Developing Business Growth Strategy and Generic Framework for Insurance, UK

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Dwivedi, Rohit (2010) Developing Business Growth Strategy and Generic Framework for Insurance, UK. [Dissertation (University of Nottingham only)] (Unpublished)

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Abstract

UK insurance industry is the third largest in the world and plays a unique role in helping businesses and consumers against the risks. But like many industries, UK insurance sector has been affected by the financial crisis. The main reasons being the massive decline of the investment income in 2009 and also increase in the number of fraud claims. The growth of life insurance and pensions is much higher than that of general insurance, because of the intense price pressures in the general insurance sector.

General insurance has been a major battlefield for financial service providers as the insurers are consolidating their hold on direct channels, encouraging brokers rather than their own agents and reducing the costs by more efficient distribution. Online aggregators and software houses are a growing phenomenon in the UK as they have changed the competitive dynamics of the consumer credit market. The market coverage of online aggregators is huge showcasing over 110 home insurance brands and more than 175 motor insurance brands between them. There is a huge addressable market of about 500m in the UK insurance industry which comprises of Data, Analytics and Technology. The software providers are becoming more powerful data managers as they are expected to move towards enriching the data hubs.

This report lists the growth strategy adopted by Experian to enhance the business in their insurance vertical. It includes short, medium and long term objectives supported by in-depth market analysis, internal company analysis, implementation plan with financial projections. It also lists a generic template for insurance UK which can be used by the companies in order to develop business strategy for insurance in future.

Item Type: Dissertation (University of Nottingham only)
Depositing User: EP, Services
Date Deposited: 16 Nov 2010 14:34
Last Modified: 31 Jan 2018 17:31
URI: https://eprints.nottingham.ac.uk/id/eprint/23724

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