importance:Price of the serviceVariety of ProductsCustomer ServiceAdviceReputation of the service providerDelivery Channels.With respect to Insurance the key findings of the study were:The attributes of consumer service – being treated as a valued customer and responsive service – were rated as highest in stated importance by consumers A strong reputation was high in stated importanceThe above findings were applicable to all countries surveyed, even though consumers in different countries and different priorities w.r.t. the rest of the factors studied. It was found that the consumers were most concerned with the quality of their interaction with the service providers. This was further borne out by the comments of insurance executives – “Customers want to be seen as individuals. They are looking for both faster and more customized service.” The findings by Delloitte conclusively establish the importance of providing a personalized experience to consumers in the insurance sector. At the same time, the cost imperatives would imply that this initiative would have to take the form of web personalization. 4FRAMEWORK FOR PERSONALIZATION STRATEGY OF AN INSURANCE FIRMFigure 2:A Framework for Implementation of Personalization The above framework would help the insurers toSegment their consumersMap appropriate content for their consumers.Profitability refers to the amount of revenue that a customer is generating for the insurer. Potential refers to the possibility of future business with the client. For this the insurer needs to have enough information about each client in order to calculate the ideal insurance cover for that client. Clients whose current levels of insurance are less than their ideal levels can be considered to be having potential.The insurer should also be able to track those clients who are currently neither profitable but are expected to become high net worth individual in the future. These c...
