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Gathering Detailed Insight on Commercial Insurance Industry in India with Insurance Industry Experts

Client’s Desideratum

The manager of a Research & Consulting comprising of it’s headquarter in Singapore and located globally required ExpertsConsult to recruit the Experts of Commercial Insurance Industry in India for them. They wanted to meet 8key players (Insurers and Brokers combined) in the General Insurance segment in India to learn more about the functioning of the Non-Life Insurance industry, especially the commercial space.

 

Objectives of the Study

  • To discuss the Commercial Insurance Industry in India – How is it divided between Retail and Commercial space and the common risks insured in the commercial space by corporate clients?
  • To have in-depth interviews with the industry experts to understand the functioning of Non-Life Insurance Industry, especially the commercial space.

 

Expectation from ExpertsConsult

  1. Recruitment and sched uling of interview was expected to be done by ExpertsConsult
  2. Target Audience comprised of Insurance Brokers and General Insurance companies
  3. The sample size was expected to be 6 to 8 for face to face interviews which comprised of:-
    • Brokers- 3
    • General Insurance companies- 3 to 5
  4. ExpertsConsultwas expected to collate and share the list of potential interviewees with the client. The list of potential interviewees with the screener details was to be shared back for the client to approve
  5. The interview was supposed to be scheduled with the client only after the client approves the respondent on the basis of screening criteria data submitted and share the meeting dates and time with them.
  6. Screening criteria for respondents(For both Brokers and Insurers ) are as follows-
    • Experience of 10 years and above (in the company or in the industry)
    • Knowledge of company corporate clients (including Japanese corporate clients)
    • Knowledge of the commercial insurance market in India
    • Knowledge on company’s business acquisition channels
    • Decision makers/Mid to high-level management personnel who is knowledgeable in upcoming trends and policy demands in the insurance space
  7. Target Participants-
    • VP- Corporate Strategy
    • VP- Business Transformation
    • Director- Corporate sales, Corporate strategy
  8. Length of the interview was estimated to be 45 minutes.
  9. The study was specific to India and target participants were expected to be only from India.

 

 

Issues to Explore in this Research

  • Market Overview Questions: How the recent government regulatory changes affect different insurance segments in terms of pricing flexibility, number of policies sold, etc.How the retail and commercial non-life insurance market is growing in the past 5 years and what is the future outlook? 
  • Company Overview Questions: What are the company's key insurance segments - Marine/Fire/Liability,etc.? OR Key industries where their corporate clients belong to - say Auto/Electronics/Logistics, etc., What are the common risks insured by the company and if they have any Japanese corporate clients?

 

ExpertsConsult Solution

Within 15 business days,ExpertsConsult identified and recruited 8 non-life insurance industry experts which included insurance brokers and General Insurance Companies C-level executives from India for the study. These experts served a detailed insight for our client.

Solution provided by ExpertsConsult guided the client of leading market research & consulting firm to move ahead & apprehend their study further.

ExpertsConsult promptly targeted the respondent based on the screening criteria of the respondent shared by the client. Later, the interview was scheduled between the client and the list of approved respondents.

 

Denouement

Now well on the way of grabbing functioning of the Non-Life Insurance industry, especially the commercial space, from the experts of Commercial Insurance Industry in India helped the manager of research & consulting firm to move forward & apprehend their study further. According to the manager, this project helped them to gain a detailed insight into the commercial insurance industry in India, which leads to more business opportunities.


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