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Expert Insights to Help You Make Smarter Financial Decisions

ValuePenguin has curated an single dialog box of professionals, spanning respective areas of expertness, to help dissect complex subjects and empower you to make smart fiscal decisions .

  1. Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?
  2. How does market share ownership impact a customer’s perception of quality of service?
  3. Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?
  4. Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

headshot of expert

  • Deanne Butchey, PhD
  • Teaching Professor, Finance
  • Read Answer

headshot of expert

  • Dr. Craig Seidelson
  • Assistant Professor Operations and Supply Chain Management
  • Read Answer

headshot of expert

  • Christopher Marquette, PhD
  • Assistant Professor of Finance
  • Read Answer

headshot of expert

  • Marc Kalan
  • Assistant Professor of Professional Practice
  • Read Answer

headshot of expert

  • David C. Marlett, PhD, CPCU
  • Managing Director, Brantley Risk and Insurance Center
  • Read Answer

headshot of expert

  • Dr. Dena H. Hale
  • Assistant Professor of Sales and Marketing
  • Read Answer

headshot of expert

  • Steven L. Savino
  • Assistant Dean of Lehigh Business Graduate Programs
  • Read Answer

headshot of expert

  • Prachi Gala
  • Assistant Professor of Marketing
  • Read Answer

headshot of expert

  • Jaclyn Stevenson
  • Director of Marketing and Communications
  • Read Answer
  • Rutgers Insurance Club
  • led by Sameer Bhuyan
  • Read Answer

The comment these industry experts provide represent their viewpoints and opinions alone .
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How does the perceive value of larger companies impact the smaller, yet potentially just as competitive, ones ? \u003C\/li\u003E\n \u003Cli class=\ ” ListOrdered — list-item\ ” \u003EHow does commercialize plowshare ownership impact a customer ‘s perception of quality of overhaul ? \u003C\/li\u003E\n \u003Cli class=\ ” ListOrdered — list-item\ ” \u003EGenerally speaking, what is the impact on customer satisfaction after an acquisition and\/or consolidation ? \u003C\/li\u003E\n \u003Cli class=\ ” ListOrdered — list-item\ ” \u003ELiving in this digital revolution, is it necessary for companies, like policy providers, to maintain place agents and personalized experiences ? \u003C\/li\u003E\n \u003C\/ol\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” broad pad-none align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” third base pad-half align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — root left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — double lazyload\ ” style=\ ” width : 80px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/deanne-butchey_zwclbi\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_80\/v1\/deanne-butchey_zwclbi\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/deanne-butchey_zwclbi 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_80\/v1\/deanne-butchey_zwclbi 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — root \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — ancestor ListUnordered — plain\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cstrong\u003EDeanne Butchey, PhD\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Teaching Professor, Finance\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — settle ShortcodeLink — black\ ” title=\ ” Read Answer\ ” href=\ ” # expert-deanne-butchey\ ” \u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeVisibility — show-small\ ” \u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” third pad-half align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — solution left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — picture lazyload\ ” style=\ ” width : 80px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/craig-seidelson_rjse2e\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_80\/v1\/craig-seidelson_rjse2e\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/craig-seidelson_rjse2e 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_80\/v1\/craig-seidelson_rjse2e 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — root \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — root ListUnordered — plain\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cstrong\u003EDr. Craig Seidelson\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Assistant Professor Operations and Supply Chain Management\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root ShortcodeLink — black\ ” title=\ ” Read Answer\ ” href=\ ” # expert-craig-seidelson\ ” \u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeVisibility — show-small\ ” \u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” third base pad-half align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — settle left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — double lazyload\ ” style=\ ” width : 80px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/christopher-marquette_zacncd\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_80\/v1\/christopher-marquette_zacncd\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/christopher-marquette_zacncd 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_80\/v1\/christopher-marquette_zacncd 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — ancestor \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — root ListUnordered — plain\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cstrong\u003EChristopher Marquette, PhD\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Assistant Professor of Finance\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root ShortcodeLink — black\ ” title=\ ” Read Answer\ ” href=\ ” # expert-christopher-j-marquette\ ” \u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” third base pad-half align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — root left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — prototype lazyload\ ” style=\ ” width : 80px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/expert-advice-headshots_sfuxjr\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_80\/v1\/expert-advice-headshots_sfuxjr\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/expert-advice-headshots_sfuxjr 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_80\/v1\/expert-advice-headshots_sfuxjr 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — etymon \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — root ListUnordered — plain\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cstrong\u003EMarc Kalan\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Assistant Professor of Professional Practice\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root ShortcodeLink — black\ ” title=\ ” Read Answer\ ” href=\ ” # expert-marc-kalan\ ” \u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeVisibility — show-small\ ” \u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” third gear pad-half align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — root left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — visualize lazyload\ ” style=\ ” width : 80px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/david-marlett_wopjqh\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_80\/v1\/david-marlett_wopjqh\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/david-marlett_wopjqh 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_80\/v1\/david-marlett_wopjqh 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — root \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — beginning ListUnordered — plain\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cstrong\u003EDavid C. Marlett, PhD, CPCU\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Managing Director, Brantley Risk and Insurance Center\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root ShortcodeLink — black\ ” title=\ ” Read Answer\ ” href=\ ” # expert-david-c-marlett\ ” \u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” third pad-half align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — rout left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — prototype lazyload\ ” style=\ ” width : 80px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/dena-hale_fnkdy0\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_80\/v1\/dena-hale_fnkdy0\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/dena-hale_fnkdy0 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_80\/v1\/dena-hale_fnkdy0 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — rout \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — root ListUnordered — plain\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cstrong\u003EDr. Dena H. Hale\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Assistant Professor of Sales and Marketing\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root ShortcodeLink — black\ ” title=\ ” Read Answer\ ” href=\ ” # expert-dena-hale\ ” \u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” third pad-half align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — root left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — visualize lazyload\ ” style=\ ” width : 80px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/expert-advice-savino-stevens_xyyzuw\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_80\/v1\/expert-advice-savino-stevens_xyyzuw\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/expert-advice-savino-stevens_xyyzuw 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_80\/v1\/expert-advice-savino-stevens_xyyzuw 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — root \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — solution ListUnordered — plain\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cstrong\u003ESteven L. Savino\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Assistant Dean of Lehigh Business Graduate Programs\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root ShortcodeLink — black\ ” title=\ ” Read Answer\ ” href=\ ” # expert-steven-savino\ ” \u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeVisibility — show-small\ ” \u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” one-third pad-half align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — ancestor left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — picture lazyload\ ” style=\ ” width : 80px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/prachi-gala_bklcn2\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_80\/v1\/prachi-gala_bklcn2\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/prachi-gala_bklcn2 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_80\/v1\/prachi-gala_bklcn2 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — root \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — rout ListUnordered — plain\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cstrong\u003EPrachi Gala\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Assistant Professor of Marketing\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root ShortcodeLink — black\ ” title=\ ” Read Answer\ ” href=\ ” # expert-prachi-gala\ ” \u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeVisibility — show-small\ ” \u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” third pad-half align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — root left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — persona lazyload\ ” style=\ ” width : 80px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/jacklyn-stevenson_h9vb2l\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_80\/v1\/jacklyn-stevenson_h9vb2l\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/jacklyn-stevenson_h9vb2l 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_80\/v1\/jacklyn-stevenson_h9vb2l 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — rout \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — root ListUnordered — plain\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cstrong\u003EJaclyn Stevenson\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Director of Marketing and Communications\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — settle ShortcodeLink — black\ ” title=\ ” Read Answer\ ” href=\ ” # expert-jaclyn-stevenson\ ” \u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” third base pad-half align-left clearfix\ ” \u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — root left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — effigy lazyload\ ” style=\ ” width : 80px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/expert-advice-headshots_sfuxjr\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_80\/v1\/expert-advice-headshots_sfuxjr\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_80\/v1\/expert-advice-headshots_sfuxjr 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_80\/v1\/expert-advice-headshots_sfuxjr 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — root \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — settle ListUnordered — plain\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cstrong\u003ERutgers Insurance Club\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n led by Sameer Bhuyan\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root ShortcodeLink — black\ ” title=\ ” Read Answer\ ” href=\ ” # expert-rutgers-insurance-club\ ” \u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeDisclaimer — root ShortcodeDisclaimer — root \ ” \u003E\n \u003Cdiv class=\ ” ContextualDisclaimer — root\ ” \u003E\n \u003Cp class=\ ” ContextualDisclaimer — copy\ ” \u003E\n \u003Cp\u003EThe comment these diligence experts provide represent their viewpoints and opinions alone.\u003C\/p\u003E\n\n \n \u003C\/p\u003E\n\u003C\/div\u003E\n\n\u003C\/div\u003E\n\n ”, ” padding ” : ” double ” }
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Deanne Butchey, PhD

