knowledge and simplifying the contract agreements were rated as some-what important as majority of the respondents gave those attributes a rating between 6 through 8.
On the product front, there are a few customers that desire a wider range of product offerings and flexibility of bundling products from their current insurers.
A bi-variate correlation analysis on the responses received for the areas of improvement also reveal that customers link transparency and trust with the quality of after sales service and knowledge of agents/advisors. (see annexure for details)
Interpretation
The primary touch point for majority of the respondents is in-person, followed by telephone and email. The Asian insurance customer prefers meeting the insurance advisor/agent in person as opposed to the European/American customer who typically prefers email as a preferred channel of contact.
Interpretation
Customers are willing to recommend the services of the agents/advisors to their family and friends. If the agent/advisor provides quality service to their customers, it will further impact the insurer's ability to acquire new customers, lowering his costs of acquisition significantly.
Interpretation
Because 85% of the respondents in our survey (see survey question No. 12) do not compare insurance quotes from other insurers, they either disagree or are unsure whether their insurer's premium is the most expensive as compared to that offered by other players. Majority of the respondents agree that the product/s offered by their insurers is available through multiple channels of distribution, well advertised and appealing to their changing needs. Quality of service and quick response to queries are equally drawn as some customers are satisfied while others are not, which further supports the analysis from questions 19 and 20 above that there is still room for improvement with regards to these two aspects.
Competitive Profile Matrix (CPM):
Interpretation
From the results of our survey, we performed a CPM on the four insurers with the highest number of respondents, primarily AIA, Great Eastern, NTUC Income and Prudential. We then assigned weights to critical success factors and assigned Service Quality and Price Competitiveness with the highest weights as they are considered key drivers for customers in Singapore. The rating values were as follows:
1=major weakness, 2=minor weakness, 3=minor strength, 4=major strength
The CPM matrix identified AIA as the most competitive insurer in Singapore with a score of 2.9 and Prudential as the least competitive of the four with a score of 2.12.
Case Studies: Unlocking the Value of Customers 案例研究:开启客户价值
While the insurance industry in Europe and North America is saturated with an abundance of heavy weight players such as Allianz, AXA, AIG, and Generali to name a few, the same is not the scenario in the Asia Pacific region. Over the past decade the Asia Pacific region has witnessed a tremendous increase in the level of disposable income and has been identified as a potential market by insurers. As such, several international players are in the process of establishing (or already have) a strong presence in this largely untapped market either by mergers or acquisition or by forming a joint venture with a domestic insurance company or financial instituti
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