Understand Your Target Market Segments

According to InsuranceNewsNet, there are over 1,300 insurtech companies in the U.S. alone

The good news for insurtech companies is the global insurtech market is expected to grow at a CAGR of 32.7% from 2021 to 2030. The bad news is the 1,300 insurtech companies focused on less than 6,000 insurance carriers in the United States.

As the insurtech space continues to grow rapidly, it becomes increasingly difficult for insurers to identify, research, evaluate, and implement insurtech solutions for their organization.

One of the keys to success for an insurtech company, whether you're an early-stage startup or an established company, is ensuring your value proposition resonates with your target market segments before investing in sales and marketing.

The TSI Market Research Process

Our Market Research offering is an interview-based methodology with the goal of aligning your value proposition with the needs of your target market segments. We interview key people at your company to understand their perspectives, your customers, our prospects, and key contacts in the industry.

This process has proven to be an excellent way for our clients to create, modify or validate the positioning and messaging of both their company and solutions through a third party.

The diagram below illustrates the steps involved in our Market Research engagement:

Market Research Process

The deliverables from our market research offering include:

  • Customer test market interviews
  • Marketing positioning document
  • Prospect test market interviews
  • Company content review
  • Executive summary report with recommendations

Clients who have taken the time to research their target markets have gained traction faster and have been able to anticipate customer objections rather than react to them.

Free Consultation

Interested in learning more about our market research offering? Request a free consultation below to discuss how an investment in market research can improve your short-term and long-term marketing results.

By the Numbers

  • The Global InsurTech Market is expected to grow from $9.41B in 2020 to $159B by 2030 (Source - Digital Journal).
  • It's more important today than ever for insurtech companies to understand the needs of their target market segments and exceed their expectations.