A market penetration study at the state level can help an insurance defense law firm answer the perennial question, “How Can I Get on More Insurance Panels?”.
By “market penetration” we are referring to an analysis that identifies which property and casualty (P&C) insurance companies have the leading market share positions within a state by line of coverage.
Understanding this data will help you to cross-sell new lines of coverage to existing insurance carrier clients. If you currently work on private passenger auto cases for a client and you notice that the carrier also handles product liability claims, for example, you might suggest that you expand to include automotive-related product liability matters.
The Department of Insurance in many states publishes an annual report that identifies the top insurance carriers in the property and casualty sector. P&C lines of coverage that are typically identified include automobile, fire, homeowners, liability, medical professional liability, and workers’ compensation.
The National Association of Insurance Commissioners (NAIC) is another source for identifying the top carriers within your state. The NAIC publishes a market share report on the top 10 carriers by lines of coverage for every state. Market share data is provided by state for 30 lines of P&C insurance coverage.
In addition to your own knowledge of the local market, you can build a market penetration study for your state based on this data from state and national sources.
If you would like more information, or if your firm could benefit from the focus and discipline of a structured marketing process,
contact Margaret Grisdela at 866-417-7025 or via
email
to discuss a campaign.