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Business Strategy and Governance

OUR IMPACT

Strategic Diversification in Insurance Sector

Company: Shield Assurance Ltd.
Year: 2022
Category: Business Strategy and Governance

Shield Assurance Ltd., a growing insurance company, was struggling to expand its product portfolio without undermining its existing offerings. The firm faced increased competition from new market entrants and needed a strategy to introduce innovative insurance products while maintaining customer loyalty.

Our Solution

We conducted market research to identify gaps in the insurance sector and assess customer needs. Through a data-driven approach, we developed a diversification strategy focusing on microinsurance and customized insurance solutions for SMEs. We also provided guidance on marketing and distribution channels to maximize product uptake.

Results

The company successfully launched a new line of microinsurance products, attracting previously underserved customers. This diversification strategy led to a 25% increase in revenue within a year and strengthened the company's market position. Additionally, existing customers responded positively, reducing policy cancellations.