ce, in Asian countries where the culture is very people and relationship oriented, the key driver apart from price includes the relationship that the customer has with the insurance agent or the financial advisor. Today, insurers are aware that majority of its customers shop around for a cheaper premium policy but it is the satisfied customer that is more likely to remain loyal.
Insurers should focus not only on pricing the premium competitively but also on enhancing the level of after sales-service and build a relationship based on trust and transparency.
Product
In the life insurance industry the insurance policy is a key driver as it provides the policyholder with the appropriate level of life protection and coverage against terminal or critical illness. Traditionally, an individual signed up for a life insurance policy so that during an illness or upon death the family would not have to suffer from any financial repercussions. However, today the benefit of having a life insurance policy goes far beyond just providing life coverage and is viewed as a popular source of investment and savings.
For example, NTUC Income, a Singapore based insurance company provides its customers with not only whole and term life insurance but also a combination of several savings, investment and insurance products for various customer segments.
Relationship
The relationship driver centers on the personal relationship that the customer has with the insurer and its distribution channels. Once a relationship of trust, transparency, and honesty is established with the customer, the insurer/advisor has the potential to cross and up sell other products to the customer and his/her contacts. In Asia, the relationship factor is given a lot more importance and has the potential of generating new business revenues from referrals for insurers and brokers. According to the survey[22] conducted by the IBM Institute of Business Value and University of St. Gallen, only 42% of respondents trusted their insurers and 75% of the respondents placed high importance to transparency in insurance quotes and contract details of insurance policies.
To promote transparency, insurers should simplify the policy documentation which is often perceived by the customer as an area loaded with a number of hidden clauses that are designed to confuse the customer. Additionally, agents should be knowledgeable and transparent in their approach to customers.
Insurer's Image/Brand Name
Since the aftermath of the recent financial crisis, insurance customers have become ever more brand conscious and have ceased their relationship with insurers that have been severely affected by the crisis.
For example, after AIG's collapse in September 2008, customers of its Asian arm, AIA panicked and desperately tried to cancel their insurance policies and investments as they lost faith in the parent insurer's going concern. As a result in August 2009, AIA launched a major regional advertising campaign called “We are Asia”[23] to re-align itself as an entity independent of AIG and to win back thousands of customers in Asia. Similarly, insurers can develop strategies to promote their brand by organizing free health drives in hospitals, sponsoring health related events, and using an ambassador for promoting healthy life style.
Service Quality/ Employee Know-how
The se
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