Page 17 - MARKETING & PUBLIC RELATIONS EBOOK IC88

 In the case of general insurance and in maturity claims in the case of life
insurance, the dissatisfaction could also arise if the amount of the claim is found
to be less than the total premium paid under the policy.

2. Individuals and collectives

 In terms of volumes, most of the business in general insurance comes from
corporate bodies, rather than individuals.
 Corporate bodies as customer are very different from individuals. The person
making the buying decision may not be involved in the buying process.
 More than one person may be involved in the decision process. All of them
would have to be of one mind. Otherwise, there would be as much negotiations
between these persons as between the insurance company and the customer,
before final decisions are made.

VIII. Customer centricity

1. Pipes to platforms

 This is the new buzzword in marketing. In the traditional model, a producer
makes goods and sends it through a pipe to the customer, who buys it for
values.
 In the platform model, an outsider creates a technology platform, on which
producers place their goods and the consumer picks whatever gives him value,
whenever he chooses to make the choice.
 Customer should have enough incentives to stay on the platforms and
therefore, consumers and third party partners should reinforce
themselves.customer centrecity will require marketeers of the future to make
use of the tremendous amount of data that is being generated about individual
customers.
 Algorithm help to crunch data on customer preferences and increse sales. The
minute spent e-shopping leave a trail that companies want to dive into, to find
out what he was looking for.

2. Generation X or Y

 Marketeers in the USA have distinguised etween those born in the decade 1966
to 1976 calling them generation X.
 Those born between 1977 and 1999 callling them generation Y.
 According to the studies, generations X, born in disturbed social and political
condition are characterised by scepticism.

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