jim grace presents "do aggregators help or hinder customer purchase" at itic global 2013
DESCRIPTION
How do insurance aggregators differ in the United States in comparison to the global market? A look at the US Marketplace, the downfalls of selling only price, and how the InsureMyTrip Business model works for the space.TRANSCRIPT
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@JimGrace3JimGrace.com
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Fastest growing US market*
Primarily Not Price Driven
Drives Coverage Up
Drives Value Up
Higher Average Premiums
Better Claims Experience
Aggregator Market in the U.S.
*(UStiA 2012 Market Survey)
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U.S. Market Overview
Trip Cancellation market is the largest
Travel Medical market is relatively small
Consumers becoming skeptical (low price = low value)
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Why Our Model Works
“No Spin Zone”
Transparency
Selection
Advocacy
Expert Advice
Innovation
Education
Convenience
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Technology lover We Make it Easy
Changing Perception
Call Center Reps are Licensed Insurance Agents in all 50 states
Ratings, Reviews & Guarantees
Sell the “best” policy, not just “a policy”
Why Our Model Works
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Bad press
“It’s a Race to the bottom”
Poor coverage
Long term problems
Short term gain
The Risks of Selling Price
Customer dissatisfactionUS Markets Selling Price:• OTAs• Airlines• Lower Limit Travel
Medical Products
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Provider RecommendationsFor Doing Business in the U.S Market
Expensive Cheap
High Low
Price
Coverage
Satisfaction
• Differentiation• Value• Find The Sweet Spot• Don’t Race to the Bottom!
The Sweet Spot