2020 Foresight Report: Innovative Branding and Segmentation Strategies in the Global Life Insurance Segment

NEW YORK, June 10, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

2020 Foresight Report: Innovative Branding and Segmentation Strategies in the Global Life Insurance Segment
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Synopsis
The report provides market analysis, information and insights on innovative branding and segmentation strategies in the global life insurance segment in developed and emerging economies:
• Provides a snapshot of innovative branding and segmentation strategies adopted by various life insurance companies globally
• Comprehensive analysis of the segment's market attractiveness and future growth areas
• Analysis of various market trends and drivers impacting the life insurance segment
• Detailed analysis of the innovative branding, product and customer targeting strategies adopted by life insurance companies in developed and emerging economies
• Comprehensive analysis of innovative strategies adopted in distribution channels by life insurance companies across the world
• Case studies of various key players in the life insurance segment on their unique branding and segmentation strategies in developed and emerging economies

Summary
The global life segment is changing the way it markets products and services. Insurers have adopted innovative branding and segmentation strategies to distinguish their products from those of their competitors. Rebranding, brand establishment campaigns, social marketing and the proliferation of video and mobile technology have created an enhanced audience-based marketing platform to increase brand awareness. Innovative strategies have increased the client base and potential customers. To capitalize on this, insurers have expanded their product portfolios and spread their businesses into new geographic areas. The global life segment offers immense opportunities as well as challenges with regards to innovative products and new target customers. Insurers have been focusing on the technological aspects of offering their products and managing risk to capitalize on business expansion, improving the customer experience. The changing dynamics of broadband internet penetration and smartphone adoption have created a need to supply customers with access to account information anywhere and at any time. Multi-channel access, coupled with integrated information, enables clients to access constantly updated and accurate information, whether in person, over the telephone or online. Due to high competition in the life insurance segment, insurers have been prompted to invest in newer distribution channels to market products and services to their target audiences. Distribution channels in developed and emerging economies offer both personalized products and a simplified sales process, meaning greater convenience for customers to buy and access product offerings. Life insurers target customers through these channels by building strategic alliances with non-traditional organizations, offering life policy quotes through social media, video conferencing, comparison sites and company sites.

Scope
• This report provides a comprehensive analysis of innovative branding and segmentation strategies in the life insurance segment in developed and emerging economies across the world
• It provides detail on current market and future prospects for the life insurance segment in leading markets
• It details the innovative branding, product, target and sales and distribution strategies used by various life insurance companies in the life insurance segment
• It details various approaches, trends and market drivers to segment and drive the market according to target customers

Reasons To Buy
• Make strategic business decisions using information related to branding and segmentation strategies in the insurance segment
• Understand the key market trends and growth opportunities within the insurance industry through the life insurance distribution channel
• Evaluate the various trends and drivers impacting the growth and profitability of the industry
• Assess the competitive dynamics in the life insurance business
• Gain insights into the innovative marketing strategies used for branding, product and customer targeting in developed and emerging economies adopted for expansion of the life insurance business.

Key Highlights
• In order for their business to expand, global companies such as American International Group, Rakuten Group, BGL Group and HDFC Standard Life Insurance adopted rebranding, collaboration and expansion strategies. They also conducted brand campaigns to generate awareness and extend their reach through social media.
• Insurers focus on rebranding as it leads to stronger associations with the client base in terms of products, competitive advantage, credibility and defining a clear role for the company in the customer's mind. To remain competitive in the industry, a new brand needs differentiated products.
• Greater use of technology enhances operational capabilities, encouraging further investment and expenditure. Both customers and insurers are expected to benefit from this.
• The demand for greater transparency in the costs and services of life insurance is prompting insurers to avoid commission-based sales as the preferred distribution channel.
• The regulatory framework in the Asia-Pacific region governs the life insurance segment and leads to changes in a company's operations, business structure and business model. Insurers enter new markets to expand their Scope and reach, and carefully utilize different distribution channels to manage costs.
• European customers prefer transparency in products and services, bonuses and incentive programs. Major regulatory changes since the financial crisis have led to the reorganization of business models across Europe. Major opportunities lay in simplified products that appeal to specific groups of people.
• In Latin America, long-term growth in the life insurance segment is due to a large number of companies targeting the middle-class and young affluent populations. Mobile and video-enabled technology has provided insurers with unprecedented insight into consumer behavior and opinion.

