Bain and Company, in a 2018 report, summarized their survey of 174,000 retail policy holders.
One of the highlights of the report was that insurers who offer an ecosystem of services – as a complement to their core business of flawless delivery of insurance services – enjoy higher consumer loyalty, and cross sell opportunities.
While roadside assistance is a core service, increasingly, advice on leading healthy lives is also becoming a valued service.
The reality – as most insurers will agree – is that delivering value from incremental services can be both time consuming and difficult.
But – very rewarding.
Insurance customers after all, are just people. They live next door, and across the street from us. They shop at the same grocery, hardware, sporting goods, and malls as the rest of us do.
They’re motivated by family, security…and of course, saving a few bucks.
Connecting the dots, an insurer who provides augmented (but still thematically aligned) value to their customers would certainly differentiate themselves, and use this augmented value strategy to gain substantial cross-sell revenue.