Nine in 10 insurance executives grade service equality and annual profitability as most vital when reviewing strategic alliances.
Inter-Company Marketing Group, Ashburn, Va., published this finding in a survey of 104 insurance professionals conducted in the fall of 2012. ICMG is a non-profit association that fosters insurance industry strategic alliances, the organization counting among its members marketing and business development decision-makers with insurance carriers, reinsurers, distributors, third-party administrators and service providers.
More than nine in ten (93 percent) of the insurance executives polled rate service quality by the strategic partner as "very important" or "important" among the critical success factors to be reviewed when deciding whether to renew a strategic alliance. A similarly large majority (88 percent) rank profitability as very important or important.
Most senior managers and/or managers of a division or line of business (93 percent) are involved in reviews of existing strategic alliances, the report states. Fewer non-managers are involved, among them professionals in the firm working on the alliance (35 percent), company sales force and/or distribution partners (32 percent), third-party reviewers of the alliance (12 percent) and boards of directors (10 percent).
