viduals
Support-Seeking Individuals
Product Optimizers
Price Sensitive Individuals
Uninterested Minimalists
Key Driver
Service Quality, Relationship, Brand Image & Social Value
Service Quality, Relationship, Product, Brand Image, & Social Value
Product and Brand Image
Price
Price & Service Quality
Specific requirements from life insurance
• Rely on external expertise and advice • Want uncomplicated services • Want to be well covered by their insurance policy
• Rely on external expertise and advice • Trust people more than insurer • Want transparent, customized products and services • Willing to shop for the right product
• Are willing to pay an extra price for the product
• Are quality and brand conscious
• Seek no advice • Have knowledge of the required product. • Shop for best bargain • Want standardized products
• No future contact once sale is complete • Need quick service • Price sensitive customers • Desire transparency
Strategies to acquire and retain
• Personalized attention by a relationship advisor
• Marketing efforts should be focused on uncomplicated and transparent services such as online quote generation, policy comparison, online mid-term amendments
• Retain customers by cross and up selling
• Personalized attention by a relationship advisor to build trust.
• Marketing efforts should be focused on customized product and service offering at competitive price.
• Products should be promoted by banks to HNWI
• Marketing efforts should be focused on the quality of the product and service offering.
• Advertising the product and the brand image of company
• Marketing efforts should be focused on offers, discounts, and competitive product price
• Promote the product on the Internet
• Marketing efforts should be focused on product offering and customized service
• Develop competitive product pricing
• Promote the product on the Internet
· User friendly web platform
Success Factors
Trust, Transparency
Trust, Transparency
Trust, Technology
Transparency, Technology
Transparency, Technology
Table 1
Planning
The Planning component ensures that the information collected in the analysis phase is valid and relevant for determining the customer value. After the validity and relevance of the information is established, strategies at the business and product/market levels are formulated to increase the overall customer value for the organization. Campaign planning and its execution are driven by a varied set of questions at different levels in an organization. Let us look at the campaign planning and execution process at different levels of a life insurance company.
Planning in a life insurance company occurs at two levels of an organization:
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