Teaching Professor, Finance ; Faculty Advisor, Phoenician Investment Fund ( PIF ) ; Financial Management Association ( FMA ) @ FIU

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

It depends on the diligence. In fiscal services, faith and the ability to connect with the company is critical in instilling confidence in the minds of the consumers. belittled companies that do not have an easily identifiable spokesperson may not enjoy as widespread credence or reliance. finally, parole of talk and personalize experiences with the smaller company may ease these concerns .

How does market share ownership impact a customer’s perception of quality of service?

In scientific research, it is a know fact that a little percentage of influencers who may be viewed as “ inform individuals ” have the electric potential to lead others down a specific way. many times when a company has a significant marketplace share, consumers believe that existing clientele have superior data about the timbre of the good or service. It is for this reason that positive on-line reviews are highly sought after .

Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?

It depends how effectively the integration or consolidation takes place. If it is seamless and customers view the expansion of services offered as being beneficial to them, they will be highly satisfy. On the other hand, if there are hiccups or disruptions in service in the early on stages of integration, the acquired or consolidated company will lose its original customers .

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

I don ’ metric ton believe it is necessary to maintain local anesthetic agents, but it is important that the person on the other line or on the chat is culturally sensitive. apparently personalize experiences, whether it is through a be agent or artificial intelligence, is invaluable .
Back to all experts { “ backgroundColor ” : ” flannel ”, ” message ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — etymon left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — double lazyload\ ” style=\ ” width : 60px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/deanne-butchey_zwclbi\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_60\/v1\/deanne-butchey_zwclbi\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/deanne-butchey_zwclbi 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_60\/v1\/deanne-butchey_zwclbi 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\ ” expert-deanne-butchey\ ” \u003EDeanne Butchey, PhD\u003C\/h3\u003E\n\n\u003Cp\u003ETeaching Professor, Finance ; Faculty Advisor, Phoenician Investment Fund ( PIF ) ; Financial Management Association ( FMA ) @ FIU\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeToggle — beginning ShortcodeToggle — article \ ” id=\u003E\n \u003Cbutton class=\ ” ShortcodeToggle — toggle\ ” onclick=\ ” this.parentNode.classList.toggle ( ‘ShortcodeToggle — loose ‘ ) ; \ ” \u003E\u003Cp class=\ ” ShortcodeToggle — label\ ” \u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents-wrapper\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents\ ” \u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are family name now. How does the perceive value of larger companies impact the smaller, yet potentially fair as competitive, ones ? \u003C\/h4\u003E\n\n\u003Cp\u003EIt depends on the industry. In fiscal services, entrust and the ability to connect with the company is critical in instilling confidence in the minds of the consumers. modest companies that do not have an well identifiable spokesperson may not enjoy as widespread adoption or trust. finally, word of talk and individualized experiences with the smaller company may ease these concerns.\u003C\/p\u003E\n\n\u003Ch4\u003EHow does market plowshare possession impact a customer ‘s sensing of timbre of avail ? \u003C\/h4\u003E\n\n\u003Cp\u003EIn scientific research, it is a know fact that a little share of influencers who may be viewed as \ ” informed individuals\ ” have the potential to lead others down a particular path. many times when a company has a meaning market parcel, consumers believe that existing clientele have superior information about the quality of the good or service. It is for this reason that positive on-line reviews are highly sought after.\u003C\/p\u003E\n\n\u003Ch4\u003EGenerally speaking, what is the affect on customer satisfaction after an skill and\/or consolidation ? \u003C\/h4\u003E\n\n\u003Cp\u003EIt depends how effectively the integration or consolidation takes place. If it is seamless and customers view the expansion of services offered as being beneficial to them, they will be highly quenched. On the other hand, if there are hiccups or disruptions in service in the early stages of integration, the acquired or consolidated ship’s company will lose its master customers.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localize agents and personalized experiences ? \u003C\/h4\u003E\n\n\u003Cp\u003EI don\u2019t believe it is necessary to maintain local agents, but it is authoritative that the person on the other line or on the chew the fat is culturally medium. apparently personalized experiences, whether it is through a know agent or artificial intelligence, is invaluable.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeAlign — root ShortcodeAlign — horizontal-center\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeAlign — container\ ” \u003E \n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root Button — root Button — chief Button — auto-width\ ” title=\ ” Back to all experts\ ” href=\ ” # expertadvice\ ” \u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n ”, ” padding ” : ” double ” }
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Dr. Craig Seidelson

assistant Professor Operations and Supply Chain Management, University of Indianapolis

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

Companies in the U.S. spent closely $ 250 billion on ads in 2020. When it comes to financing national market campaigns, big companies have a distinct advantage over their smaller counterparts. This spending advantage becomes a occupation advantage when ads create sufficient brand commitment that consumers are bequeath to pay a price agio for more recognizable products and services .

How should drivers balance risk management and affordability when it comes to car insurance?

It ‘s widely accepted among consumers that market share is a key index of competitiveness. It follows that companies with a commanding market parcel are perceived as offering superscript products or services. Consumers are volition to pay more for sensed prize. With higher profits comes opportunities to further elaborate commercialize share. As the hertz repeats, the connection between market contribution and perceived quality is reinforced .

