Insurance company: Different race for auto insurance market (P2)

Each insurance company is making huge efforts to compete in the auto insurance market. Let’s learn more information about what they are doing to make differences form their rivals.

Making a Difference

Every insurance company realized that potential market also means that competition is fiercer.

According to insurance companies, showroom sales of automotive firms, an insurance company must have good sales mechanisms, repair revenue generating higher sales for showrooms, reputable insurance products and services as well as the attractive  customer care programs in order to sign an agreement to sell insurance with the dealer,

In that competitive environment, an insurance company must come up with different ideads and and expand distribution channels to build their brand in the market.

Insurance company: Different race for auto insurance market (P2)

One of these measures to make a difference is promotion. Since the beginning of this year, an insurance company has made a series of promotions with a view to aim at customers who own cars. For example, the campaign "Tire stretch - petrol filled" in the recent time of that insurance company will last till the end of December 2015.  

At the same time, another insurance company continuosly launchs promotion programs for customers. Besides, that insurance company has also signed with Ford Vietnam to bring more benefits to customers with preferential prices, genuine spare parts, 24/7 rescue service, dedicated hotline, etc.

According to the representative of that insurance, their strategy in the coming period is the concentration on the cooperation with automakers and banks to expand the distribution channels. This measure is also taken by another insurance company who offer more promotions to attract customers to the new sales channel.

At the same time, the above insurance company invests in modern technology to manage customer information, designs website for sales along with communication programs, marketing to promote to customers.

Do not accept to go after the opponent, Liberty insurance company has invested in expanding their business network, strengthen sales force and the network of customer service, etc.

In early December, in order to meet the strict demands of the market, Liberty insurance company has signed withMercedes-Benz Vietnam to launch exclusive auto insurance for Mercedes-Benz.

This is the first time that an automobile insurance product named after a car brand in Vietnam. With this product, customers will be insured against all risks of damage to vehicles or stolen vehicle instead of only being insured against risks listed in the insurance contract.