The main problem of RAA insurance company is the lack of trust among customers. This is key reason because of which the people do not bother for insurance. It is due to the fact that the insurance company fails to pay claims to the customers(Harun 2018). Also, they do not own to give benefits to the customers. There are other reasons also like the individuals see insurance as and needless expenditure.Numerous insurance companies do shut down since they have economic challenges and persons who are the sufferers of the loss do not even think twice about buying insurance policy.The issue in trust is partially since numerous people do not really read their policy, so there is a misalignment among what the policy is about and what the customer thinks right from the outset. The policy messages do not reach up to all the customers(Opeke and Ajayi 2017). This problem is due to the absence of trust because of the combination of numerous factors. These factors include lack of understanding insurance policy, the nature of insurance policy, and the prominent promotion that insurers unavoidably obtain when things go incorrect.If this problem is not resolved then people will not trust the RAA insurance company and the company will suffer from losses.
As there is a lack of trust in the individuals about the RAA insurance therefore it can become an opportunity to build trust in the individual’s. This is considered as opportunity since if the company builds trust in the individuals then more individuals will purchase the RAA insurance policy(Tranter and Booth 2019). To build trust in the individuals the following can be done:
Other than these the following are more ways to build trust in customers:
The main objective behind keeping the trust in customers is to keep up RAA insurance company competitive. Whenever a good relation is formed with the customers then they will surely return for their future insurance needs. Also, they will send their other family members, acquaintances, friends and others to the RAA insurance company for fulfilling their insurance requirements(Jiang et al. 2019). It is required to approach the customers with the help of promotional activities like direct marketing, sales promotion press release, events, advertising, personal selling, publicity, telemarketing, email marketing, magazines. This will help to expose the customers to the marketing campaign.
Harun, N.A., Noor, M.N.M. and Rahman, A.H.A. 2018. Relationship Marketing in Insurance Industry: A Systematic Analysis of Literatures. In First Padang International Conference On Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA 2018). Paris: Atlantis Press.
Jiang, S.J., Liu, X., Liu, N. and Xiang, F. 2019. Online life insurance purchasing intention: Applying the unified theory of acceptance and use of technology. Social Behavior and Personality: an international journal, 47(7), pp.1-13.
Opeke, R.O. and Ajayi, T. 2017. Challenges of Incorporating Knowledge Sharing for Effective Performance in Insurance Company,pp.2-3.
Tranter, B. and Booth, K. 2019. Geographies of trust: Socio-spatial variegations of trust in insurance. Geoforum, 107, pp.199-206.
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