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Household Insurance Market - Case Study Example

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The paper 'Household Insurance Market' presents Pure General Insurance which is considering expanding their business to include homeowners insurance in response to increased competition in the motor insurance industry brought on by rapid evolution in technology…
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Household Insurance Market
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Download file to see previous pages The direct connection allowed consumers to shop around for the lowest prices and by the year 2000, with the emergence of the internet, customers were allowed to price shop several insurance companies in just minutes. PGI has been hit drastically by the direct line service and wants to stabilize and grow its motor vehicle market share while entering into a new lucrative insurance market segment of household content insurance.
PGI has conducted a number of interviews to assess a possible entry strategy into the household insurance market. After the interviews, the collected data should be assessed to conclude a possible reduction rate. One conclusion that can be drawn from the interview analysis is that potential clients are not opposed to and are for getting household insurance from a group in which they are a member. The weight of the customer’s decision flies in the insurance company being competitively priced. The interview also exposed what features clients deemed important coverage when considering purchasing a household content policy. Clients referred to certain coverage as “the usual” which unveiled what a customer perceives as a given when purchasing insurance. Fire, theft and accidental were mentioned from everyone sampled, which may indicate that any coverage that extends these features may be broken down into packages or sold separately or additionally.
Although none of those samples were willing to admit that any coverage offerings were not important, the poll suggests that offering legal advice and other services may be sold separately or added as clients may be willing to sacrifice these amenities for lower premiums. However, it is essential to price compare competitors’ policies for things that may be offset by intangible benefits such as a high level of customer service as some clients expressed dissatisfaction with phone automation.
Lastly, the advertising medium for insurance exposure was addressed.  No one media outlet had overwhelming effects, however, television advertisements, internet and word of mouth were all equally expressed as effective.           ...Download file to see next pagesRead More
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