Optimistically looking at... 2012
Romania's economy will resume its growth in 2011, according to estimates of most analysts in the field. However, among insurers there is a mood somewhere in between moderate optimism and pessimism. This is also because, between the moment when the economy gives the first signs of "defrosting" and insurance recovery there is a delay of eight months (two months for the banking industry and another 6 for insurance).
What should profile companies do whilst awaiting this to come?
Firstly, there is the cost restructuring option. Thus, the development of alternative distribution channels, such as online sales, strengthening partnerships with brokers would be only a few solutions in this respect...
Also, 2011 may be a good time to focus on improving the quality of services and on customer loyalty. In a time when customers income is limited, insurers should be aware that any customer lost in this period will be extremely difficult to regain...
Another very promising measure is to start extensive information campaigns, in order to raise public awareness on the need for insurance.
It is known that 2011 will not be an easy year for the market, but it will pass soon... We are all expecting the 2012 "revival"!
Author: Mihaela CIRCU
on 27.01.2011
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