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

In our digital world, U.S. consumers spent a whopping $ 860 billion on-line in 2020. Is it inactive necessary for companies to offer personalized sales staff ? On the one hand, consumers distinctly value the safety, public toilet, moo prices and wide choice available on-line. This is particularly true when amounts being spent are well within one ‘s discretionary budget. On the early hand, over one-half of on-line shoppers spend less than 15 seconds on a web site. When purchases are for hearty amounts of money, selling requires much more date than a typical web site can offer. Salespeople have the skills necessity to help manque buyers with their purchase decisions .
Back to all experts { “ backgroundColor ” : ” ashen ”, ” content ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — ancestor left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — effigy lazyload\ ” style=\ ” width : 60px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/craig-seidelson_rjse2e\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_60\/v1\/craig-seidelson_rjse2e\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/craig-seidelson_rjse2e 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_60\/v1\/craig-seidelson_rjse2e 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\ ” expert-craig-seidelson\ ” \u003EDr. Craig Seidelson\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Professor Operations and Supply Chain Management, University of Indianapolis\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeToggle — rout ShortcodeToggle — article \ ” id=\u003E\n \u003Cbutton class=\ ” ShortcodeToggle — toggle\ ” onclick=\ ” this.parentNode.classList.toggle ( ‘ShortcodeToggle — open ‘ ) ; \ ” \u003E\u003Cp class=\ ” ShortcodeToggle — label\ ” \u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents-wrapper\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents\ ” \u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are family name calling nowadays. How does the sensed value of larger companies impact the smaller, yet potentially good as competitive, ones ? \u003C\/h4\u003E\n\n\u003Cp\u003ECompanies in the U.S. spent about $ 250 billion on ads in 2020. When it comes to financing national commercialize campaigns, large companies have a distinct advantage over their smaller counterparts. This spend advantage becomes a business advantage when ads create sufficient brand loyalty that consumers are volition to pay a price agio for more recognizable products and services.\u003C\/p\u003E\n\n\u003Ch4\u003EHow should drivers remainder gamble management and affordability when it comes to car indemnity ? \u003C\/h4\u003E\n\n\u003Cp\u003EIt ‘s widely accepted among consumers that market share is a key index of competitiveness. It follows that companies with a commanding marketplace contribution are perceived as offering superior products or services. Consumers are willing to pay more for perceived measure. With higher profits comes opportunities to far expand market share. As the cycle repeats, the connection between market plowshare and perceived quality is reinforced.\u003C\/p\u003E\n\n\u003Ch3\u003ELiving in this digital revolution, is it necessity for companies, like insurance providers, to maintain localized agents and individualized experiences ? \u003C\/h3\u003E\n\n\u003Cp\u003EIn our digital global, U.S. consumers spent a sock $ 860 billion on-line in 2020. Is it still necessary for companies to offer personalize sales staff ? On the one hand, consumers clearly prize the base hit, appliance, low prices and wide choice available on-line. This is particularly genuine when amounts being spent are well within one ‘s discretionary budget. On the other hand, over half of on-line shoppers spend less than 15 seconds on a web site. When purchases are for solid amounts of money, selling requires much more betrothal than a typical web site can offer. Salespeople have the skills necessary to help manque buyers with their leverage decisions.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeAlign — root ShortcodeAlign — horizontal-center\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeAlign — container\ ” \u003E \n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root Button — root Button — primary Button — auto-width\ ” title=\ ” Back to all experts\ ” href=\ ” # expertadvice\ ” \u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n ”, ” padding ” : ” double ” }
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Christopher J. Marquette, PhD

Assistant Professor of Finance, Tabor School of Finance, Millikin University ; Managing Editor, Journal for Business Advancement

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

The insurance industry is naturally a identical metameric one. There are approximately 6,000 firms active in the industry, but the largest 10 firms command over 50 % of the premium tax income. So we have an industry that has a few identical big firms, such as Progressive and State Farm, and numerous minor firms. The objective for success for the smaller companies should be not to compete with the big firms but rather to find a recess market and develop ranking expertness in that market .
The insurance diligence is bifurcated into two segments. There are several names used to describe these two segments : standard/specialty, admitted/non-admitted, standard/excess and excess. I will use the terms standard and peculiarity. The standard market is characterized by large masses of insureds who have risks that are very similar in nature. This marketplace includes the personal lines of homeowners, car, biography and health indemnity. These are the insurers that the public is familiar with because they advertise to the public heavily with attention-getting slogans and endearing spokespeople and mascots .
The criterion marketplace comprises approximately 90 % of the total market ’ south premiums. The forte market takes the remaining 10 % but is vastly more diverse. Examples of risks insured in the specialization marketplace include commercial property, hauling, transport, product liability, worker ’ mho recompense and professional liability ( for example, doctors, lawyers, building contractors ). This is only a little sample of the types of risks insured in this market that offer ample opportunities for profitableness for smaller companies .
even homeowner ’ south insurance, for exemplar, provides niche opportunities. standard market insurers like Progressive and State Farm will only insure single-family residences ( up to four units ) where the owner/insured lives year-round. They will not insure a vacant firm, a seasonal worker residency or a lease property. Individuals seeking insurance in these situations must go to a specialization insurance company .
The specialization market includes a big subsection where companies don ’ t flush exist ! The Lloyd ’ s policy marketplace is characterized by syndicates that are fair at large affiliations of investors looking to insure risks. Although companies can participate in these syndicates along with individuals, the syndicate itself has a life of merely three years before it disbands. The risks insured in this market tend to be identical distinct and divers. Lloyd ’ randomness syndicates have, in the past, cover risks as alone and divergent as Bruce Springsteen ’ south voice, Tina Turner ’ mho leg and the Loch Ness Monster !
There are besides opportunities in reinsurance — insuring the insurers ! So we can see that the indemnity industry is a huge, diverse populace with a wide assortment of opportunities and markets. The persuasiveness of one company ’ mho ad campaign should not adversely affect a smaller player ’ s profitableness if that musician is chic and agile .

