This strategy emphasizes helping agents, policyholders, and carrier employees as the way to profitability growth, and create stickiness. This strategy depends on the ability to deliver value-adds, share data, understand accounts, and create transparency at all levels of the supply chains.
- Carriers that want to improve customers’ businesses and their risk pursue this strategy in order to create and value-added tools.
- Carriers that want to dominate a vertical in mindshare and growth pursue this strategy to create deep focus and understanding of a market and extremely tailored products enabled by a connected ecosystem.
For success, the company must become a destination for the target market, offering value-added tools and services as part of the insurance-buying process. A complementary agency force that believes in the mission is synergistic to this strategy.
Example: Nationwide, Jeweler’s Mutual