How to Define Your Target Audience

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Those companies that succeed are those that were able to: Adapt to the new digital life. Improve the level of customer service. Improve the process of communication with policyholders. Insurance companies understand this, so most market players today allow clients to report an insured event remotely, through their personal account, and submit the necessary documents there. People no longer want to waste a lot of time, going to the insurers' offices. On the contrary, most are even ready to overpay for instant remote registration and the same prompt solution to other problems. Insurers have also begun to use artificial intelligence, from chatbots to predicting the likelihood of losses in specific cases.


As for economic and social factors, in the summer of 2024, the Central Bank raised the key rate again. At the same time, it canceled the non-targeted preferential job seekers data mortgage, although a number of other state programs remained, albeit designed for a narrow audience. Therefore, the volume of issued mortgage loans decreased by a third - to the volume of 2020. In the short term, this may reduce the growth of the life insurance market, but the effect is unlikely to be deep and long-lasting. Firstly, having adapted to the new conditions, people will continue to buy apartments - no matter under state programs or at an unfavorable market rate.


Secondly, the insurance sector is developing not only due to those who take out a policy because otherwise the bank refuses to issue a loan. More people appreciate the benefits of investment life insurance and life insurance, and use these instruments, because they provide a double advantage - they allow you to feel protected and receive additional passive income. Problems and challenges of the life insurance market The life insurance segment faces the same challenges as other types of insurance: Insufficient supply of qualified personnel. High inflation. The insurance companies cannot do anything about the second problem, especially since inflation jumps are caused by several factors.