Riding the Whirlwind

Strategic Interactive Marketing for the Insurance Industry

Key Points:

1. Introduction

1.1 Purpose

This reports outlines the opportunities for the delivery of products and services through the use of the emerging interactive technologies such as the Internet and Interactive TV.

The report will be of value to strategist, marketers, administrators and technologists charged with formulating, designing and delivering products and services over these emerging new delivery mechanisms.

1.2 Scope and Content

The focus of the research was the UK insurance market for general, life and investment products. Companies interviewed included life, general, and composite insurers, unit trust companies, and bancassurers.

Section 3 is a short general review of the market place including change drivers and the likely consumer and industry responses.

Section 4 looks at Products and Services and section 5 at the various Delivery Mechanisms. Both these sections draw on the 1-to-1 interviews. The report focuses on the Internet, but also including other delivery mechanisms such as I-TV, Web TV, Kiosk, Telephones, CD-ROM and PDAs.

Section 6 provides Strategic Recommendations with Section 7 providing practical ideas for Implementation.

1.3 Confidentiality

All information provided is held in confidence and therefore no item in this report is attributed to any particular company unless the information has been previously published in the public domain.

Managing Change abides by the IMC professional code of conduct.

1.4 Distribution

In the first instance distribution is restricted to interviewees but later a wider audience may have access to the report.

1.5 Use

Opinions and ideas expressed in this report are of a general nature. Any mention of commercial products, services or of organisations is for illustration only. It is advisable for companies to undertake a thorough investigation into suitability and fitness for purpose, before entering into any commercial arrangement.

Progress in the field of interactive mediums is extremely fast. Companies need to remain cognisant of new developments and to incorporate contingencies to cater for the various risks. These include new and unproved technologies; small and fast growing entrepreneurial companies; acquisitions, dis-investments and other actions by competitors, suppliers and distributors.