulting firm.
With so many companies competing for insurers’ investment dollars, understanding what makes a winning marketing strategy and how they manage that strategy should be a major focus for any insurer that does not already have one in place.
Several marketing organizations are available to help insurance companies, reinsurers, and agencies develop and maintain marketing programs to help build relationships, win business, and overall strengthen the competitive position of the organization. There are many resources available, including knowledge-based templates, options, case studies, best practices, best practices for new businesses, benchmarking, a marketing guide and program history, as well as webinars, seminars, and other content.
Given the importance of marketing and the competition that exists in today’s highly competitive environment, it’s important that people in the industry have the knowledge, information, and tools needed to effectively market to customers. By becoming knowledgeable about marketing organizations, operations, and best practices, there are many opportunities available to be in a position to leverage the knowledge that is out there.
Andrea Miteski, PhD and MD in the field of reinsurance. Long term senior insurance executive with specialization of reinsurance optimization.