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Thursday, May 20, 2010

Auto insurance gets a sense of churn... and how to avoid it

Churn takes place in every category, but a recent story from Media Post Marketing Daily suggests that up to 62% of customers are considering a change in their auto insurance in the next year. Click here to read the story, which cites the results of a survey by Acxiom Corp.

Implications: Early in this story, as one might expect, great attention is given to the issue of price. But the second half of the story indicates some non-price factors can influence consumers. For example, they don’t want their insurance company to behave like an insurance company; they think of insurance as just one aspect in the overall experience of owning a car. They would appreciate it if their agent or insurer would also provide tips on driving safety, auto ownership and maintenance, etc.

Does your customer see you as simply the purveyor of the product/service you sell? Or do they wish you looked at the world as if you were part of another, bigger experience?

Could being part of that experience make you a more vital provider in the customer’s eyes?

Mike Anderson

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