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Imaginera is a reinsurance business that specializes in providing customers in the insurance market with new technology and expertise that allow for those customers to sell insurance policies easily and reduce risks with larger capacity however priority is being allocated to technology and expertise. (Buesnel, et al., 2021)

-         Insurance companies according to a Deloitte report (Buesnel, et al., 2021) are demanding more support from reinsurance companies to help optimize business models by using technological solutions to reduce risks and no longer just provide the insurance companies with capacity but help increase profits of insurance companies.

-        - Insurance companies are looking to ‘hollow out of the middle market (Buesnel, et al., 2021)’  leaving larger insurers with fewer companies competing in the global insurance market which will include the U.K. market.

-        Specifically for the U.K. insurance market a large problem for Imaginera is the U.K. leaving the European union without a deal, this will create a degree of disruption and caused the end of passporting rights across the EEA for insurance businesses, 35 new insurance subsidiaries have been established in Europe to move business and jobs creating more competition. (Ennis, 2021)

Alternatives- Loyds of london, Hannover Ruck SE, Swiss reinsurance company, Munich Re

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To meet the changing demands that insurance customers, Imginera provides customers with ‘bespoke’ to technology to be able to help business models become more profitable, creating technology with coders, engineers and account managers and developing systems that can work with other systems to help meet insurance demands,  reducing down disfunction in data improving abilities to make more informed decisions for insurance companies that Imaginera services, better analysis of risks with clarity on data and reduced disfunction helps to solve the first problem (InsTech, sep 8,2019).

working towards a universal standard method of communication within the market as the current insurers communicate still with emails within the market is another solution that the company uses to meet the first problem (InsTech, sep 8,2019) .

To solve the other problems Imaginera employs consultants for an after sales services to help develop the technology and problem solve issues for customers giving an improved service that would help create more profits and improve efficiency for insurance companies. By providing further support for customers this allows for them to ‘hollow out the middle men within the market’, with Imaginera providing long term support with consultants who have market experience and helps insurance companies to deal with problems that arise from ‘Brexit’ and continue to do business in a market environment with less company’s. The combination of producing technology and further provide expertise with an after sales service which helps to insurance company’s resolves problems from both external forces such as Brexit and resolve technology issues and producing the be spoke technology allows for Imaginera to be very competitive against alternatives and attract business (InsTech, sep 8,2019) .

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One of the key activities for Imaginera is to provide the ‘bespoke technology’ using the experience of the CEO, ‘understanding the market and industry’  (Imaginera, 2021)  , to provide capacity for insurance companies by buying the insurance policies from them to reducing the risks and sharing the costs so that the insurance companies can produce more policies making more profits in the long term, using the bespoke technology created by Imaginera’s coders and account managers to service technology needs of insurance company’s such as data disfunction improving the decision making process on policies, implementing that technology with consultants who continue to support insurance companies after implementation, to deal with any issues that might arise after the technology has been integrated (Imaginera, 2021) .

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-        Under this section, exploration of Imaginera’s UVP will conducted, Unique value proposition is defined on Investopedia ‘the concise statement of the value that the company offers through its good or services’ (J.B.Maverick, 2021) . Investopedia highlights three key takeaways value that the company offers through its goods and services, included within the mission statement and understands it target market, specific value and connects to customers  (J.B.Maverick, 2021)  .

-        Imaginera’s UVP comes from the extensive experience of its leadership from the expertise of the CEO, managers and coders to create for customers ‘bespoke technology’ targeting insurance providers and providing them with more than just capacity according to the CEO ( (InsTech, sep 8,2019) but also the after sales services which helps to continue to resolve any long term issues which come from both internal and external forces. Highlighting that this UVP helps to appeal to customers over alternatives and make the company more competitive against its rivals.

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-        An unfair advantage means ‘company has a position which is beneficial them over a competitor or competitors which can be a product, service or model’  (Gray, 2016) . For some companies this can be all three or can be one but the company normally has abilities that are different to alternatives which gives them an advantage.

-         For Imaginera the unfair advantage is the talent, skill and experience of the CEO who has extensive knowledge having worked in underwriting and the abilities of the consultants, coders and account managers who manager customers needs and work to deliver outcomes which can be seen by the many business awards that have been won by Imaginera in 2019 (Imaginera, 2021) .

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-   Channels are defined by the ‘how the company chooses to communicate to that target audience’, are important for a company because they allow for customers to be aware of the services that the company is offering. For Imaginera a website comprising the team of experts is important to with an awards page to highlight the company’s accomplishments, a list of the team from the CEO down and the organizational structure of the company (Imaginera 2021).

