Adding value to insurance products: the AXA Irish experience

ISSN： 1061-0421

Source： Journal of Product and Brand Management, Vol.22, Iss.4, 2013-07, pp. : 293-299

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Abstract

Purpose - While competition within car and home insurance increases through more players and also unfamiliar entrants to the market (supermarkets), the purpose of this paper is to report on a study of one large insurer in Ireland which attempts to differentiate itself from its peers. Design/methodology/approach - The paper does this through a literature review of the insurance market and customer relationship management, and a detailed study of the company loyalty programme and its application to its customers. Findings - The loyalty programme employed suits the particular sector in terms of purchase intention and also gives the customer of the insurance brand a sense of belonging and relevance where they can avail themselves of savings on related products. Research limitations/implications - Information sourced is based on published data from the company and other peer reviewed journals. This is a study on a simple loyalty programme that can be applied to low frequency purchases. Practical implications - This simplified loyalty programme gives the brand high recognition values in terms of how the brand is made relevant to the customer through discounted related products. Originality/value - As loyalty programmes are not a usual feature of financial services, this paper highlights a unique programme in operation that is being replicated elsewhere.