Marketing Strategy of Swiss Re analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Swiss Re marketing mix, help the brand succeed in the market. Let us start the Swiss Re Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Swiss Re marketing strategy can be explained as follows:
Swiss Re is one of the leading financial institutions and a leader in insurance. The services in the marketing mix provided by Swiss Re is broadly classified according to the business units it has that are the Reinsurance, Corporate Solutions and Life Capital.
The Reinsurance arm of Swiss Re provides reinsurance products, capital market instruments and other risk management services. The clients are majorly focused in property & casualty and life & health clients. The other beneficiaries are brokers & agents, NGOs and even the governments.
The Swiss Re Corporate Solutions division provides around 40 products which cater to various industries of various scales.
The solutions provided are further divided broadly into property, casualty, professional & management liability, credit & surety, parametric products, weather solutions, accident & health, marine solutions and cyber solution.
The Life Capital arm of Swiss Re is solely devoted into managing Life & Health business. The business is further categorised into three categories that are ReAssure which manages closed insurance books, elipsLife which manages customised solutions for companies and iptiQ which provides life & health products for individuals.
Image: company website
Swiss Re Price/Pricing Strategy:
Below is the pricing strategy in Swiss Re marketing strategy:
The pricing strategies in its marketing mix are dependent on the products Swiss Re has and the popularity of them as well as the competition in the relative segment. The Reinsurance is enjoying the market leader spot and since Swiss Re provides the customers with customised solutions it charges a premium price for the same.
The corporate solutions does face competition and due to which it has to be priced competitively. The Life Capital had specifically designed products and standard products for individual and have competitive prices as there are many competitors in the insurance industry.
Following is the distribution strategy in the Swiss Re marketing mix:
Swiss Re has presence across the globe in 25 countries and majorly in Latin America, North America, Europe and Middle East. In USA Swiss Re has got offices in multiple locations and in Canada it has got its offices in Toronto and Vancouver. It is also present in Brazil, Mexico and Barbados. In Europe Swiss Re has got offices in Denmark, France, Germany, Italy, Spain, United Kingdom, Luxembourg, Slovak Republic and Switzerland. In Middle East it has got offices in Israel and UAE. In Africa it has got offices in South Africa and in Asia it has got offices in China, India, Singapore, Japan, South Korea and Malaysia. In Australia Swiss Re has got offices in Sydney, Melbourne and Brisbane.
This shows the huge worldwide presence of the brand.
Swiss Re Promotion & Advertising Strategy:
The promotional and advertising strategy in the Swiss Re marketing strategy is as follows:
Swiss Re makes its brand reputation through the innovative products in insurance and hence gets a lots of awards and certification which are important for its business. It also shows its finesse in the insurance by releasing various publications which shows the effort it puts into insurance research. Swiss Re also creates awareness through various guide through videos. Its website and various personalised apps makes it convenient for the customers to learn about the services. Swiss Re being a global company invests in social responsibility activities through the Swiss Re Foundation. It invests in supporting sustainable solutions and disaster management activities. Swiss Re has partnered for food security and has also partnered with various institutions to manage different types of risks. It also has online presence through YouTube and twitter where it posts its events.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Swiss Re.
Swiss Re has a workforce of around 13000 out of which around 400 employees are engaged in research insurance. The company promotes diversity and inclusiveness throughout and motivates fresh perspective and ideas from different people to make its services better. Swiss Re looks for talented people and various backgrounds and provides ample of opportunities for career growth. It also provides trainings and other perks so that the employees stay motivated and updated with the changes happening around the world as well as remain satisfied with the job. Swiss Re also maintains a feedback system for employee engagement to check for areas of improvement in a continuous and timely manner.
Swiss Re’s strategic framework is divided into 4 phases where in it allocates capital to various revenue generation forums and then uses base diversification to minimize risk and optimization to reason the allocation. The reasoning is based on risk knowledge which is created by access into technology and research & development. The allocation of capital thus made are then used to build customised solutions as well as create standard packages at affordable prices. The basic framework is then supported by technology through the way of mobile applications and software packages such as CatNet and tutorial videos for accessing them. The decisions are also taken by the help of real-time data analysis for better analysis and evaluations.
Swiss Re customers get access various tools to assess risk and calculate investment growths. Swiss Re also provides detailed documentation for its product offerings. The customer gets access to consulting by experts in the areas of latest financial & insurance technologies, risk management and various other data insights to enhance the growth of their investments. They also gain access to interactive mobile apps and website tools which help them assess their risks and current happenings in the economy and then judiciously take decisions. Swiss Re also provides facility of secure transfer of confidential information through a specialised channel. The customers also enjoy access to customer support which allocated to various regional offices and also email support for various queries. This concludes of Swiss Re marketing mix.
About Swiss Re:
Swiss Re is a global insurance company which specializes in wholesale reinsurance, risk transfer and insurance solutions. Swiss Re’s major revenue comes the reinsurance division and also provides the company a leading position in the world. The company has three business units which are based on products and services provided that are Reinsurance, Corporate solutions and Life Capital. Swiss Re is based in Zurich, Switzerland and is currently headed by Christian Mumenthaler the CEO and Walter B. Kielholz, the Chairman of the company.
Swiss Re had earned $35.7 billion and a net income of $4.597 billion in 2015. The company has been named best global reinsurance company and best ILS advisor at Reactions Global 2013 Awards.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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