financial product management project paper

Introduction
Every organization must fulfill the need of the customers they are gaining profit from. So the organization must be aware of the needs and requirements of the present customers. So they must be aware about the proper development of their products or services. Organizations can develop their products or services by innovation and creativity. They can innovate new ideas or create new dimensions of their products and services. Through innovation and creativity a firm can easily gain competitive advantage. Competitive advantage can play a significant role in the insurance industry where there is much more competition. So through creativity and innovation a firm can attain competitive advantage and can be successful in the industry.
In recent years, the insurance industry has faced so many changes. The reasons behind these are technological development, globalization among countries of the world, development in information technology and development in economy. These reasons have significantly changed the operational performances and the total market structure of the insurance industry. Insurance companies must be changed to cope with the changing environment and to face those, the companies have to be innovative in the whole marketplace. So the insurance companies now a day are offering new services and promoting those offers to the customers and also trying to deliver the right service to the right customers to gain customer satisfaction and loyalty.
To be successful in the insurance industry every insurance company must identify the competitive advantage they can serve to their customers and must act on it.
Literature review
Competitive advantage is something that the competitors cannot easily copy or provide the same value to their customers. The need of the consumers should be the company’s marketing strategy. The company may segment their consumers and try to focus on serving them. Then the company may identify the planning and implement it in