challenges of motor insurance
1. Analyze the various players in the insurance markets.
There are two kinds of players in the insurance market. They include:
Those who want to sell their products and services, i.e. the insurance companies
Those who would like to take advantage of the insurance and insure themselves or their products, i.e. clients.
According to the differences in the behavior and attitude of clients, five consumer groups have been identified. They are as follow:
The well-off crowd: these are mass clients who are clients of only one insurance company and they are not really open to any new things. The members of this group do not look for any information considering the different kinds of insurance, so they can be influenced only by the opinion and recommendations of their friends and relatives. Those who belong to this consumer group are skilled workers, professional subordinates, people who have taken their school-leaving examination at a secondary school and people leaving in cities and belonging to the group of C1 – wealth-status.
The crowd below average: the members of this group have usually taken out only one insurance policy, so they belong to just one insurance company, and they are not willing to change this company. Their name come from that their income is below average income level. These people are mainly older than 40years having D-status and lower education.
The innovative people or lateral thinkers: the people, who belong to this group, search information about the insurance companies, their services and their premium from plenty of sources e.g. on the internet, from call centers, from the radio, TV as well as newspapers, also they are well-informed about the insurance market. These people are mainly 30-49 years old leaving in bigger cities, they belong to the AB or C2 – wealth status group.
The steady people: they are loyal to their insurance company and they are willing to change only if another company offers them outstanding quality and that company
There are two kinds of players in the insurance market. They include:
Those who want to sell their products and services, i.e. the insurance companies
Those who would like to take advantage of the insurance and insure themselves or their products, i.e. clients.
According to the differences in the behavior and attitude of clients, five consumer groups have been identified. They are as follow:
The well-off crowd: these are mass clients who are clients of only one insurance company and they are not really open to any new things. The members of this group do not look for any information considering the different kinds of insurance, so they can be influenced only by the opinion and recommendations of their friends and relatives. Those who belong to this consumer group are skilled workers, professional subordinates, people who have taken their school-leaving examination at a secondary school and people leaving in cities and belonging to the group of C1 – wealth-status.
The crowd below average: the members of this group have usually taken out only one insurance policy, so they belong to just one insurance company, and they are not willing to change this company. Their name come from that their income is below average income level. These people are mainly older than 40years having D-status and lower education.
The innovative people or lateral thinkers: the people, who belong to this group, search information about the insurance companies, their services and their premium from plenty of sources e.g. on the internet, from call centers, from the radio, TV as well as newspapers, also they are well-informed about the insurance market. These people are mainly 30-49 years old leaving in bigger cities, they belong to the AB or C2 – wealth status group.
The steady people: they are loyal to their insurance company and they are willing to change only if another company offers them outstanding quality and that company