Addressing the research needs of the insurance sector

Purpose: the paper reports on HEIF4 funded research exploring the important areas of research currently being conducted by insurance research practitioners and identifies the key challenges they face when conducting this research. Design/methodology/approach: Empirical data was collected via 10 in-depth telephone interviews and 2 separate round table group discussions with research practitioners in the general insurance sector. Findings: three key challenges were identified: over-researching and respondent fatigue; the increasing use of incentives and the emergence of professional respondents; and the problem of ensuring research credibility. The findings reveal the need to update research practices, to take account of the changing context within which research is undertaken, discussing research methodologies, social issues as well as the evolving and ever changing nature of research. Research limitations/implications (if applicable): the study focused on the general insurance sector, the challenges identified reflect in part the unique nature of this sector but are likely to be equally applicable to other financial services sector. It would therefore be useful to explore the prevalence of these challenges in other financial sectors. Practical implications: the paper calls on academic researchers to address the challenges identified. Research practitioners want further information, guidance and to learn from ‘best practice’ on how new research techniques can be used to provide quality and timely research; the impact incentives have on research in a business and management context; and how the value of research can be measured. These implications are discussed against a financial backdrop and takes account of academic, practitioner and industry challenges. Originality/value; Academic research on marketing in the insurance context remains scant, this paper highlights the needs and challenges of this sector

Exploring the mobile technology deployment process in a creative B2B service industry

This study addresses the limited empirically grounded research to understand the process of the mobile technology deployment (MTD) in a creative B2B industry. Strauss’ evolved grounded theory (GT) approach has been employed to analyse three different cases and perform cross-case display of patterns. Multiple sources of both primary, in-depth interviews with key decision-makers, and secondary data have been used to select seven dimensions of the MTD process, three operational and four strategic, signalling similarities and intercase differences. Creative B2B firms extensively deploy mobile technology (MT) on operational and strategic levels. Findings confirm applicability of existing strategic marketing doctrines in relation to the MTD where follower-firm employs MT based on cost-efficiency and risk avoidance strategic orientation. The second firm, challenger, organises and manages the MTD based on market opportunities. The third, leader, is characterised by risk-taking approach and innovation orientation to the MTD. This study provides insights into practices of the MTD in creative B2B companies describing strategic paths that firms follow in order to build competitive positioning through employment of MT. The seven-dimensions framework of the MTD can be practically implied for strategy and operation planning in companies currently applying and potentially willing to deploy MT

The role of the salesforce in gathering customer intelligence: A view from the general insurance sector

Salespeople are an important source of customer intelligence. In part this is due to their unique boundary spanning role, as salespeople act as a conduit between the customer and the company. Salespeople are however also known to be under- utilized in this role. Previous researchers have attributed this underuse to issues in the quality of the data collected by the salesforce. How then can companies better use their salesforce to collect valuable customer intelligence? This study uses role theory to address this question. The aim is to identify how the salesperson role is perceived with specific attention given to whether data collection is seen an integral part of that role. Interviews with salesforce members and other relevant stakeholders will be conducted to provide insight into this area. In doing so, this study furthers our knowledge of role theory, provides a better understanding into why the salesforce may be underused as a source of customer intelligence and will also provide practical guidance on how to improve the use of salesforce in the data collection proces

Long distance relationships: how marketing can bring customers closer

As our use of technology increases and branch networks shrink, consumers are becoming more distant from their financial service providers. In this article, leading academic Dr Julie Robson considers this topic in more depth and provides some valuable insight for those wanting to develop closer relationships with their customers

BUILDING SOCIETY MARKETING STRATEGIES: THE ROLE OF SERVICE IMAGE

In recent years building societies have experienced dramatic change in the markets in which they operate. Deregulation has provided societies with the powers to enter new and very different markets. Societies wishing to re-work their strategies to exploit the new opportunities however did so with the knowledge that their own traditional markets had also to be protected from new competitors. Deregulation had provided access into the savings and mortgage markets to their natural competitors, the banks and insurance companies. The selection, by societies, of appropriate strategies thus became critical to their future success. Whilst recent studies have investigated the likely strategies to be pursued by societies in response to market change, their findings offer little guidance to societies attempting to re-work their current strategies. Previous studies failed both to consider the appropriateness of all strategic options to different building societies and ignored the likely response of consumers to strategic change. The aim of the research was to identify the marketing strategies most appropriate to different building societies from a consumer perspective. Image was selected as the vehicle with which to study the likely response of consumers to change and thus evaluate the appropriateness of different strategies. Three generic marketing strategies were identified: Differentiation; Focus; and Cost Leadership. The Building Society Image Model was constructed to depict the composition and structure of image as perceived by the consumer. Utilising this model the appropriateness of the three strategies to different building societies was considered. Whilst support was found for both the Differentiation and Focus strategies, the appropriateness of the Cost Leadership strategy was questioned. In particular the applicability of the diversification strategy currently adopted by the majority of societies is challenged.West of England Building Societ

If we trust our customers, surely they will trust us in return?

