Insurance is an ever-thriving market that most people have stake in. Insurance, after all, is paid on a set schedule and is there to help when something goes wrong. It can be found in the health, automotive, life, home, and business sectors in one way or another. But as businesses continue to expand, many insurance companies worry about how they can continue to thrive as the world becomes more globalized. This fear is valid as there are concerns with dealing with other governments and regulations, political risks, and so forth.
But, there are a few ways an insurance company can overcome some of the complications associated with globalization so that they can continue to thrive in their industry. Here they are:
RESEARCH IS A MUST
An essential part of expanding alongside other companies is to do your research into new potential markets. Insurance companies are not exempt from this. If you represent an Insurance company in Malaysia and you want to expand with other companies, you need to learn more about the places most companies are expanding to. A good tip for handling this is to form a committee or group within your insurance company that is dedicated to deeply researching your target market.
When researching your new market, be sure to identify any potential risks of expanding to the area. You also need to find out what the trends are in your target market. Your research can be conducted through primary and secondary research, define controlled and uncontrolled communication channels, Public Relations, define focus groups, surveys, data collating and analysis, consulting articles, business news from the area, Governments, and their regulations, and so forth in your target market.
A last tip on researching your target market is researching what your potential competitors in your market are doing. By learning what your competing insurance companies are doing in your target market, you can gather information for your next step.
EXPAND OR BETTER THE SERVICES YOUR TARGET MARKET ALREADY RECEIVES
By learning what is offered by your potential competitors, you can take some time to innovate your own services to provide insurance coverage that will knock out your competition. This could mean that you innovate to make your insurance rates a bit cheaper while maintaining a great amount of coverage, or it could mean offering coverage that your competitors aren’t offering. For example, if a location you are expanding to has seasonal floods that can devastate the surrounding areas, you can offer extended coverage that your competitors aren’t offering. This can give you a leg-up on the competition and can help keep your insurance company afloat as you continue to expand.
LOCALIZE YOUR INFORMATION TO BECOME ACCESSIBLE TO POTENTIAL CUSTOMERS
The key to success for any business is effectively communicating with customers and potential customers. One way to do this when expanding to a new country is through the process of localization.
Localization processes not only work to translate all of your company’s information into a language your target market can understand, but it also takes steps to assure that every aspect of your company is adapted perfectly by global marketing to your target audience. This means that your information is also looked at through a cultural lens, and changes are made to better communicate your company and the products and services it offers on both the local and the global market.
Global marketing strategies include localization of your information with tailored brochures focusing on key messages, social media and web 2.0 communication strategies, ongoing focus groups evaluation, and printed material updates, radio and television commercial localization, and more. Localization allows you to fully immerse your company into another culture. This helps to build trust and reliability among your potential customer base. They will be happy that you thought to fully localize your materials into something that really speaks to them. In turn, they will become customers and likely share their good experiences with family and friends who will also come to you for your services.
Localization is probably the most important step to thriving in the global marketplace today. But how do you get started? VEQTA is your stepping stone to success.
HOW VEQTA CAN LOCALIZE YOUR INSURANCE COMPANY
VEQTA is a translation and localization company with locations in Malaysia, Thailand, and Singapore. With thousands of skilled translators, you can be sure that your information will be translated correctly in any of the 50 languages you can localize your materials into. To help you with your localization process, VEQTA offers desktop publishing services, video and audio localization, translation services, and so much more. For more information on how VEQTA can help your insurance company continue to thrive in the age of globalization, visit VEQTA.com.
You can also request a quote for your translation project or contact us for further assistance.