Table of Contents

1 Executive Summary
2 Global Snapshot
2.1 Global Market Segmentation Snapshot
2.2 Key Branding and Segmentation Strategies
2.3 Emerging Opportunities and Future Outlook
3 Consumer Segmentation Dynamics
3.1 Overview
3.2 Key Trends and Drivers
3.2.1 Developed economies
3.2.2 Emerging economies
4 Branding and Marketing Strategies
4.1 Branding Strategies
4.1.1 Developed economies
4.1.2 Emerging economies
4.2 Targeting and Product Strategies
4.2.1 Developed economies
4.2.2 Emerging economies
5 Distribution Channel Insights
5.1 Innovative Strategies and Segmentation
5.1.1 Developed economies
5.1.2 Emerging economies
5.2 Distribution Channels and Outlook
5.2.1 Developed economies
5.2.2 Emerging economies
6 Branding and Segmentation Case Studies
6.1 Emerging economies
6.1.1 Aviva Life Insurance partnering with microfinance institutions to target women in India
6.1.2 Case study – Aviva rebranded its insurance business in Poland
6.1.3 Case study – IndiaFirst Life offering online life Insurance in India
6.2 Developed economies
6.2.1 Market entry strategy by Aegon NV in Germany
6.2.2 Case study – the rebranding of AIG in the US
7 Appendix
7.1 Methodology
7.2 Definition
7.3 Background
7.4 Contact Us
7.5 About Timetric
7.6 Disclaimer

List of Tables

Table 1: Life Insurance Key Definitions

List of Figures

Figure 1: Life Insurance Penetration Levels by Key Countries
Figure 2: Branding and Marketing Strategies Adopted by Life Insurers
Figure 3: Underlying Opportunities in Insurance in Key Regions
Figure 4: Consumer Trends and Drivers Adopted by Insurers Globally
Figure 5: Bank Penetration in the Americas, 2010
Figure 6: HNWIs in the Americas (Thousand), 2012
Figure 7: Population Structure by Major Age Groups, (%), 2010–2040
Figure 8: Branding and Marketing Strategies in Developed Economies
Figure 9: Branding and Marketing Strategies in Emerging Economies
Figure 10: Social Media Strategies Adopted by Key Companies in India
Figure 11: Targeting Strategies in the Developed Economies
Figure 12: Children's Plans in the UK
Figure 13: Targeting Strategies in Emerging Economies
Figure 14: Features Offered by HDFC's Life Smart Women Plan
Figure 15: Snapshot of Innovative Strategies and Segmentation in Distribution Channels Globally
Figure 16: Distribution Channel Strategies Adopted by Life Insurers in Developed Economies
Figure 17: Distribution Channel Strategies Adopted by Life Insurers in Emerging Economies
Figure 18: Milife Mobile Insurance Service Offered by MTN in Ghana
Figure 19: Caixa Seguradora – Online Insurance Interface
Figure 20: Third-Party Online Marketing Platform in Russia
Figure 21: Global Outlook of Distribution Channels
Figure 22: Penetration Levels of Distribution Channels around the World in 2012
Figure 23: Future Growth Potential of Distribution Channels in Developed Economies
Figure 24: Future Growth Potential of Distribution Channels in Emerging Economies
Figure 25: Aviva Life Insurance in India
Figure 26: Aviva Life Insurance Strategies Adopted in Partnership with the SEWA
Figure 27: Case Study – Aviva's Rebranding in Poland
Figure 28: Case Study – IndiaFirst Life's Online Strategy
Figure 29: Case Study – Aegon NV in Germany
Figure 30: AIG Group in the US

Companies Mentioned

HDFC Standard Life
BGL Group
Tokio Marine Life Insurance
American International Group
New York Life
Aviva

To order this report:
Life_Insurance Industry: 2020 Foresight Report: Innovative Branding and Segmentation Strategies in the Global Life Insurance Segment

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