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

I would say that insurance companies could reduce their volunteer of localized agents, but not eliminate them altogether. There is silent a large swath of the population that doesn ’ thymine have good, dependable internet military service. In addition, there are numerous individuals who have good internet service but placid are not comfortable with e-commerce .
insurance is complicated and sometimes confuse, and quite frequently, potential customers will want to speak directly to a person to explain policies before they are confident it is the right thing for them. Personal service is besides an authoritative feature for some customers as they build a sexual intercourse with a particular insurance company, and person the customer has met and knows can attain greater trust than an anonymous call center person .
I don ’ triiodothyronine see the personal touch in policy compress going away soon and think localized offices will continue to be an crucial, if diminished, aspect of policy distribution and serve for the foreseeable future .
Back to all experts { “ backgroundColor ” : ” white ”, ” message ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — beginning left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — image lazyload\ ” style=\ ” width : 60px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/christopher-marquette_zacncd\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_60\/v1\/christopher-marquette_zacncd\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/christopher-marquette_zacncd 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_60\/v1\/christopher-marquette_zacncd 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\ ” expert-christopher-j-marquette\ ” \u003EChristopher J. Marquette, PhD\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Professor of Finance, Tabor School of Finance, Millikin University ; Managing Editor, \u003Cem\u003EJournal for Business Advancement\u003C\/em\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeToggle — root ShortcodeToggle — article \ ” id=\u003E\n \u003Cbutton class=\ ” ShortcodeToggle — toggle\ ” onclick=\ ” this.parentNode.classList.toggle ( ‘ShortcodeToggle — open ‘ ) ; \ ” \u003E\u003Cp class=\ ” ShortcodeToggle — label\ ” \u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents-wrapper\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents\ ” \u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are family name nowadays. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones ? \u003C\/h4\u003E\n\n\u003Cp\u003EThe policy diligence is naturally a very segment one. There are approximately 6,000 firms active in the diligence, but the largest 10 firms command over 50 % of the premium tax income. So we have an industry that has a few very large firms, such as Progressive and State Farm, and numerous small firms. The objective for success for the smaller companies should be not to compete with the large firms but rather to find a recess marketplace and develop superior expertness in that market.\u003C\/p\u003E\n\n\u003Cp\u003EThe policy industry is bifurcated into two segments. There are several names used to describe these two segments : standard\/specialty, admitted\/non-admitted, standard\/excess and excess. I will use the terms standard and specialization. The standard grocery store is characterized by large masses of insureds who have risks that are identical exchangeable in nature. This market includes the personal lines of homeowners, automobile, liveliness and health policy. These are the insurers that the populace is conversant with because they advertise to the public heavily with catchy slogans and endearing spokespeople and mascots.\u003C\/p\u003E\n\n\u003Cp\u003EThe standard commercialize comprises approximately 90 % of the total market\u2019s premiums. The forte commercialize takes the remaining 10 % but is vastly more divers. Examples of risks insured in the peculiarity market include commercial property, hauling, transportation, product liability, worker\u2019s recompense and master indebtedness ( for example, doctors, lawyers, building contractors ). This is alone a small sample of the types of risks insured in this grocery store that offer ample opportunities for profitableness for smaller companies.\u003C\/p\u003E\n\n\u003Cp\u003EEven homeowner\u2019s policy, for case, provides niche opportunities. standard market insurers like Progressive and State Farm will only insure single-family residences ( up to four units ) where the owner\/insured lives year-round. They will not insure a vacant house, a seasonal residence or a rental place. Individuals seeking policy in these situations must go to a forte insurer.\u003C\/p\u003E\n\n\u003Cp\u003EThe specialization market includes a large subdivision where companies don\u2019t even exist ! The Lloyd\u2019s insurance market is characterized by syndicates that are precisely idle affiliations of investors looking to insure risks. Although companies can participate in these syndicates along with individuals, the syndicate itself has a life of alone three years before it disbands. The risks insured in this market tend to be very distinct and diverse. Lloyd\u2019s syndicates have, in the past, cover risks as unique and divergent as Bruce Springsteen\u2019s voice, Tina Turner\u2019s leg and the Loch Ness Monster ! \u003C\/p\u003E\n\n\u003Cp\u003EThere are besides opportunities in reinsurance \u2014 insuring the insurers ! So we can see that the insurance industry is a huge, divers earth with a wide diverseness of opportunities and markets. The strength of one company\u2019s advertising campaign should not adversely affect a smaller player\u2019s profitableness if that player is smart and nimble.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital rotation, is it necessity for companies, like insurance providers, to maintain set agents and individualized experiences ? \u003C\/h4\u003E\n\n\u003Cp\u003EI would say that policy companies could reduce their offer of localized agents, but not eliminate them raw. There is still a big swath of the population that doesn\u2019t have well, dependable internet military service. In addition, there are numerous individuals who have full internet service but still are not comfortable with e-commerce.\u003C\/p\u003E\n\n\u003Cp\u003EInsurance is complicated and sometimes confuse, and quite frequently, potential customers will want to speak directly to a person to explain policies before they are convinced it is the right thing for them. Personal service is besides an crucial have for some customers as they build a relation with a particular insurance company, and person the customer has met and knows can attain greater trust than an anonymous bid center person.\u003C\/p\u003E\n\n\u003Cp\u003EI don\u2019t see the personal contact in policy contract going aside soon and think localized offices will continue to be an important, if diminished, aspect of policy distribution and service for the foreseeable future.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeAlign — root ShortcodeAlign — horizontal-center\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeAlign — container\ ” \u003E \n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root Button — root Button — basal Button — auto-width\ ” title=\ ” Back to all experts\ ” href=\ ” # expertadvice\ ” \u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E ”, ” padding ” : ” double ” }
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David C. Marlett, PhD, CPCU

Managing Director, Brantley Risk and Insurance Center

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

Larger car insurers spend enormous sums on advertise to create a positive effigy and encourage applications. Smaller insurers are unable to match the ad but offer a similar merchandise and much at competitive prices. Consumers should feel comfortable buy from less long-familiar car insurers because they are regulated by the express Department of Insurance .
Their finances are in order, forms and rates approved, in conformity with license requirements and backed by the country guarantee fund equitable like the larger insurers. Just to be on the safe english, visit your state of matter ‘s Department of Insurance web site or call if you have questions about a particular insurance company. The governor can confirm whether the insurance company is licensed in the country and may provide information on the number of complaints they have received ( a complaint ratio provides the number of complaints divided by premium bulk ) .

