An insurance competitor analysis is an evaluation of the insurance policies of a company and its effectiveness in benefitting the customers. The policies should be inspired by the situations of emergency so that customers are impelled to consider them sincerely. This propellant is the deciding factor behind which company would remain ahead in competition. Thus the analysis should be done truthfully.
Sample Insurance Competitor Analysis
Name of the company: LIFE Insurance Company
Year of establishment: 1999
Name of the competitor: Future Insurance Company (FIC)
Date of submission of analysis: 16th August, 2012
Name of the analyst: Jennifer Beckham, Insurance Expert
Nature of analysis: The analysis has been derived from qualitative interpretation of the company’s services measured in terms of framework, orientation, results, profitability and customer choice.
Purpose behind analysis: The FIC policies have carved out a myopic position in the insurance market depicted in skewed nature of their consumption that has put our company in an uncertain position.
Scope of improvement of insurance policies vis-à-vis competitor’s policies:
- The declarations of the policy must be spread on a wider arena covering more customer choices and relaxing the policy limits to satisfy customers.
- The definitions must be given more elaborately in specific terms for greater flexibility in choosing the policies.
- The insuring agreement should be made to help customers stand on their feet after being battered by spiralling debts apart from financial help in case of death of a family member.
- The advertisement agenda and endorsement structure should be given more coverage to expose the customers to the prevailing policies and plans.