Insurance Companies: Are you missing out on profitable sales by ignoring the diamonds on your own doorstep?
It’s widely agreed that selling again to an existing customer is usually much easier and more profitable than finding and selling to a new customer.
But insurance companies are less likely than most other business types to communicate with their existing customers – so they miss out on opportunities to sell more to them.
Instead, they tend to focus on building their business through seeking new customers to sell to, – overlooking the “diamonds on their own doorstep”.
There are various reasons for this, including a view held by some insurance companies that customers don’t particularly want to receive communications and offers from them.
At Riverside, we run programmes with insurance companies across Europe and South America that consistently prove otherwise. These programmes include offers of additional insurance, which are typically taken up by 10% to 30% of the customers contacted.
What’s more, our post-contact research (in the UK life insurance market) tells us that customers positively welcome and appreciate receiving this kind of communication – even including those who choose not to take up the offer.
The Riverside team’s combined experience extends to working with over 100 companies in more than 30 countries around the world.
This experience has enabled us to develop a unique methodology for customer selection and targeting. We match customers with the best product offer for them, based on their detailed characteristics, as well as the insurance company’s existing product range – to avoid the need for additional product development.
We’ve also found that delivering the offer as part of a service- based communication delivers much better results than “marketing style” communications.
Our new 8-page guide tells you much more about using effective communication to unlock the great hidden value in your insurance customer base. Please see below.