Applying product strategy models in the insurance business, of both Life and General, requires that companies promote products that seem individually tailored to each client’s needs.
Innovation must be constant and ongoing by being continually vigilant throughout the product life cycle to ensure that needs are still being met and that the competition has not discovered a better and more popular way of doing the same thing.
This programme is primarily addressed to Insurance professionals who can benefit by learning to recognise the need to create a framework, listing the benefits of creating new product ideas and concepts and how to strategically manage them through the various phases of the Product Life Cycle and the Growth matrix.
At the end of the training programme participants will be able to:
- Identify the insurance product position in the Life and General Insurance Market
- Set specific product objectives
- Understand the benefits of generating insurance product strategy plans for different targets
- Constructively use the Product Strategy Tools
- Identify market niches that can be more efficient for their vision and goals
- Study product market indicators and take constructive action
The new Insurance Product Strategy challenge
- Product Portfolio – The BCG Matrix
- Adapting to Strategic Applications of the PLC
Situational analysis – SWOT related to Insurance Products
- Snowball Technique: Analysis of Internal and External Factors
Key Insurance Strategic Factors
- Indicators of Progress Review – Critical Success Factors
- Environmental Analysis
- The S.M.A.R.T. Objectives
Insurance Product Strategy – The “Product Mix”
- Insurance Product Conceptions and Trends
- Idea generation for new products and the development of a concept
- Determining the profile of the target market
- Managing Insurance Product Growth
- develop sales and continued refinement of the product
- introducing new customers to the market
- Reaching Product Maturity and Decline
- developing something similar or lowering costs
- adding elements difficult for others to match.
- more focused strategy
Workshop: Strategies relating to the Insurance Product Mix of each Participant
- Group work and discussion based on specific real product cases
- Idea Generation for Targeting and refocusing
- Presentation of solutions
The programme is designed to deliver strategic knowledge of insurance product portfolios and enhance participants’ implementation skills via short lectures, practical exercises, and real-life cases.
The workshop will enable participants to analyse case studies and understand the use of the strategic tools, that will help participants understand how to analyse their product strategies.
This programme may be approved for up to 5 CPD units in Insurance Services. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
Professionals requiring CPD units to meet the education requirements for an occupational licence renewal, and/or for maintaining other professional memberships/certifications which accept CPD in Insurance Services, are advised to consider training subjects in categories that indicate CPD training in Insurance Services.
Who Should Attend
The workshop is primarily addressed to:
- Insurance company directors and employees
- Distribution office owners and supervisors (agents, advisors, subagents)
- Bank managers / supervisors who administer insurance
- Management / supervisory staff of financial institutions who can benefit by learning to recognize the need to create a framework of creating new strategic plans.
The workshop can also benefit:
- Travel agents
- Car dealers / rentals
- Commercial retailers
- Building contractors
- Other sectors that insurance can be supplementary to their products / services, since distribution channels of insurance all over Europe add a special registry for these categories