AddThis Social Bookmark Button

Women's Network Group News

Using Innovation to Gain a Competitive Edge in the Insurance Industry

SACRAMENTO, Calif., April 17 PRNewswire — As the insurance industry continues to be challenged with softening rates and premiums, innovation is the key to long term success. Now that we are at the end of the first quarter, some leaders are recognizing that a strategy without a strong focus on innovation will not help them achieve their annual goals.

In March 2008, the Women's Network Group met in Sacramento and discussed new ways to energize the insurance industry. Julie K. Davis led the group discussion on changes that are necessary in the industry and the top trends driving success in the Property and Casualty insurance industry. The following are key points highlighted during the keynote session:

Innovation Pipeline Can Control Your Destiny

Successful development of innovation (product innovation, service innovation, technology innovation, process innovation) can be a key to your success. You need to be prepared to respond to market shifts with innovative responses. Leading change in your industry and your company can help you stay competitive.

During a recession, selecting of the right innovation tools couldn't be more important. For example, if your firm earned $10 million in annual revenue and you were able to achieve 10% organic growth, that end result may be less than your targeted year end goal. A pipeline of new products and services may be needed to bridge the performance gap in a soft market.

While new product innovation can help when the going is tough, don't overlook the reasons why new products fail. Reasons for failure include a lack of proven market demand, lack of objectivity, inappropriate market research, underestimating the financial requirements or resources needed to launch the new product, lack of experienced management or staff or lack of uniqueness of your product or service.

Business growth can be achieved through the penetration of your existing market segments, innovation of new products/services or niches, the diversification of your existing products or franchising.

Industry Knowledge is Key When Developing New Products

Successful agents and brokers in the insurance industry are ones that can effectively transition from transactional to consulting services. This trend extends to small commercial accounts as well as program business. No class of business is untouched. The ability to understand a specific targeted industry (size or segment) and their needs can shorten the length it takes to engage key prospects or launch successful new insurance products or programs.

Target Marketing Continues to be Important

There is a growing trend of marketing and communication efforts that are more meaningful, industry-specific and speaks to the challenges of your target market. Targeted marketing approaches should include collateral material, website content, industry-focused news, focused distribution channels and more. A more intelligent client or prospect wants to know their insurance provider or partner understands their key business trends and critical issues in their industry segment.

Client Retention

In order to be most effective at cross-selling, a basic knowledge of the client's industry or business life-cycle is helpful.

Develop Ways to Attract and Retain the Best People in the Industry

Without dynamic people, the insurance industry would have no revenue, clients or value proposition. Some parts of the insurance industry still overlook the importance of hiring great people, developing them and ensuring that their goals are aligned with the company strategy. People are the most valuable assets in the insurance industry and a solid strategy on diversity, talent attraction and retention can't be overlooked.

Over the next twelve months, the Women's Network Group will focus deeper attention to each of these areas of business.

About the Session Facilitator:

Julie Davis has been with Aon Corporation (AOC) for fifteen years. She is currently executive vice president of their Wired for Growth program (http://www.wiredforgrowth.com), serving insurance and risk management needs for emerging technology, internet and life science firms. She participates and speaks frequently on career issues for professional women. She is the recipient of Chicago Innovation Awards, Insurance Innovators Award (Insurance and Tech Magazine), and finalist in Annual Stevie Awards for Innovation of Best New Product / Service, recognized by I-Street Magazine in their annual "Women in Black" Awards and recently named Who's Who for Entrepreneurial Work in Insurance and Risk Management Field. She attended University of Texas and Rice University. She can be reached by email at julie_k_davis@ars.aon.com or by phone at 408-439-2654.

Source: Anna Smith, President, Women's Network Group

This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.

SOURCE Women's Network Group

Send this news item to a friend.

Print This Page

Search Our News Using Google Search

Can't find what you want? Try using Google:

Google