Fraternally Yours to Market Leaders: Transform Your Heritage into Competitive Advantage
In the final article of a four-part series, the Insurance sector within the Financial Services Industry Group explores how member-based insurance companies must evolve to meet modern growth and member satisfaction challenges.
Member-driven carriers are facing unique challenges that often prevent them from achieving key growth targets, both in terms of premium and membership:
- Membership Demographics & Acquisition
- Product Portfolio Limitations
- Member and Policyholder Servicing
- Data Gaps and Technology Challenges
- Digitization and Personalization
To address these issues, we outline five strategic opportunities fraternal carriers should consider:
- Reconsider the Fraternal Benefit
- Explore Third-Party Distribution
- Expand Lines of Business
- Develop Digital-Native Solutions
- Pursue Consolidation
An affinity-driven carrier may not be able to tackle all of these – not every trend will be relevant to every carrier. But as carriers engage in strategic planning, their goals will need to address both these challenges and opportunities to continue to thrive over the next five to ten years.
Read the first article in this series, The $432B Boom is Just the Beginning: Why Margin Strategy Will Determine the Winners in Annuity's Golden Age.
Read the second article in this series, Capital Efficiency Revolution: How Sidecars are Transforming P&C Insurance Investment.
Read the third article in this series, From Product Provider to Strategic Partner: The Transformation Imperative for Benefits Carriers.
