In insurance, where comparison sites are now the number one marketing tool, there is a misconception that it’s all just about price. But in our experience it’s those trusted, recognisable, brands that consumers choose first – even if they cost a little more. A good brand, coupled with a good product, will triumph over an unknown brand or a basic package.
Many brands make the mistake of offering a plethora of features that will never be used. However, the key to attracting and keeping customers is making sure the product is relevant and ensuring that the customer’s direct experience with the brand – at the point of sale or when making a claim – is strong enough to keep them for the long-term.
For us, the phrase “know your customer” should mean more than just flagging up a policy renewal date. We are already working with some of our partners, including Marks & Spencer, HSBC, the Post Office and the RAC, to use consumer data from other business areas to ensure their insurance offers are personalised and relevant to their customers.
Peter Thompson, Managing director of Junction, the affinity arm of The BGL Group