-        Within the insurance industry reputation does matter when insurance companies are choosing who to reinsure, Imaginera uses its accolades as a selling point to attract customers highlighting awards and nominations which were won because of the ability of the company’s consultants and coders  (Imaginera 2021).

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According to market 91 6 types of segmentation of customers are defined ‘divided into homogenous groups for study focusing on the likes and dislikes of a particular product or service’ Bhasin, H. (2019, 03 12).  Dividing and segmenting is argued, makes targeting customers who are more likely to buy your products and services.  It is argued that customer segmentation allows companies to plan using internal resource most effectively to attract customers.
For Imaginera customers are insurance companies using targeted segmentation.

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Cost structure defined by the direct costs of activity of the company according to wall street mojo, ‘the costs will have to be incurred regardless of the business doing something or not’ (Vishal Garg et al, 2021). Fixed costs, variable costs, and irrelevant costs such as the sunk costs which are not recoverable (Vishal Garg et al, 2021). Imaginera costs are marketing, salaries and office rents financing of the website which is the one of the main sources of contact with potential clients and displays the company structure being very flat and further highlights service on offer and various our pieces of information (Imaginera, 2021). Wage costs for the consultants, coders and project managers who are high skilled workers and produce the technology for clients, the last cost was office rents which in the pandemic have fallen because the government guidance on U.K. covid-19 pandemic working practices forced employers to keep workers working from. Savings from reducing office and changing to a working from home model would have helped reduce down office costs and with Imaginera being a technology having the high skilled labor to adapt to the new working environment. Arguments are made by Vishal Garg (et al, 2021)that generally companies try to cut these costs and most small businesses need less planning and analysis, however it is further argued costs can rise when trying to expand, external forces can cause disruption harming most SME's (Vishal Garg et al, 2021).

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Revenue streams for the Imaginera mainly come from three sources of income, first revenue streams are mainly sources of income for the company normally from the sale of a service or product that is produced by the company. 7 types of revenue streams according to stratgyzer (Strategyzer, 2021), asset sale, usage fee, subscription fees, lending/renting/leasing, licensing, broker fees and advertising.  Main sources of revenue for Imaginera come from the selling of technology that is be-spoke (InsTech, 2019).  and the continued support after sales to further sort issues and problems and provide support for clients with fee’s. These revenue streams will keep the company competitive and help meet the new demands faced by insurance companies through pandemics and Brexit as well as support decision making, create more profits for insurance companies and add value whilst offering capacity with policy activity (InsTech, 2019). .

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Bibliography

Bhasin, H. (2019, 03 12). 6 typres of customer segments to Target. Retrieved from MArketing 91: https://www.marketing91.com/types-of-customer-segments/#:~:text=6%20Types%20Of%20Customer%20Segments%20to%20Target%201,various%20categories%20and%20mix%20and%20match%20all%20

Buesnel, C., Baumann, N., Mitzner, K., Evans, P., Wilson, W., & Narula, G. (2021, july 23). Future of reinsurance report. Retrieved from Deloitte: https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Financial-Services/gx-fsi-future-of-reinsurance-report.pdf

Ennis, G. (2021, july 23). Brexit impliction coporate insurance policies. Retrieved from Locktoninternational.com: https://www.locktoninternational.com/gb/articles/brexit-implications-corporate-insurance-policies

Gray, H. (2016, 03 11). 'Unfair Advantage': What's Yours and How Do You Capitalize on It. Retrieved from Entreprenuer: https://www.entrepreneur.com/article/269816

Imaginera. (2021, 07 28). Retrieved from Imaginera: https://www.imaginera.co.uk/reinsurance-software/services

InsTech (sep 8,2019). Bevis Tetlow CEO Imaginera. Reinsurance underwriter and technologist (44) [Recorded by B. Tetlow]. https://www.youtube.com/watch?v=LIb2momnyBg.

J.B.Maverick. (2021, 07 28). What are the elements of effective value proposition. Retrieved from Investopedia: https://www.investopedia.com/ask/answers/032715/what-are-elements-effective-value-proposition.asp

Osterwalder, A. (2021, 07 28). Introduction to Channels building blocks. Retrieved from Cleverism: https://www.cleverism.com/selecting-managing-channels-business-model-canvas/

Strategyzer. (2021, 07 28). How do I use the Revenue Streams building block of the Business Model Canvas? Retrieved from Strategyzer : https://www.strategyzer.com/business-model-canvas/revenue-streams

Vishal Garg, D. V. (2021, 07 28). What is Cost Structure? Retrieved from wallstreetMojo: https://www.wallstreetmojo.com/cost-structure/