Seven of 10 insurance executives look to their peers to find their next strategic alliance opportunity, according to a new survey.
Inter-Company Marketing Group, Ashburn, Va., published this finding in a summary of results from a poll of insurance professionals. The survey, with more than 70 responding companies, is the fourth conducted by ICMG on networking and strategic alliances topics since 2010.
Industry events such are the next-most-frequent place to look for strategic alliances, cited by 56% of respondents.
The report reveals that peers are also the most commonly used sources for conducting due diligence about potential business partners. Nearly eight of 10 respondents look to peers when conducting due diligence. Nearly seven of 10 look to the potential partner's marketing or other materials. And six of 10 seek out financial statements and annual reports.
Exporting products and services is the most common alliance strategy, with 32% of respondents noting that was their organization's approach. The next most-common strategy was to import products to market through existing distribution channels.
"Strategic alliances decision-makers turn to people they know to find others looking for deals," says ICMG President Frank Osborn. “These survey results bear out that reality: Networking, with peers and at industry gatherings, is the most-frequently-used path to find and create strategic alliances."
A summary of the ICMG strategic alliance survey part one results can be found here.