Slow growth in developed markets has insurers going global. But how can they gauge the market and develop a growth strategy that suits them? Read on for some ideas.
Projected slower growth in developed economies is creating a mandate for both regional and global carriers to expand internationally, with a focus on higher-growth emerging markets.
However, given capital constraints and the nature of competition specific to each market, no one strategy fits all in terms of where, how, and when to expand.
When expanding internationally, insurers should consider each country’s unique profile and its own goals. Leading insurers have learned that uniform approaches fall short, and that they should target market opportunities that are a strategic fit with their organization, attractive for growth, and feasible.
The breadth and depth of information available to analyze markets may quickly become overwhelming. Management’s key to success is making the information actionable. By using a detailed and multi-faceted approach to planning international growth, insurers can implement a well-planned and executable strategy.