What are the best practices for conducting competitive intelligence research in insurtech?

Before conducting a competitive intelligence research, define the objectives and essence of the research. What problem do you want to sort with the analytics you get back from the data provided.? Be it need in products innovation, market trend, alternatives, threats, opportunities and so on. CI will give deeper insights in a particular metric we want to focus on in Insurtech

The first thing to start the competitive intelligence research is to have a clear idea on what information one trying to get and how they are planning to use the information. Understand if you want to use this information to benchmark products and get analytics for competitors.We can use to explore gaps in meeting customers needs and explore emerging trends.

1. Mission first: Define what you want to learn - new features, target markets, marketing strategies? This helps you focus your intel gathering. 2. Be a web detective: Scour competitor websites, social media, and press releases. Use tools like Similarweb to analyze their traffic and audience. 3. Talk to the "customers": Engage with their users on review sites and forums to understand their likes and dislikes. 4. Think outside the box: Attend industry events, webinars, and competitor presentations to get insights firsthand. 5. Action time: Analyze your findings to identify strengths, weaknesses, and opportunities. Use this intel to develop strategies that give you the edge!

Clearly define the objectives of your competitive intelligence research and the scope of the information you want to gather. Identify key competitors, target markets, and areas of focus to guide your research efforts.

1. Define Objectives: Clearly outline your research goals and focus on key areas such as product innovation, market positioning, and customer engagement. 2. Identify Key Players: Identify and analyze major Insurtech companies, understanding their strengths, weaknesses, opportunities, and threats. 3. Track Market Trends: Stay updated on emerging trends in technology, regulations, and customer preferences affecting the Insurtech landscape. 4. Monitor Regulatory Changes: Keep a close eye on regulatory developments impacting the insurance industry to anticipate market shifts. 5. Customer Feedback Analysis: Analyze customer reviews, feedback, and complaints to understand pain points and opportunities for improvement.

Being competitive in the market following sources and method are necessary Sources: a. Company Websites b. Industry Reports c. Social Media Platforms d. News articles and publications Methods like a. SWOT analysis b. Competitor Profiling c. Market Segmentation d. Technological Assessment

Gather information from diverse sources such as industry reports, market analysis, company websites, press releases, social media, and customer reviews. Utilize both primary and secondary research methods to ensure comprehensive coverage.

Data plays an important role. Use the data wisely. Now, there are a number of tools available to slice and dice the information based on what we would like to achieve. Now AI also in the play to analyze the information. Use and analyze the data to 1. Enable the businesses to make informed decisions 2. Identity opportunities 3. Identity threats 4. Develop effective strategies

Continuously review and refine your competitive intelligence research process based on feedback, new information, and changing market dynamics. Iterate and adapt your strategies to stay agile and responsive to evolving competitive pressures.