Schemes pitfall #5: Apathy
So that’s it, we’ve come to the final week of our successful schemes series! You’ve launched into the schemes market and there’s nothing stopping you now! Below we offer some final pointers for you to consider once your scheme is out there in the big wide world.
You’ve done your research, designed a great proposition, invested in the right technology and launched you scheme with a fanfare. What do you do next?
Having invested all that time and effort bringing a great scheme to market, don’t let it all go to waste. You’ll need to spend time helping your scheme gain traction in your chosen market, making tweaks and changes in response to feedback from consumers and your insurer. After all, a good scheme doesn’t manage itself.
Once your scheme is established it’s tempting to move onto the next big thing. All too often we see brokers investing in a new scheme only to watch it deteriorate. Constant monitoring is required to check competitiveness of the product and understand what is or isn’t working and devise a response. By dedicating time and resource to your scheme you can ensure your return on investment and a profitable business for the future.
Here are a few things to watch out for:
- Lower than expected sales – An indication that your product is not meeting customer requirements or is un-competitive on price. Your marketing could be insufficient or customers not aware of the benefits of your product
- Sales significantly higher than expected – This can be as troubling as very low sales and needs to be investigated properly. Best case scenario, your scheme is ultra-competitive and you have flexibility in your cover and pricing. Worst case your rating is incorrect and your risks under-priced which will give you an issue with your insurer.
- High volume of customer queries and complaints – Needs investigating immediately. High queries is an indication that your product features and benefits or claims processes are unclear. A high number of complaints could be warning of an issue with your sales process or customer service.
Only by constantly monitoring and refreshing you scheme will realise the true value to your business and stay ahead in the market.
In summary no matter careful you are about launching new schemes, on the odd occasion they might not work however here at UK General we hope that through your passion, excitement and our experienced advice over the last 5 weeks, you’ll explore the schemes market as a force to be reckoned with!
If you have any further questions please do not hesitate to get in touch at firstname.lastname@example.org