COI. Regarding your participation at the Life Insurance 2015, could you give us some ideas about the new customers trends in the global Life industry?
SC. Over the past decade, insurers have reaped a ‘demographic dividend’ from distinct population trends in both developed and emerging markets. Those demographics are now changing, and the industry’s response to those changes will determine its growth profile.
Changing demographics now mean that achieving real-term premium growth over the next few decades will be much more challenging. With expectations that developed markets will deliver zero growth, and significantly weaker population growth trends in emerging markets, even those insurers seeking the next demographic dividend in emerging markets in Africa, Central Asia and Latin America will need to work smarter and be inventive to manage their business growth through innovation.
This is a challenge not just for insurers. It is important to the hundreds of millions of individuals across the world who would benefit from the security life insurance provides. It also has implications for governments and policymakers who increasingly understand the part a profitable, innovative and competitive insurance safety net can play in public policy.
COI. What are the main actions that ReMark International has been taken to align the new customer trends with product innovation from the Insurance & pensions Industry?
SC. In 2014, ReMark published Say No To Maturity, the first in a series of annual global consumer studies offering clients and partners the latest thinking on how new technologies and smarter strategies can reinvigorate life insurance growth in developed and emerging markets. to . The report examines the impact of customer behavioural trends, and outlines ReMark’s approach to building long lasting relationships with customers through a better understanding of customer motivations across different markets and demographics, better use of data-driven digital marketing, and more effective strategic deployment of these techniques.
Our data-driven marketing turns consumer behaviour into actionable insight. GeoProfiles, our proprietary segmentation tool, looks beyond demographics to consumer behaviour and lifestyles for more effective targetting, while 30 years of experiental data gives us over 70 million relevant policyholder data points for better customer insight and robust validation of models to help manage persistency before purchase.
Diverse lifestyles demand customisable products and easy access. We develop products with customisable options which reflect contemporary consumer concerns about increased longevity and healthy living. And to ensure a seamless consumer experience, we build and deploy direct sales channels which offer opportunities to go far beyond mere sales, prioritising customer equity at every stage of the purchase journey – from discovery through education to purchase, retention – and repeat.
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COI. Can you tell us three reasons not to miss Life Insurance Challenges 2015?
SC. Partnership is a critical success factor for ReMark, so it’s important to be part of the debate, and Life Insurance Challenges 2015 offers a great opportunity to listen to and learn from industry peers. This year’s theme provides a focussed and relevant platform to share ideas, and the conference will, I’m sure, attract a host of enthusiastic potential partners for future collaboration.
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