Nextyn Optimizes Growth Strategy for European Specialty Insurance Broker

Executive Summary

Nextyn, a global expert network and analytics firm, collaborated with a prominent European specialty insurance broker (hereafter, the Broker) to refine its go-to-market (GTM) strategy and execute a platform transformation project. The partnership addressed challenges associated with outdated technology, limited data insights (knowledge gaps), and a geographically dispersed client base (fragmented market presence). Nextyn's multifaceted approach, encompassing market intelligence gathering, regionalized GTM strategy development, and platform modernization expertise, yielded significant improvements in risk management, brand awareness, client retention, and overall customer experience.

Challenge

The Broker, navigating a dynamic risk landscape with increasingly complex client demands exceeding 70% of pre-renewal inquiries, sought to enhance its capabilities. Legacy systems hindered efficient data analysis, limiting the ability to deliver bespoke insurance solutions across diverse industries. Additionally, a geographically dispersed client base across 15 European countries necessitated a more nuanced approach to marketing and client service. Key challenges included:

• Limited data insights on emerging risks and industry trends, hindering proactive risk management strategies.
• Inconsistent brand recognition and marketing efforts across European regions, resulting in a brand awareness variance of 12% between key markets.
• Fragmented client experience with a complex application process and limited digital touchpoints, leading to a customer satisfaction score of 72%.

Solution

Nextyn deployed a comprehensive solution leveraging its expertise in expert network consulting, GTM strategy development, and platform transformation:

• Market Intelligence and Risk Analysis:?Nextyn's global network of industry specialists provided in-depth research on emerging risks specific to the Broker's client base. Data visualization tools further empowered proactive client service and the development of targeted insurance solutions.
• Regionalized GTM Strategy:?A cohesive GTM strategy tailored to each European market was developed. This involved crafting targeted messaging, optimizing regional marketing campaigns with a focus on digital channels, and establishing localized partnerships with industry leaders (in-region subject matter expertise).
• Platform Modernization Expertise:?Nextyn's consultants guided the Broker on platform transformation. The focus was on streamlining the application process by 30%, integrating data analytics tools, and developing a user-friendly interface for a seamless client experience.

Results

Nextyn's multifaceted approach yielded significant benefits for the Broker:

• Enhanced Risk Expertise:?Data-driven insights on emerging risks empowered the Broker to proactively advise clients and develop innovative insurance solutions, leading to a projected 10% growth in client retention within two years.
• Optimized GTM Strategy:?A regionalized GTM strategy fostered brand consistency across Europe and achieved a projected 8% reduction in the brand recognition variance between key markets within the first year.
• Improved Client Experience:?The platform transformation, with its streamlined application process and data-driven functionalities, aims to increase client satisfaction by 15% within two years.

Conclusion

Nextyn's strategic partnership has significantly impacted the European insurance broker's growth trajectory. By addressing market intelligence, GTM strategy, and technological infrastructure, Nextyn empowered the firm to optimize its approach, enhance client experiences, and achieve sustainable growth in a competitive landscape.

About Nextyn:

Nextyn is a leading expert network with offices in Singapore, Mumbai, Bangalore and the UK. With experts in spread across 70+ countries and 30+ meta industries, Nextyn's global capabilities have helped clients in over 16 countries make informed business decisions. Our clients largely constitute strategy & management consulting firms, PE/VCs and corporates. We deliver the highest quality, flexibility and the most competitive prices in the industry. To know more, write to us at [email protected] or visit Nextyn

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