Know-How Exchange : Other

Hi

tough sled indeed

It's a grudge purchase.

And the industry makes things worse by rewarding churning, (by incentivising sales to new customers over retention) not loyalty. Which will always end in a price/ quote war.

How much influence do your underwriters have over the price quoted to a customer? Would your marketing team say the same? It's all about risk management - but underwriters look at the risk cost over the term of the policy (12 months). Marketers migh look at the acquisition cost of a customer, and their lifetime value. Which is probably a different answer from the underwriters.

Easy renewal builds loyalty - make it simpler to stay put than to go out & get new quotes. Look @ the porcess, offline & on. Is it one step? Is it friendly?

Strangely ;-) case studies are thin on the ground. Advertorials have worked well for years. Regular, small (tiny) space ads can pull in steady business. Referrals is an untapped opportunity. (many have tried, has anybody really cracked it?... look at the way that some viral games & gambling sites pull in friends, & see what could be done to replicate that.)

hth

Will Rowan
https://www.morningpapers.com

Hello,

The problem of the insurance is that the benefit generally is long-term. Because of it, you should develop products where the Customer perceives the benefit more nearby. The life insurance already have developed it: mix between insurance and money savings where can be received in life. The insurance should be designed giving this alternative.

Another important thing is to add the insurance to other more tangible product. Ej: if you use your credit card you will be covert by an insurance against robbery or merchandise loses. For it you should develop alliances with other businesses (banks, credit cards, ......, any business is useful). They will be interested in doing business with you, because everybody is looking for New benefits and differentials.

Bye,

Juan Carlos