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Product and Operations Changes for Success in Selling Insurance to US Hispanic and Asian PopulationsPublished by: TowerGroup Published: Nov. 17, 2008 - 10 Pages Table of Contents
AbstractDespite the current economic turmoil, insurance carriers cannot ignore the extraordinary challenges of growing organically, and they must proceed with plans for identifying and penetrating new and emerging markets.The economic value to carriers of addressing the unique cultural needs of the US Hispanic and Asian populations is apparent, but carriers must change products, processes, and technology to be successful. Carriers must support local distribution forces culturally tied to the communities they serve, in both financial and educational aspects, so that they can educate their customers on the value of insurance to manage risk and establish financial security. Insurance industry Web sites, marketing material, and advertising must be acculturated, not just translated into native languages, so that carriers can succeed in selling products to Hispanic and Asian populations in the United States. Carriers must develop unique products and rating plans that address the specific needs of generally more urban Hispanic and Asian populations. Because thin credit file models and alternative data sources are key factors in profitably writing policies for emerging diverse markets, insurance carriers and regulators must work together to facilitate ways to develop and adopt them. Get Full Details About This Report >> |
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