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

Having a local anesthetic agent to offer a personalize feel is surely helpful for Gen Xers and child boomers, but likely less so for the younger consumers who are more comfortable in the digital space. This final year has pushed many of the traditional local agents to improve their virtual interactions, but many consumers however prefer to visit or call with questions .
Back to all experts { “ backgroundColor ” : ” white ”, ” content ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — settle left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — image lazyload\ ” style=\ ” width : 60px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/david-marlett_wopjqh\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_60\/v1\/david-marlett_wopjqh\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/david-marlett_wopjqh 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_60\/v1\/david-marlett_wopjqh 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\ ” expert-david-c-marlett\ ” \u003EDavid C. Marlett, PhD, CPCU\u003C\/h3\u003E\n\n\u003Cp\u003EManaging Director, Brantley Risk and Insurance Center\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeToggle — solution ShortcodeToggle — article \ ” id=\u003E\n \u003Cbutton class=\ ” ShortcodeToggle — toggle\ ” onclick=\ ” this.parentNode.classList.toggle ( ‘ShortcodeToggle — capable ‘ ) ; \ ” \u003E\u003Cp class=\ ” ShortcodeToggle — label\ ” \u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents-wrapper\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents\ ” \u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are family list now. How does the perceived value of larger companies impact the smaller, yet potentially barely as competitive, ones ? \u003C\/h4\u003E\n\n\u003Cp\u003ELarger car insurers spend enormous sums on advertise to create a incontrovertible prototype and encourage applications. Smaller insurers are ineffective to match the ad but offer a like product and often at competitive prices. Consumers should feel comfortable buying from less long-familiar car insurers because they are regulated by the state Department of Insurance.\u003C\/p\u003E\n\n\u003Cp\u003ETheir finances are in order, forms and rates approved, in conformity with license requirements and backed by the department of state guarantee store fair like the larger insurers. Just to be on the safe side, visit your state ‘s Department of Insurance web site or call if you have questions about a particular insurance company. The regulator can confirm whether the insurance company is licensed in the submit and may provide information on the number of complaints they have received ( a charge ratio provides the number of complaints divided by agio volume ) .\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital rotation, is it necessary for companies, like policy providers, to maintain place agents and personalize experiences ? \u003C\/h4\u003E\n\n\u003Cp\u003EHaving a local agent to offer a personalized have is surely helpful for Gen Xers and child boomers, but likely less so for the younger consumers who are more comfortable in the digital space. This last year has pushed many of the traditional local agents to improve their virtual interactions, but many consumers still prefer to visit or call with questions.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeAlign — root ShortcodeAlign — horizontal-center\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeAlign — container\ ” \u003E \n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root Button — root Button — primary Button — auto-width\ ” title=\ ” Back to all experts\ ” href=\ ” # expertadvice\ ” \u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E ”, ” padding ” : ” doubling ” }
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Marc Kalan

Assistant Professor of Professional Practice, Department of Marketing

Flo from Progressive and Jake from State Farm are household names by now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

many consumers ​feel comfort from dealing with a “ perceive familiar ” expert, or in this circumstance, the familiar personality ( albeit a “ company-created technical ” ). This is a perceive intensity that larger companies with gamey levels of awareness carry as an advantage that smaller entities in the same industry rarely can match. In categories where there is a constant flow of likely new users, this is a clear competitive advantage .

How does market share ownership impact a customer’s perception of quality of service?

As members of a consumer-driven population, we are drawn to those already perceived as “ winners. ” In today ‘s competitive environment, success on any parameter — and “ choice of service ” is surely one of those parameters — is a cardinal consumer desire. consequently, the higher the marketplace share, the higher the impression of the “ better ” rival as measured by the size of its customer base in comparison with the rest of the marketplace, and this is measured by its parcel of the market .

Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?

While companies desire to raise the level of consumer satisfaction, it is my understanding that cuts in budgets to create the “ savings ” anticipated by consolidations of functions never reach those levels, and resulting customer satisfaction tends to the opposite .

