18(a) Describe the mission/purpose of your proposed gTLD
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1. MISSION AND PURPOSE
MISSION AND PURPOSE:
The mission of .Insurance is to represent the Insurance industry globally in its own differentiated namespace. Insurance and Risk management today make up a large Global Industry, one we want associating with .Insurance as it’s online representation. The proposed TLD Registry envisions the Insurance industry using .Insurance as an interactive medium to easily reach out to customers in the comfort of its own namespace.
Insurance today is a big booming trillion dollar industry. According to a report from Plunkett Research(^1), Global Gross insurance premiums totaled $4.33 trillion in 2010. This amounted to 6.89% of the global GDP. It’s an industry that’s high on offering employment, as seen in the USA where the insurance business employed about 2.23 million people in 2010. There are an estimated 800,000+ Insurance carriers, agents, brokers and service companies worldwide based on data collated from Hoovers. In the US alone annual revenue of insurance agencies and brokers is well over $110 billion(^2). An analysis of the domain names in TLDs like Com, Net, Info, Biz and Org, also suggests that there are 370,000+ domain names with the word insurance in them as of Dec 2011. More and more consumers are buying insurance online further increasing the need for insurance carriers, agents, brokers and service providers to have an online presence that truly signifies what they do. Google keyword tool data shows over 55 million flobal searches for keywords containing the word ʺinsuranceʺ every month. These are some of the elements that make up the addressable market for .Insurance.
It’s no surprise that the industry is exhibiting a healthy economic scenario, with the exception of a minor dip during the recession in 2008. More than a 100 Insurance companies feature in the latest Forbes 2000 list(^3), with their combined assets accruing to $15,000+ Billion. Plunkett research(^1) states total insurance premium volume for 2010 in industrialized nations was $3.6 trillion. In emerging nations, where the fastest growth is to be found, total premiums were $650 billion, up 10.9% over the previous year, including $128 billion in Latin America and the Caribbean; $33 billion in the Middle East and Central Asia; and $67 billion in Africa.
The Insurance Industry is one in which competition is intense. Recent regulatory changes globally have resulted in the creation of several financial services mega-firms, offering a wide array of services and products for customers. Plunkett Research suggests in their report that Competition will only become more intense moving forward.
.Insurance will cater to the hundreds of 1000s of companies in the insurance industry. A differentiated namespace that directly relates to the Insurance Industry will provide a strong weapon in their arsenal to ensure they continue to thrive in these times of competition.
This need for the Insurance industry to distinguish both their brand identity and their offering for customers in their own differentiated namespace fuels the motivation behind .Insurance.
.insurance will also look to contribute to the Internet Namespace in several ways:
1.1 ENHANCE TRUST
To create a “trusted and secure” namespace for the insurance industry and its users. The .insurance TLD will require registrants to achieve specific verification. This will create a TLD for which there is unprecedented accountability. This will eliminate phishing and fraud resulting from mistaken identity creating a trusted and secure namespace for insurance companies and Registrants
1.2 ENHANCE SEARCHABILITY AND RECOGNITION
To create a namespace that enables companies in the insurance space to easily distinguish themselves from countless others in generic TLDs. This benefits the Registrants as well as the end users. End users will be able to find the website of a insurance company they are looking for easily amongst the sea of other sites.
1.3 ENHANCE REGISTRANT CHOICE
To create a namespace that provides insurance related companies greater choice to represent their brand online in the manner they please. Due to the saturation and unrestricted nature of the existing gTLD space many organizations have to opt for a name that does not best reflect their brand. .insurance will provide legitimate Registrants a higher guarantee of obtaining their desired name
1.4 CREATE A CLEANER INTERNET SPACE
To create a cleaner internet experience for end users by implementing pioneering registration policies, content and usage policies, and abuse mitigation processes.
1.5 CREATE A STABLE AND RESILIENT INTERNET SPACE
To deliver a stable and resilient internet experience to registrants and end-users by going above and beyond the ICANN mandated SLAs and delivering 100% resolution uptime
* (^1) http:⁄⁄www.plunkettresearch.com⁄insurance-risk-management-market-research⁄industry-statistics
* (^2) http:⁄⁄www.hoovers.com⁄industry⁄insurance-agencies-brokerages⁄1424-1.html
* (^3) http:⁄⁄www.forbes.com⁄lists⁄2008⁄18⁄biz_2000global08_The-Global-2000_IndName_12.html
This completes our answer to Q18(a).
Similar gTLD applications: (0)
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