Strategic Marketing for Insurance Services

The insurance sector of Cyprus is changing.  Increased competition, reduction of profit margins, the growth of bancassurance and the accumulation of inbound portfolios, require the development of new strategic ideas that provide flexibility and adaptation, in order for the sector to grow, and achieve measured goals.

Redesigning the strategic factors that affect this process and measuring the tactical effectiveness are both necessary to keep every player of the industry in a viable and growing future.

Training Objectives

At the end of the programme participants will be able to:

• Strategically examine the competitive environment of each player in the industry
• Understand the benefits of generating strategic plans for different marketing mixes
• Constructively use the tools of marketing strategy
• Identify market niches that can be more efficient for their vision and goals
• Study market indicators and take constructive action
• Customize their marketing programme based on market conditions

Training Outline

Strategic Business Planning

• Competition Analysis – Core Strategy
• Three (3) Fundamental Strategies and Five (5) Competitive Forces – Michael Porter
• Brainstorming: Assessment of Competitive Techniques

The new strategy challenge

• The Experience Curve and how it can be used
• Product Portfolio – The BCG Matrix
• Case study: Market analysis – company life cycles
• Adapting to Strategic Applications of the PLC

Market Share and Growth Rates

• Scale Economy and its applications
• The 4 Differences of Big to Small in Market Share

Situational analysis – SWOT

• Snowball Technique: Analysis of Internal and External Factors

Key Strategic Factors

• Indicators of Progress Review – Critical Success Factors
• Environmental Analysis
• The S.M.A.R.T. Objectives

Marketing Strategy – The “marketing plan”

• Exercise: Strategies relating to the Marketing Mix

Training Style

The programme is designed to deliver strategic knowledge and enhance participants’ implementation skills via short lectures, practical examples, and real-life cases.

During the training case studies will be analysed thus helping participants understand how to work in similar occasions.

Who Should Attend

This course is primarily addressed to:

• Insurance directors
• 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

New licensed players will also benefit from this course, such as:

• travel agents
• car dealers/rentals
• commercial retailers
• building contractors and 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