Added value versus "the lowest price"
Nearly two years after the onset of the global financial turmoil, insurance
companies can say that they have learned some important lessons, either
from their own experiences or from those of their colleagues. They understand
now the essential role that communication and customer relations have
in maintaining a good image of the company, given that the effects of
the crisis can have serious negative consequences upon consumer confidence.
There are local insurers, though few in number, who have decided to
supplement the marketing and communications budgets in order to ensure
brand visibility and support that would provide stability in these
uncertain times. Thus, although the national profile market is still
confronted with real profitability problems, on TV, on the radio speakers,
in the printed publications pages, on the internet or just on the street,
several advertising campaigns promoting various insurance products
- MTPL, Motor Hull, household insurance, life insurance etc - do
not cease to catch our eyes.
So, besides brand communication, companies
seem to focus lately more on product communication. Being an economically
difficult year, the
offer of insurers has become more flexible, much more adapted to real
needs of customers, companies exploiting every opportunity in this
Unfortunately, with all these measures, any purchase decision
still invariably passes through the "most convenient price" filter,
under the limited culture of Romanians regarding financial protection
circumstances, more so in times of crisis...
What new measures, what
different approaches must companies embrace to reduce the weight of
price... which decisively influences the
products' choice or... in even more unfortunate cases, giving
up a higher quality insurance product?
Published on 12.08.2010
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