Companies need to start focusing on quality service when providing insurance service and not just cut prices.
The growth of insurance companies providing similar services has led to customer service quality becoming the key differentiators and edge builder. The quality of service that is provided to a customer needs to be customer specific as well as quality based.
While providing insurance services, management needs to understand that different customers require different attention. For instance, a young customer, who has recently started working or has finished college, will approach insurance in a different manner as compared to an elderly person who is more careful and concerned about insurance policies, and requires higher levels of attention and time from the firm to understand the service offerings.
Understanding your target market and providing service accordingly can help companies win the hearts of their customers as well as generate profit.
A recent report by Standard and Poor says, “Big insurers are well placed to dominate Dubai’s burgeoning medical insurance industry – but only if they can improve customer service.
“Over time, quality of service given, rather than price, will dictate who wins contracts,” said Kevin Willis, a credit analyst based in Dubai, who is the report writer for international ratings agency.
The report stresses on the importance of creating an edge in company offerings through service quality and not just cutting prices. The edge can be provided through the quality of services and customer value.
It is possible that the companies best placed to service demand [resulting from Dubai’s new health insurance law] will be the bigger companies … [as] these insurers can more readily provide … cost-effective service,” Mr Willis said.
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