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

historically, most indemnity has been sold and serviced via local anesthetic agents, and those local relationships were a key component in that procedure. As the digital revolution continues to impact our lives, more and more “ traditional ” processes are being replaced with digital solutions. This is occurring across more and more industries traditionally handled via face-to-face interactions, including bank, automobile and family purchases, and about all consumer industries. insurance companies, if they are to maintain and grow in the future, will most likely need to adopt to this raw substitution class or [ risk seeing ] a revolution of new competitors as has occurred in therefore many consumer-focused businesses .
Back to all experts { “ backgroundColor ” : ” ashen ”, ” message ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — root left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — effigy lazyload\ ” style=\ ” width : 60px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/expert-advice-headshots_sfuxjr\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_60\/v1\/expert-advice-headshots_sfuxjr\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/expert-advice-headshots_sfuxjr 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_60\/v1\/expert-advice-headshots_sfuxjr 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\ ” expert-marc-kalan\ ” \u003EMarc Kalan\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Professor of Professional Practice, Department of Marketing\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeToggle — etymon ShortcodeToggle — article \ ” id=\u003E\n \u003Cbutton class=\ ” ShortcodeToggle — toggle\ ” onclick=\ ” this.parentNode.classList.toggle ( ‘ShortcodeToggle — open ‘ ) ; \ ” \u003E\u003Cp class=\ ” ShortcodeToggle — label\ ” \u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents-wrapper\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents\ ” \u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are household names by now. How does the perceive prize of larger companies impact the smaller, yet potentially barely as competitive, ones ? \u003C\/h4\u003E\n\n\u003Cp\u003EMany consumers \u200bfeel comfort from dealing with a \ ” perceived familiar\ ” expert, or in this circumstance, the familiar personality ( albeit a \ ” company-created expert\ ” ). This is a perceived potency that larger companies with high levels of awareness carry as an advantage that smaller entities in the like industry rarely can match. In categories where there is a changeless stream of likely raw users, this is a clear competitive advantage.\u003C\/p\u003E\n\n\u003Ch4\u003EHow does market parcel ownership impact a customer ‘s perception of timbre of military service ? \u003C\/h4\u003E\n\n\u003Cp\u003EAs members of a consumer-driven population, we are drawn to those already perceived as \ ” winners.\ ” In nowadays ‘s competitive environment, success on any argument \u2014 and \ ” choice of service\ ” is surely one of those parameters \u2014 is a key consumer desire. therefore, the higher the market share, the higher the depression of the \ ” better\ ” rival as measured by the size of its customer base in comparison with the rest of the marketplace, and this is measured by its partake of the market.\u003C\/p\u003E\n\n\u003Ch4\u003EGenerally speak, what is the impact on customer gratification after an acquisition and\/or consolidation ? \u003C\/h4\u003E\n\n\u003Cp\u003EWhile companies desire to raise the level of consumer satisfaction, it is my sympathy that cuts in budgets to create the \ ” savings\ ” anticipated by consolidations of functions never reach those levels, and resulting customer satisfaction tends to the opposite.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital rotation, is it necessary for companies, like indemnity providers, to maintain place agents and personalize experiences ? \u003C\/h4\u003E\n\n\u003Cp\u003EHistorically, most policy has been sold and serviced via local agents, and those local anesthetic relationships were a samara component in that summons. As the digital rotation continues to impact our lives, more and more \ ” traditional\ ” processes are being replaced with digital solutions. \nThis is occurring across more and more industries traditionally handled via face-to-face interactions, including banking, car and home purchases, and virtually all consumer industries. policy companies, if they are to maintain and grow in the future, will most likely need to adopt to this newly substitution class or [ risk seeing ] a rotation of new competitors as has occurred in then many consumer-focused businesses.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeAlign — root ShortcodeAlign — horizontal-center\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeAlign — container\ ” \u003E \n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root Button — root Button — chief Button — auto-width\ ” title=\ ” Back to all experts\ ” href=\ ” # expertadvice\ ” \u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E ”, ” padding ” : ” double ” }
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Dr. Dena H. Hale

Assistant Professor of Sales and Marketing, Centurion Sales Program, Stetson University

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

It comes down to casualness and stigmatization. insurance is a credence- or experience-attribute overhaul. This means that it is difficult for a consumer to very know if a service provider ( i.e., an policy company ) provides quality service or not. If you have an accident and you are satisfied with the direction the firm handled your claim, you assume you received choice serve, but you can ’ triiodothyronine actually know for sealed .
It is identical unmanageable to determine prior to an experience if an policy supplier delivers respect. This is where branding comes in for firms like Progressive and State Farm. We don ’ metric ton see an insurance supplier ; we see Flo and Jake. Flo and Jake are our “ friends, ” and we prize what our friends say. We “ know ” the value is better because our entrust friend said so.

The use of persona stigmatize ( and integrated marketing communications ) not only allows familiarity for consumers — it besides creates less price sensitivity for consumers. many consumers are able and bequeath to pay a slenderly higher premium for the assurance of choice service delivery if and when the insurance coverage becomes needed .

How does market share ownership impact a customer’s perception of quality of service?

It ‘s about perceptions. It can be summed up in one affirmation : “ If a firm is larger with greater market share, more people must trust the firm, so I can trust it besides. ”

Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?

by and large speaking, it can be double. It may spark consumer “ shop ” for early insurance options, or it could solidify satisfaction. It comes down to the repute of the acquired/consolidated firm .

