Essay on Types of Relationships

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Types of Relationships

Each of the three types of relationships implies a general class of product offering. The transaction-based relationship implies a single product; the technical advisory relationship accompanies product and service bundles; and partnership involves a theme-based array of products and services that change according to the customer's stage of life. By this yardstick, the Insurance business is a typical case of the partnership-based approach. Any good agent would keep track of his client's evolving needs by considering his age, income, life events etc. However, a major limitation of the partnership role has been the number of people that each agent can handle—it is simply a matter of scale. With the help of
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For all these services, the consumers were asked to rate the following in order of importance:

· Price of the service
· Variety of Products
· Customer Service
· Advice
· Reputation of the service provider
· Delivery Channels.

With respect to Insurance the key findings of the study were:

· The attributes of consumer service -- being treated as a valued customer and responsive service -- were rated as highest in stated importance by consumers
· A strong reputation was high in stated importance

The above findings were applicable to all countries surveyed, even though consumers in different countries and different priorities w.r.t. the rest of the factors studied. It was found that the consumers were most concerned with the quality of their interaction with the service providers. This was further borne out by the comments of insurance executives -- "Customers want to be seen as individuals. They are looking for both faster and more customized service."
The findings by Delloitte conclusively establish the importance of providing a personalized experience to consumers in the insurance sector. At the same time, the cost imperatives would imply that this initiative would have to take the form of web personalization.


Figure 2: A Framework for Implementation of Personalization

The above framework would

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