It should come as no surprise that insurance marketers are distinctly different from their underwriting/product management counterparts.
In a recent study, LexisNexis® Risk Solutions looked at the two groups in an effort to gain a better understanding of the challenges facing these vital, separate-yet-interdependent, insurance carrier teams. As part of the study, we delved into the core roles, responsibilities and goals for each group.
Eighty-five percent of respondents were measured by a common set of metrics, not surprisingly; profitability was the number one metric by which all respondents, regardless of job function, were measured.
It turns out there are clear lines of delineation in terms of marketers’ goals and the goals of underwriters and product managers, and that in large part the teams understand these boundaries.
Marketers identify cross- and up-selling to current customers, meeting sales quotas and retaining customers as their top three goals. When asked the same question, underwriters and product managers also identified these three core objectives as top priorities for marketers.
Conversely, underwriters and product managers identified their own top goals as enhancing existing products and creating new products. Likewise, marketers agreed these were the most important goals for underwriters and product managers.
While it is reassuring that both camps have a clear understanding of each other’s top priorities, the two sides are not aligned on all fronts. For example, an interesting disconnect that emerged from the study was that only 18% marketers nominated ‘obtaining an optimal spread of loss exposures’ as a core business goal for themselves. Ensuring that the business is well prepared for potential losses was a top three goal for underwriters and product managers – and 43% of them nominated ‘obtaining an optimal spread of loss exposures’ as a core business goal for their marketing counterparts. Does this suggest that underwriters and product managers believe marketers are guided by this core business goal, much more than marketers actually are, or is it true that underwriters and product managers want marketers to be more driven by obtaining an optimal spread of loss exposures?
This disconnect over perceived goals and responsibilities begs the question, how much of an impact might misunderstandings about roles have on business performance?
The study uncovered other enlightening findings with respect to the degree of collaboration and interconnectivity between insurance marketers and their underwriting/product management counterparts.
Additional insights from the study will be shared in future blog posts. For more information, please refer to the white paper Collaborate Across Functions to Acquire With Retention in Mind