Trust seems to be the buzz word of the moment for the financial services sector. This is hardly surprising given the unrelenting knocks the sector has had following the recession, mis-selling scandals and other mis-deeds that have tarred financial organisations regardless of blame. Although the sector is recovering - the Edelman trust barometer identified financial services as the faster growing sector in terms consumer trust; it still occupies the unenviable position of being the least trusted business sector. Building customer trust therefore remains one of the biggest challenges for the financial services sector going forward. But what exactly is trust? Edelman defines it as being trusted to do the right thing. This has the benefit of being a simple measure, but trust is comple

A conceptual framework for classifying and understanding relationship marketing in schools.

Purpose – The purpose of this paper is to develop a conceptual framework that provides insight and aids understanding of the complex array of relationships schools have with individuals, organisations and other entities. Design/methodology/approach – The conceptual framework is drawn from the Relationship Marketing literature and applied to a school context in the UK. In doing so, it provides a simplified representation of the environment in which schools operate and a valuable classification structure for the many different relationships a school has. This framework will be of benefit to both academics and practitioners. Findings – The authors find that the relationships schools have can be classified within the conceptual framework. The framework aids understanding of the different relationships and provides insights into how these relationships can be developed and where value can be added. Application of the framework also highlights the complex nature of the relationships schools can have with others and the need to manage those relationships well. Research implications – The framework developed in this paper is conceptual and needs to be tested empirically. Originality/value – This paper responds to the call from Oplatka et al. (2004) to provide further research into the area of Relationship Marketing in the context of schools. It adds value by drawing together various aspects of Relationship Marketing, providing an analysis of their relevance to educational services marketing and identifying and applying a conceptual framework which classifies the relationships schools have with others. This paper provides important insights for those within schools who are responsible for the management of relationships with their organization and for others seeking to foster greater engagement with schools

A Brave New World: Branding in Financial Services

The financial services sector worldwide still resonates from the financial crisis of 2008 after which major brands suffered severe damage to their reputations. If the reckless lending practices of well-known brands were not enough, further revelations about money laundering, rate fixing and mis-selling continue to emerge. The news of these misdeeds has led to high levels of distrust amongst stakeholders of financial institutions (FIs). Many FIs are heavy investors in branding but, as a result of their own corporate misdeeds or those of their competitors, many brands have tarnished reputations. Although it may be tempting to blame this situation purely on malpractice, we argue that this is a good opportunity to assess branding in financial services as a whole. Were FI brands in a healthy position before the crises and on-going revelations? Did customers find the messages in the communication of brands consistent with their experience? Complaint columns, media analysis and financial blogs suggest that the customer experience was not always consistent with the brand communications. We would contend therefore that many FI branding attempts were not well conceived and even before the crises revealed gaps between brand promise and experience. As FIs formulate new strategies so that they can begin to regain the trust of their stakeholders, they also have the opportunity to revisit their brand strategies to realign them with changes in the marketplace and developments in marketing. To this end, this chapter proposes a model of financial services branding that addresses the issues faced by UK based FIs and incorporates contemporary marketing thinkin

Recovering the corporate brand through stakeholder co-creation.

Corporate brands may encounter failure or suffer crises due to their own actions or from the actions of others. Such crises weaken the brand not only in the eyes of its customers but also with its stakeholders. Actions therefore need to be taken to recover the corporate brand. Existing research on brand recovery concentrates on the brand/customer interaction but recent branding literature acknowledges the significance of customers and stakeholders in brand co-creation. Responding to several calls for further research, this study aims is to investigate corporate brand recovery from the perspective of stakeholder co-creation. Using multiple data sources, the conclusions from this study include the following. First, empirical evidence is provided for the importance of stakeholders in the corporate brand recovery process. Second, although corporate brand recovery shares some characteristics with re-branding, there is a strong emphasis on repairing trust. Third, recovery efforts extend beyond those identified previously to include core functions and tangible evidence. These finding provide a theoretical account of recovery processes brought about by stakeholder co-creation and offer an initial recovery framework for corporate brand managers