• There is no doubt that these gadgets are very useful and that they would be of interest to many short term policy holders out there. From the price list given above, one can boldly say that these are affordable and can be purchased by any insurance company regardless of size or marketing budget.

  • The gadgets can also be financed through the premium discount options that are now commonly offered to clients on new policies and renewals. In this way, the client simply chooses the gadget he wants and the purchase price is deducted from the premium discount they were going to enjoy from the insurer.

  • Alternatively, these gadgets can be bought in modest quantities for purposes of conducting a marketing trial or for a specific period (Festive or Easter) just to gauge the response of the market towards them.

  • In our view, the cost of buying these products cannot be compared to the increased premium income and brand projection that stands to be earned as a result of this proposed marketing approach. It just seems more sustainable than dropping premiums in order to undercut your competition or spending money on conventional marketing initiatives which other insurance companies are doing as well.

  • The good thing about this approach is that it can be adopted for a specific portfolio of policies or line of business which an insurance company wishes to grow. So the insurer can simply purchase the products that are suitable for that targeted line of business and dovetail this to their corporate strategy.