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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 regard.

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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