Serbian BEACON Market Analysis turned itself into real Agri-insurance business results
Within the BEACON commercialization journey and global Agri-insurance market research, one of the main parts represents the creation of BEACON Market Analysis (MA) for the targeted country, region, etc. In this regard, in March 2019, BEACON Serbian Agri-insurance Market Analysis was finished followed by Greek and Spanish market researches, to serve as a support for pre-pilot BEACON Toolbox implementation activities in these countries. Namely, in order to better understand the future users as well as to win their loyalty for the post-project period, the Serbian Agri-insurance MA was deeply conducted by InoSens – BEACON Business Partner, through implementation of the lean market research method. Here, together with the usual deep desk research of the market in general, BEACON Serbian MA was strengthened with the feedback from conducted interviews with agri-insurance players (future customers), their real-life insights, business needs and notes on their workflows. As a result, the collected information is used to design the BEACON Toolbox pilot plan, improve user experience, and craft a marketing message that attracts quality leads.
Beside all above-mentioned, one more positive effect from the conducted Serbian BEACON MA was generated as well. Namely, shortly after the document was finished, the 86th Agricultural Fair took place in Novi Sad, Serbia 11-17 May 2019. This annual event gathers the biggest industry players from South East Europe with interest in the agricultural sector - agricultural production; food and beverage industry; agricultural machinery; food-processing industry equipment; chemical and protective substances; organic food; agri-insurance; as well as products and services in agribusiness. This year, among the other workshops, an expert meeting on AgI was organized, gathering together the main actors from Serbia and the whole SEE region. Under the name of “AGRICULTURAL INSURANCE – COST OR INVESTMENT”, the meeting brought together high-level representatives of relevant ministries and local authorities as well as representatives of Agri-insurance companies. The main topic of discussion was related to current challenges and prospects of Agri-insurance sector in Serbia, as well as in the region. Here, the BEACON LHC – Triglav Osiguranje actively participated at the workshop as well. Its representative, Mr. Živanov, took the opportunity during the discussion to highlight the main findings of the BEACON Serbian Market Analysis (performed by InoSens). In particular, Mr. Živanov highlighted: a low uptake of Agri-insurance among farmers, which is directly related to their lack of trust in Agri-insurance as well as ignorance of the importance of it; a great importance of agriculture in the region recognized by Serbian government, which is mirrored in the state subsidies through the high percentage of premium coverage; the possibilities that bring novel technologies and better Agri-insurance products and services. As such, the BEACON’s business modelling showed to influential document for the regional Agri-insurance actors.
BEACON Market Analysis will keep on following the commercialization journey of the BEACON Toolbox through all targeted markets, indicating all market requirements, specificities and needs to better understand the target Agri-insurance market and secure the acceptance among the future customers.