needs of the most profitable customer. Similarly when insurers use the same cost effective distribution channels to serve all customer segments irrespective of the customers' preferences, it results in the misuse of resources and a largely un-satisfied customer base.
Ignoring the Customer Lifecycle: An insurer may assume that customers will rarely change and is unable to keep up with the customers' changing needs. This myopic view is often because the organization culture is risk averse when it comes to launching new products and testing new technology. The uncertainty and lack of knowledge translates into lost revenues as the insurer tends to focus only on the current customers at the expense of potential future customers.
Focusing on a Single Driver: By focusing on a single component of a product's value the insurer may end up losing the customer as that driver may not be the one that triggers the customer to stay with the insurer. This results in investing time and resources on a driver that may not be important to a customer, thereby creating lower levels of satisfaction and higher churn rate
Losing Sight of the Product: When management is obsessed with being customer centric it invests all its efforts and resources on the customer, often ignoring the product. This could have an adverse effect on the brand name as the market is flooded with products that are outdated. Even for an insurer that is customer driven, it must focus on building its brand and product portfolio to serve the changing needs of its customer base.
Recommendations 建议
Following are the recommendations from our primary and secondary research initiatives:
Recommendation No.1: Focus on products that provide protection
With the aftershocks of the recent financial crisis still being felt in Asia, customers are likely to be more risk averse and look at insurance products from a protection perspective rather than as an avenue for investments. As such, customers will seek policies to meet their term life, critical illness, health, accident and disability needs. Therefore, insurers should promote such products very aggressively by identifying customers in its databases who bought investment linked policies and attempt to cross sell non-linked policies through a marketing campaign that highlights the benefits and features of such products.
Recommendation No. 2: Focus on retirement and annuity products for the elderly
With an increase in the ageing population of Singapore, there will be a significant rise in the demand for retirement products such as annuities and pension plans. As such, first insurers will need to use customer data integration techniques to identify those customers that are retired and/or close to retirement and then target this customer segment with a suite of retirement and pension plan products through the preferred distribution channel with trained experts on trust, transparency and relationship management.
Recommendation No. 3: Transform Support Seekers and Price Sensitive customer segments in to Relationship and Product Optimizers
Since majority of the insurance customers in Singapore are currently Support Seeking and/or Price Sensitive, insurers should aim at transforming these segments in to Relationship Seekers and Product Optimizers who are in fact the most profitable to the organization. This
本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。