Competitive Intelligence For An Insurance Company's BOLI Strategy
- A top tier insurance company wanted to address its declining market share in the BOLI (Bank-Owned Life Insurance) market due to rising interest rates and competitive pressures from one of the market leaders in the US
- Utilize primary and secondary research to gather competitive intelligence on target company's in-force pricing and crediting rate strategy and provide actionable insights
- Conducted a thorough review of industry reports to identify standard KPIs, performed an in-depth analysis of competitors' financials and performance metrics, and examined a broad range of case studies to identify best practices and innovative strategies in the insurance sector
- Uncovered competitor's revised in-force crediting rate strategy significantly impacting the BOLI market, identified specific competitive advantages it has leveraged, and observed brokers actively evaluating opportunities to exchange or surrender in-force policies for improved performance
- Additionally, noted the increased focus on adapting to changing market conditions and the strategic moves made by competitors to maintain their market position
- Gained deeper insights into competitor's in-force crediting rate strategies, allowing for a more comprehensive understanding of market dynamics and competitive positioning
- Enabled the client to adapt their strategies in response to competitor moves, ensuring they remain competitive in the evolving BOLI market
- Assisted in developing and implementing effective countermeasures to address competitive pressures, leading to improved market share and enhanced operational efficiency
