|By Marketwired .||
|April 7, 2014 01:17 PM EDT||
LOS ANGELES, CA -- (Marketwired) -- 04/07/14 -- Big insurers are ramping up advertising promoting the multi-policy discount for auto and homeowners insurance, but it's probably the twilight of this staple of insurance company marketing, Brian S. Cohen, president and CEO of Strategic Growth Advisors LLC, writes in the April edition of Best's Review.
"The packaged policy is coming to an end, and that will have a radical impact on customer acquisition and retention for insurance companies, brokers, and agents," he writes. "People using smartphones and the Web are causing massive changes in consumer behavior. Welcome to the future -- today."
Before the Internet, consumers relied on recommendations from someone they trusted and traditional advertising. Big insurance companies battled to be top-of-mind through brand marketing and putting agent offices on every corner of Main Street, he writes.
It became more difficult for consumers to compare prices among insurers; consumers had to "trust" their agent or insurance company to provide them the best price, Cohen writes.
"But today's advertising is dominated by a talking gecko and a woman named Flo, both pushing cheap prices," he writes. "The Digital Age destroys product loyalty by commoditizing choice through access to pricing information.
"The difficulty in comparing price and features from one company to the next has allowed companies to differentiate themselves. It's becoming much less difficult, and that's why the packaged policy will likely soon be a thing of the past. Packaged policies have been successful because the combination of two or more products into one price offering further blurs exactly how much the consumer is actually paying."
The demise of package discounts will have a profound impact on both insurance companies and agents and brokers, Cohen writes.
Best's Review magazine is published monthly by the A.M. Best Co. for insurance professionals.
Cohen is also an operating partner at Altamont Capital Partners, a private equity firm based in Palo Alto, Calif. He was recently president and CEO of Pacific Specialty Insurance Company and was senior vice president of sales and distribution and was chief marketing officer at Farmers Insurance Group. He can be reached at [email protected]. LinkedIn: http://tinyurl.com/mmfbvsr.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an In...
Oct. 25, 2014 05:00 PM EDT Reads: 1,688
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud...
Oct. 25, 2014 11:45 AM EDT Reads: 1,807
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19...
Oct. 25, 2014 10:00 AM EDT Reads: 1,651
StackIQ offers a comprehensive software suite that automates the deployment, provisioning, and management of Big Infrastructure. With StackIQ’s software, you can spin up fully configured big data clusters, quickly and consistently — from bare-metal up to the applications layer — and manage them efficiently. Our software’s modular architecture allows customers to integrate nearly any application wi...
Oct. 25, 2014 10:00 AM EDT Reads: 1,747
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources o...
Oct. 25, 2014 08:00 AM EDT Reads: 1,718
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will nee...
Oct. 24, 2014 09:30 PM EDT Reads: 1,364
When you set off to build an app that will change the world, designing your system architecture to be reliable and scalable is important but the stark reality is that, for your MVP, you probably had a “need for speed” (of development). You didn’t know what all the axes were to scale your application, where your stress points would be, and what weird and wonderful ways your customers would use it d...
Oct. 24, 2014 09:00 PM EDT Reads: 1,168
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do to...
Oct. 24, 2014 07:00 PM EDT Reads: 1,507
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Ope...
Oct. 23, 2014 11:45 PM EDT Reads: 2,672
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, ...
Oct. 23, 2014 11:30 PM EDT Reads: 1,708