Things are hotting up aren’t they? In tune with the UK summer finally getting its panama hat and sunglasses on, here are some insurance 99 ice creams, with flake and sprinkles. Enjoy.
START: BUILDING ON THE SHOULDERS OF GIANTS
One sentence really jumped out this week from an Op-Ed piece in Insurance Edge by Forresters.
“The industry giants already have customer relationships that they can leverage to help insurers extend their reach into new channels.”
So yeah, we all know Amazon has a brand name that lends itself to all kinds of offers, vouchers, rewards and branded partnerships with retailers. But think about this; Aviva, LV, or even comparison websites like Go Compare all have a huge reach, so why not extend that beyond breakdown or legal services?
It’s this kind of lateral thinking that gets the Stubben Edge team up in the mornings, because adding value is what keeps brands alive and thriving long term. When you’re number one in any market niche, there’s only one way left to go – down. Unless you raise your game and do that David Bowie thing of re-inventing yourself every few years.
RUN: CUSTOMERS DO WANT ADD-ONS AND OPTIONS – SOMETIMES
A survey of 3,551 US consumers from PYMNTS.com, commissioned by Cover Genius, looked at the old ’embedded-insurance offers’ riddle. Do people want it, or grumble at the mere suggestion of buying extra insurance?
Well, the findings show that 70% of digital bank customers would be highly interested in receiving embedded insurance offers based on their transaction data, as would 44% of traditional bank customers. That just shows how if you approach people at the right moment, they will be receptive to a sensible idea or pitch.
AND RUN: THE MOJ PORTAL MAY YET PROMPT A SHIFT TO ARBITRATION
The long-awaited new MoJ portal may well handle claims very effectively. Or not. But one story this week on IE mag showed how companies are realising that getting people online to resolve their differences without a formal court process can pay off. Claimants can get a faster settlement, and insurers can save lots of admin time – and therefore money.
Lateral thinking may prove to be the biggest solution to the old whiplash problem across the insurance sector. Just saying.
GROW: FREELANCERS ARE FEELING FORGOTTEN
If you want to reach a new, potentially loyal market, Stubben Edge reckons the UK freelancer market is a good choice. Unloved by Rishi Sunak when it comes to dishing out free taxpayers’ lolly, freelancers received a little boost this week as two companies came together to offer bespoke cover, that can be tailored to fit everything from guitar lessons to Reiki therapy.
Insurance Edge magazine reckons that entrepreneurs are always open to a set of products that are designed for their niche industry. The ‘Build-A-Bear’ approach can often win over reluctant policyholders.
See you on the beach.
If you’re interested in creating loyalty or reward programmes that add value for your clients, Stubben Edge can help through our new Distributor platform. Contact us for more information on how we can help you Start, Run and Grow your business: firstname.lastname@example.org