Page 18 - The Shield Issue 1

How Value-Adds Enhance Your Core Product Offering The internet has definitely made it much more challenging

Brokers frequently tell us that core motor, home and for businesses to stand out amid a sea of competition. It

travel insurances are viewed as ‘grudge purchases’ by can feel like there are dozens of companies competing for

many consumers. your customers on a daily basis.

If this sounds familiar, you need to focus on differentiating
In contrast, consumers view value added products

favourably. This is due not only to the real value many of your offering in the form of strategic value-adds.

these products deliver, but also because customers feel
they have a choice to buy or not. Brokers tell that whilst they may lose a customers’ core
business, they are able to keep them ‘on-the-hook’ for
next time by retaining their value added product business.
When we choose to buy something rather than out of a
legal or grudging sense of obligation, we feel good about

the purchase, we value the product more and instances of

‘buyers remorse’ are few and far between.

The market has witnessed a shift in broker strategy

favouring value added products and in challenging times

there is the best of reasons.

Value added products increase trust and retention.