Seeking cut-through in a very cluttered market
John Gillick, head of direct marketing and sponsorship at AIG, talks about the challenges facing the insurers
Published 10/04/2016 | 02:30
Operating in the non-life insurance market in 2016 is a fast paced, dynamic, challenging but enjoyable business to be in; and in terms of key opportunities and challenges, I currently see three key areas.
The first challenge is market dynamics. The insurance market is a competitive, cluttered space with major players fighting for market share. Advertising is intense and looks for cut-through.
At AIG Insurance, as part of our marketing and commercial strategy, we have leveraged our Dublin GAA and All Black partnerships to help achieve that cut through. We show strong support for all our teams through the line.
In certain parts of the market, loyalty is relatively low. It is price-driven and consumers shop around. Due to some fly-by-night insurers, with no financial strength ratings, entering the market and then experiencing liquidity problems, many consumers have been badly affected. This poses a PR challenge for those strong and well capitalised companies left who have to differentiate themselves from these companies.
The second key area is consumer expectations. Consumers are rightly demanding and expect high levels of service across key customer touchpoints such as quote, sales, post-sale and claims. Consumers want omnichannel, apps and 24/7 access.
For us, key moments of truth are your key customer interaction points, and NPS analysis is becoming more important across each of those points. Those that embrace customer centricity, build the right systems and implement correct data analytical reporting will perform well.
The third and final key area is the media landscape. With digital, social media, new media and mobile, it is getting more fractured and diverse as people change how they consume media, which makes it more important to know your target markets and their habits. This can feed into evolving programmatic buying. Analytics, attribution and measurement of your media strategy to improve marketing spend efficiency and achieve campaign benchmarks with ROI is key.
And finally, people! You can have the best ship in the world but you still need a good crew to sail it!
Sunday Indo Business