Recently came across an old article on the Money Marketing website ("The Frill of it all") discussing the value of propositional enhancements like Best Doctors, RED ARC and Next of Kin.
It's interesting because the discussion of adding value to insurance contracts that benefit their policy holders in a non financial way really doesn't seem to have moved on since this article was first published in August 2005.
Whether it is a function of the recent economic recession or not, the major insurers are still largely selling their wares based on commoditised pricing and product elements and really not caring too much about 'giving back' to their policy holders. Surely however, when the pricing within a sector is tight and new business hard to come by, the time is right to offer enhancements. More surprising is the failure of mutuals, friendly societies and healthcare insurers to differentiate themselves by offering these kind of benefits more pro-actively.
Perhaps now is the time to re-do the research mentioned a couple of times in the article with a view to finding out if purchasers of protection insurance want value or commodity ?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment