Here is a perfect example of an insurance organisation which needs to interact with customers and prospects in a individualised way instead of "large segmental" marketing!
The days have gone when your marketing campaigns are targeted and priced in customer blocks. Today, if an insurer is not specifically using all the data they have on a policyholder to individualise an offer, then they are just getting it wrong - 1980's thinking and 1980's marketing!
We are seeing Pega customers using our Customer Decision Hub getting conversion rates in cold outbound marketing campaigns significantly higher than you could ever get with blanket pricing and offers.
Come on - it's time to catch up with Amazon, Google and the rest!
It pays to be loyal – literally. A report by The Telegraph has revealed that Nationwide Building Society is guilty of charging loyal policyholders twice as much as it does new customers. “The market goes for heavily discounted new customer pricing, which penalises loyalty,” noted Robert Angus – Nationwide’s head of protection, general insurance, and investments – as quoted by the report. Angus said they would get complaints about being uncompetitive if they were to price more fairly.