Where do general insurers go from here?
Thursday, 13 September, 2012 1 Comment
Stating, what should be, the bleedin’ obvious…IF the industry cares as much as its marketing says it does!
Moving away from the old ‘acquire and exploit model’ that general insurers have been using for years requires a huge change in mindset. Especially when it involves bucking the trend within the industry and communicating a proposition based on value and service while others are fixating on price.
However, I’m afraid the old strategy just isn’t going to work in a world where consumers can compare prices and share experiences at the click of a mouse. Giving existing customers a compelling reason to stay and do more business with you is surely the way forward as customer sentiment can spread like wildfire online. It will therefore be those that have engendered positive perceptions from their most loyal customers, who retain and attract the most policyholders and who are subsequently most profitable in future years.