To help navigate these changes, we are expecting to see a shift in businesses implementing an ecosystem operating model in order to be able to meet the new demands of consumers. Partnering with other businesses in order to deliver products and services digitally is going to become more common.
CPP’s parametric InsurTech arm, Blink, is a good example of how businesses can work together to offer better services to end customers. Driven by data to predict real-time travel disruption and offer immediate insurance solutions, Blink delivers the responsiveness and certainty that consumers want.
Many complications with claiming on travel insurance came as a result of coronavirus being an unknown entity, making it a struggle for insurers to identify how best to serve their customers. As a result of this, parametric insurance will play a significant role moving forwards, especially as travel begins to open up again, as it offers a pre-agreed amount of cover based on the probability of a pre-defined triggering event.
A supportive culture
What should also be a key factor in any multi-market strategy, especially in times of uncertainty, is a strong people and culture positioning that helps colleagues feel supported and empowered. This is also connected to encouraging local teams to be entrepreneurial; they are your eyes and ears in the local markets so an integral part of understanding the most successful way to operate.
CPP’s International Support Centre that operates out of Leeds in the UK is in place to support all market functions. While dedicated, in-market strategies are key, it’s also important to focus on the bigger picture and to ensure they are aligned with a single corporate vision. This will provide the ability and resource to envision what the future may start to look like.
All these elements are essential to ensuring your business has an effective multi-market strategy that is able to navigate the changes set to be brought about by Covid-19. The pandemic has certainly encouraged many businesses to reflect on their approach and this could be an opportunity to refocus how your business is operating. What’s certain is that in the short-term, there needs to be a strong human element running through any strategy if you want to successfully resonate with partners, colleagues and consumers.
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