by brian » Fri Jul 07, 2006 06:49 am
Actuaries can be classified under two forms, namely the product-actuary and marketing actuary. The marketing and sales of a certain product are the major factors that determine the road to success for a business. Though these two concepts might seem completely different but in reality they are somewhat connected to each other.
The main objective of this article is not to preach about the differences of the two concepts, rather its aimed at explaining the work sphere of an Actuary. The idea behind this is to create an awareness of a specific product in the Web 2.0 business age.
Now what is Web 2.0 business world?
It is generally regarded as the 'Architecture of Participation'. It could also be described as an open platform where the community members could express their expectations about a product or a service, its merits and demerits etc. This would ensure that they even get a chance to debate over a particular feature and decide, so that it becomes easier for the insurance companies to understand and meet their demands. So, your business would be ultimately led by the community or masses even without your guidance.
As regards the human tastes and preferences, its more likely that they would launch only a finished product in the market. But keeping with this dynamic world, the recent changes see that you launch even unfinished products for the customers. This in turn would help the community and the masses think and express their views through the Forums, Blogs, Wikies, videos and many other modes of communication.
Sometimes companies get provoked to launch products even before performing a thorough research in the market. This could be termed as a push selling process. But the participation architecture on the other hand would certainly contribute towards a sound community base initially. This makes it easier for you to sell your product.
Some might be tempted to ask, what will be the use of these online materials in developing countries/TWCs where the literacy level is around 40% or 50%? Not only that. The number of internet users is too low to speak about as compared to the US.
Thats why, I would better suggest you to think it over and study the situations carefully. Its fairly presumable, that in the TWCs the literacy level is bound to get an upward push within a couple of generations that follow. With the rise in literacy, there would be a sudden upward surge in terms of internet users. That would inevitably let the companies survive in the long run. Once you disclose your internal resources to the community and modify the policies and premium levels, your community would start believing in their insurance company. That is the perfect time when the Viral Marketing starts playing a key role.
If the marketing actuaries and the insurance companies work hand in hand, they would certainly derive ample career opportunities and be able to lead the business world from the front.
The main objective of this article is not to preach about the differences of the two concepts, rather its aimed at explaining the work sphere of an Actuary. The idea behind this is to create an awareness of a specific product in the Web 2.0 business age.
Now what is Web 2.0 business world?
It is generally regarded as the 'Architecture of Participation'. It could also be described as an open platform where the community members could express their expectations about a product or a service, its merits and demerits etc. This would ensure that they even get a chance to debate over a particular feature and decide, so that it becomes easier for the insurance companies to understand and meet their demands. So, your business would be ultimately led by the community or masses even without your guidance.
As regards the human tastes and preferences, its more likely that they would launch only a finished product in the market. But keeping with this dynamic world, the recent changes see that you launch even unfinished products for the customers. This in turn would help the community and the masses think and express their views through the Forums, Blogs, Wikies, videos and many other modes of communication.
Sometimes companies get provoked to launch products even before performing a thorough research in the market. This could be termed as a push selling process. But the participation architecture on the other hand would certainly contribute towards a sound community base initially. This makes it easier for you to sell your product.
Some might be tempted to ask, what will be the use of these online materials in developing countries/TWCs where the literacy level is around 40% or 50%? Not only that. The number of internet users is too low to speak about as compared to the US.
Thats why, I would better suggest you to think it over and study the situations carefully. Its fairly presumable, that in the TWCs the literacy level is bound to get an upward push within a couple of generations that follow. With the rise in literacy, there would be a sudden upward surge in terms of internet users. That would inevitably let the companies survive in the long run. Once you disclose your internal resources to the community and modify the policies and premium levels, your community would start believing in their insurance company. That is the perfect time when the Viral Marketing starts playing a key role.
If the marketing actuaries and the insurance companies work hand in hand, they would certainly derive ample career opportunities and be able to lead the business world from the front.
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