Insuring Success in France: My Journey with InsurdHR
In this article, Lokendra RATHORE (ESSEC Business School, Master in Strategy & Management of International Business (SMIB), 2022-2023) shares his working experience at InsurdHR.
InsurdHR – Company Overview
InsurdHR is a Singapore-based insurance broker platform providing Software as a Service (SaaS) that offers insurance solutions to startups and Small and Medium Enterprises (SMEs). The company is looking to expand its offerings to the French market to help its clients access insurance services more easily.
Logo of InsurdHR
Source: InsurdHR.
My internship
I had the opportunity to work with InsurdHR which had partnered with SemioConsult (a privately owned consulting firm) for this expansion mission. As a student at ESSEC Business School on the Cergy campus (France), this project provided me with the unique opportunity to apply my academic knowledge to a real-world problem (market entry).
As a Strategy Consultant, I was responsible for conducting market research and analysis to help InsurdHR enter the French insurance brokerage market. During my time at InsurdHR, I had the opportunity to work on a number of exciting projects that allowed me to further develop my skills and knowledge.
My missions
One of my main missions was to conduct market research with due diligence for competitive analysis, market sizing, risk assessment, and identification of key partners. I used various sources, including Statista, Marketline, and Factiva, to gather data and insights on the French insurance market. Through my research, I was able to gain a comprehensive understanding of the industry and the key players within it.
Another key aspect of my internship was the analysis of other several survey reports on customer attitudes towards insurance in France. This allowed me to effectively segment, target, and position InsurdHR’s offering in the market. My findings helped the company to develop a more targeted and effective marketing strategy, which ultimately will lead to increased customer acquisition.
Working closely with the CEO of InsurdHR, I also had the opportunity to devise a preliminary market penetration strategy for the soft launch of the company’s services in France. This involved creating a roadmap for customer acquisition, with the goal of reaching the target population in the French market. Through this project, I was able to apply my knowledge of market research and analysis to develop a practical and effective strategy for the company.
Throughout my internship, I had the opportunity to work with a variety of people from different backgrounds and gain exposure to the fast-paced and dynamic world of insurance as a service. I learned how to conduct market research, analyze data, and collaborate effectively with others to achieve common goals.
Overall, my internship experience at InsurdHR was a truly rewarding and educational experience. I am grateful for the opportunities I had to learn and grow, and I am confident that the skills and knowledge I gained will be valuable to me in my future endeavors.
The skills required for this internship included strong research and analysis skills, effective communication and collaboration, and an understanding of the French insurance industry. Through this internship, I gained hands-on experience in these areas and was able to make a meaningful contribution to InsurdHR’s expansion efforts in France.
Key Concepts that I learned
I present below a few concepts related to my work: market sizing, risk assessment, and customer acquisition.
Market Sizing
Market Sizing is about determining the size of the target market which is an important first step in creating a successful business strategy. This involves analyzing data on market trends and customer behavior to determine the potential size of the market and the company’s ability to capture a portion of it.
Risk Assessment
In the insurance industry, risk assessment is a critical component of determining the cost and feasibility of offering a new product or service. This involves evaluating the potential risks and uncertainties associated with the market and making informed decisions based on this information.
Customer Acquisition
Customer acquisition is the process of acquiring new customers and converting them into paying customers. This involves developing and executing a strategy to reach, attract, and engage potential customers, as well as measuring the effectiveness of the acquisition efforts over time.
Why should I be interested in this post?
If you are interested in gaining insights into the practical application of academic knowledge in real-world business scenarios, particularly in the insurance industry, this post is definitely worth reading. The author shares his firsthand experience of working as a strategy consultant with InsurdHR, a company that was expanding into the French insurance brokerage market. The post covers various aspects of the author’s internship, including conducting market research, competitive analysis, risk assessment, and customer acquisition strategies.
Additionally, the author provides valuable insights into key concepts such as market sizing, risk assessment, and customer acquisition, which are relevant not only to the insurance industry but to any business looking to enter a new market or expand their customer base. Overall, this post is informative and provides a practical perspective on applying academic knowledge to real-world business problems.
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Useful resources
About the author
The article was written in April 2023 by Lokendra RATHORE (ESSEC Business School, Master in Strategy & Management of International Business (SMIB), 2022-2023).