In an environment characterized by rapid shifts, emerging trends, and evolving consumer preferences, staying abreast of competitor activities is akin to having a pulse on the market. Real-time competitor monitoring allows companies to swiftly adapt strategies, capitalize on emerging opportunities, and proactively navigate challenges. A major player in the insurance industry was confronted with the need for unparalleled market intelligence to navigate the complexities of the US insurance sector. Learn how Netscribes’ solution addressed the immediate business challenge, enhanced agility and positioned the client strategically in the US insurance market.
Objective and challenges
Faced with the ever-evolving landscape of the US insurance market, a major player in the insurance industry sought a comprehensive solution to stay ahead of the curve. The challenge at hand encompassed tracking real-time updates on market dynamics, keeping a keen eye on the activities of C-level executives within competitor companies, and conducting an insightful peer analysis of the top-five insurers based on this dynamic information.
Approach and solution
To address these complex requirements, Netscribes presented its dynamic Onsense platform as the optimal solution. At the heart of Onsense is the Information Dashboard, a versatile tool designed for customized market and competitive tracking based on specific parameters. This dashboard provided real-time competitor updates by actively monitoring their activities across news and social media platforms. A key feature involved the meticulous tracking of specific competitors and their executives through tailor-made indicators. The customization aspect extended further, with insights curated by highly-trained analysts who specialize in the nuances of the insurance industry.
Results delivered
The implementation of Onsense yielded multi-faceted benefits for the insurance major:
Cost efficiency and real-time updates: By leveraging Onsense, the company significantly reduced its investment in traditional market intelligence reports. The platform offers real-time updates, eliminating the need for extensive resources devoted to periodic reports. The option to access archived information with user-friendly filters added a layer of convenience.
Blended research approach: Onsense empowered the insurance major with the ability to seamlessly blend custom research with real-time market and competitive information. This integrated approach provides a holistic view, enabling informed decision-making and strategic planning.
Read more: Identifying Partners for a Health Insurance Company
Client benefit
Netscribes’ Onsense not only addressed the immediate business challenge but also positioned the insurance major at the forefront of dynamic market shifts, offering a cost-effective, real-time, and seamlessly integrated solution for staying ahead in the competitive landscape.
