Introduction
EIRS Insurance and Risk Management Company is a full-service insurance and risk management firm that offers comprehensive insurance and risk management solutions to clients across a wide range of industries. The company’s services include insurance brokerage, risk management consulting, employee benefits, and claims management. EIRS prides itself on delivering customized solutions to meet the specific needs of each client and ensuring that their interests are protected at all times.
Market Research
Market research plays a critical role in the success of EIRS in the United Arab Emirates. By conducting thorough market research, the company can gain a comprehensive understanding of the insurance industry in the UAE and the needs of its target market. The information gathered through market research can help the company develop a product portfolio that meets the needs of its main audience. Market research can also provide information on the competition, allowing the company to differentiate itself from its competitors and establish a strong brand image.
Building a Strong Brand
Brand management for EIRS Insurance and Risk Management Company should focus on building a strong and distinctive brand that differentiates the company from competitors and resonates with its target market. The following steps can help achieve this goal:
- Define the brand: Develop a clear and concise brand strategy that defines the company’s mission, values, and positioning. This should include a detailed description of the target market, the benefits offered by the company’s products and services, and the unique attributes that set the company apart from competitors.
- Create a visual identity: Develop a visual identity that accurately reflects the company’s brand and helps to build brand recognition. This could include a logo, color scheme, typography, and other design elements.
- Develop brand guidelines: Create a set of brand guidelines that outline the consistent use of the company’s visual identity, messaging, and tone of voice across all communication channels.
- Build brand awareness: Implement a comprehensive marketing plan to build brand awareness and reach new customers. This could include online and offline marketing tactics, such as social media advertising, email marketing, events, and trade shows.
- Monitor brand performance: Regularly measure and evaluate the effectiveness of the brand management efforts to ensure that the company is on track to achieve its brand-building goals. This could involve tracking brand awareness, customer engagement, and sales performance.
By following these steps, EIRS Insurance and Risk Management Company can establish and maintain a strong, recognizable brand that positions the company as a leader in its industry and helps to build trust and credibility with customers.
Product Portfolio
A comprehensive product portfolio is a crucial aspect of the success of a new insurance company. The company should develop a range of insurance and risk management products to meet the needs of its target market and establish itself as a leader in the industry. Moreover, the company should offer general insurance products, such as personal liability insurance, property insurance, and motor insurance (Banerjee & Majumdar, 2018). Liability insurance is an important coverage that protects individuals and businesses from financial losses due to accidental harm to others or damage to their property. Property insurance protects against loss or damage to an individual’s or a business’s property, such as buildings and personal possessions. Motor insurance provides protection against financial losses from accidents involving motor vehicles.
Sales Strategy
Business to business sales strategy focuses more on the needs of the potential customer than the actual process of selling the product. More specifically, the company should identify the customer’s problems and goals in relation to insurance and risk management solutions for their target business. The steps of the process of selling business to business product should be the following:
- Preparation – the company must find the potential client’s weak points and analyze the solutions they have already tried;
- Diagnosis – at this point, a discussion with the client is necessary: what are the main issues and if the client is interested in the solutions provided by the company;
- Education – as the potential customer is interested, and the main issues are determined, the company offers a full targeted presentation of its’ products. The presentation would explain how the company’s insurance and/or risk management solutions will help the client overcome their current challenges, as well possible future problems. The company’s competitive advantages and unique offers should be highlighted at this point;
- Solution – the company offers the client a customized solution based on their needs, as well as concrete examples of how it has already helped similar clients;
- Closing the deal – the solutions and their budget, schedule, and documentation are finalized, and the company can begin working on the client’s problem.
Customer Service
Excellent customer service helps establish a reputation for reliability and earns the trust of customers, which is crucial for attracting a large number of customers and building a successful business. One of the key elements of excellent customer service is prompt claims processing. This involves efficiently and effectively resolving claims, making sure that customers receive their payment in a timely manner. This helps to build trust and confidence in the company and sets the foundation for a long-lasting customer-company relationship. Regular communication with customers is also essential to excellent customer service.
Conclusion
The insurance industry in the UAE is growing, providing opportunities for new insurance companies to enter the market and achieve success. Market research, building a strong brand, developing a comprehensive product portfolio, building partnerships, using sales strategy, focusing on direct sales, and providing excellent customer service is a must for a new insurance company. Using these tools, EIRS has the potential to establish a strong presence in the market and attract a large number of customers.
Reference
Banerjee, R., & Majumdar, S. (2018). Impact of firm specific and macroeconomic factors on financial performance of the UAE insurance sector. Global Business and Economics Review, 20(2), 248-261. Web.