KUALA LUMPUR, Oct 28 (Bernama)-- While some insurance providers are selling more insurance products to the same household or customers, many are overlooking opportunities to multiply their business with existing ones.
According to the findings of, "What's Critical in the Insurance Vertical", over 55 per cent of consumers polled have held their existing insurance policies for more than five years and are open to receiving information from their trusted providers on new or complimentary services.
Meanwhile, an impressive 21 per cent of consumers purchased or increased the value of existing policies after being approached through different modes of communication.
"However, only seven per cent of marketers in the insurance vertical, value up-sell and cross sell tactics, as a critical route to revenue," said the new study by the chief marketing officer (CMO) council.
The study was sponsored by InfoPrint Solutions Company, a Ricoh company, who released details of the study here Thursday.
The council said that marketers in the insurance space have tremendous opportunity to increase customer lifetime value by executing data-driven, targeted retention marketing strategies.
Yet, many feel, they must focus on acquisition strategies or servicing the needs of top performing or strategic accounts.
Among key findings, the new report benchmarks the critical drivers to customers engagement in the insurance vertical.
Over the 100 insurance marketers provided insight on how they market and sell insurance, while over 1,100 consumers provided feedback on their experiences shopping for insurance and selecting providers.
Source : BERNAMA
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