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

That is a very interest question. A poise is needed, allowing customers to interact on-line for basic questions and searches ; however, agents are critical for establishing relationships, suggesting appropriate service offerings and speaking with clients after an accident .
insurance literacy, or the ability to fully comprehend the indemnity market, varies among customers. presently, consumers are not a insurance-savvy as needed to have fully automated processes. Looking to the future, this could shift. The increased use of artificial intelligence ( that is, avatars that interact with customers online like a real-life agent would ) may change the need for localize agents in the future .
Back to all experts { “ backgroundColor ” : ” white ”, ” content ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — beginning left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — prototype lazyload\ ” style=\ ” width : 60px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/dena-hale_fnkdy0\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_60\/v1\/dena-hale_fnkdy0\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/dena-hale_fnkdy0 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_60\/v1\/dena-hale_fnkdy0 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\ ” expert-dena-hale\ ” \u003EDr. Dena H. Hale\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Professor of Sales and Marketing, Centurion Sales Program, Stetson University\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeToggle — rout ShortcodeToggle — article \ ” id=\u003E\n \u003Cbutton class=\ ” ShortcodeToggle — toggle\ ” onclick=\ ” this.parentNode.classList.toggle ( ‘ShortcodeToggle — open ‘ ) ; \ ” \u003E\u003Cp class=\ ” ShortcodeToggle — label\ ” \u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents-wrapper\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents\ ” \u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are family name immediately. How does the perceived value of larger companies impact the smaller, yet potentially good as competitive, ones ? \u003C\/h4\u003E\n\n\u003Cp\u003EIt comes down to acquaintance and brand. insurance is a credence- or experience-attribute service. This means that it is difficult for a consumer to in truth know if a service supplier ( i.e., an indemnity company ) provides choice servicing or not. If you have an accident and you are satisfied with the way the firm handled your claim, you assume you received choice service, but you can\u2019t in truth know for certain.\u003C\/p\u003E\n\n\u003Cp\u003EIt is very difficult to determine anterior to an experience if an insurance supplier delivers value. This is where branding comes in for firms like Progressive and State Farm. We don\u2019t see an indemnity supplier ; we see Flo and Jake. Flo and Jake are our \ ” friends, \ ” and we value what our friends say. We \ ” know\ ” the value is better because our sure friend said so.\u003C\/p\u003E\n\n\u003Cp\u003EThe consumption of persona stigmatization ( and integrated market communications ) not merely allows familiarity for consumers \u2014 it besides creates less price sensitivity for consumers. many consumers are able and volition to pay a slenderly higher premium for the assurance of quality military service delivery if and when the insurance coverage becomes needed.\u003C\/p\u003E\n\n\u003Ch4\u003EHow does marketplace share ownership impact a customer ‘s perception of quality of service ? \u003C\/h4\u003E\n\n\u003Cp\u003EIt ‘s about perceptions. It can be summed up in one affirmation : \ ” If a firm is larger with greater commercialize share, more people must trust the firm, so I can trust it too.\ ” \u003C\/p\u003E\n\n\u003Ch4\u003EGenerally speaking, what is the impingement on customer gratification after an acquisition and\/or consolidation ? \u003C\/h4\u003E\n\n\u003Cp\u003EGenerally speaking, it can be double. It may spark consumer \ ” shopping\ ” for other indemnity options, or it could solidify atonement. It comes down to the repute of the acquired\/consolidated firm.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like indemnity providers, to maintain localize agents and individualized experiences ? \u003C\/h4\u003E\n\n\u003Cp\u003EThat is a very concern question. A balance is needed, allowing customers to interact on-line for basic questions and searches ; however, agents are critical for establishing relationships, suggesting appropriate service offerings and speaking with clients after an accident.\u003C\/p\u003E\n\n\u003Cp\u003EInsurance literacy, or the ability to amply comprehend the indemnity market, varies among customers. presently, consumers are not american samoa insurance-savvy as needed to have fully automated processes. Looking to the future, this could shift. The increased use of artificial intelligence ( that is, avatars that interact with customers online like a real-life agent would ) may change the want for localized agents in the future.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeAlign — root ShortcodeAlign — horizontal-center\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeAlign — container\ ” \u003E \n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root Button — root Button — primary Button — auto-width\ ” title=\ ” Back to all experts\ ” href=\ ” # expertadvice\ ” \u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E ”, ” padding ” : ” double ” }
headshot of expert

Steven L. Savino

assistant Dean of Lehigh Business Graduate Programs, Professor of Practice, Marketing Department, Lehigh University College of Business

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

The perceived value of larger companies can have an impact on smaller companies primarily in the areas of gratification guarantees and customer service. In other words, larger companies who are able to invest more dollars in advertise message, like with Progressive and “ Flo ” or State Farm and “ Jake, ” are able to reinforce their measure propositions in ways that prompt consumers to perceive a higher likelihood of realizing brand satisfaction. well-known brands become assets that achieve dependable, ongoing sales volume resulting from the percept that risk in choosing such brands is abject .

How does market share ownership impact a customer’s perception of quality of service?

Higher market partake is the resultant role of the combination of four factors. Stronger brand preference combined with greater resistance to compromise ( more willingness to search for the brand ) drives market partake by creating “ pull. ” Likewise, greater handiness and in-market visibility unite to create “ crusade. ” This combination of push-pull factors creates commercialize plowshare, and higher market parcel enables the firm to gain leverage over channel partners, thus resulting in flush greater handiness and in-market visibility .
This cycle is crucial in the context of understanding that a senior high school commercialize parcel means your post has greater in-market visibility. The result is a higher likelihood that your mark will be chosen. This trial, combined with meeting or exceeding customer expectations, leads to repeat purchases and ultimately high post commitment rates. then, high market plowshare triggers the notion that the brand must be of high quality, otherwise why would indeed many people be volition to purchase the product ?

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

On the surface, it might appear that indemnity caller providers need localized agents less due to digital interface solutions. In other words, consumers can transact more easily and with less anxiety within digital and web-based platforms than through hard-hitting sales presentations. however, with that said, consumers still need a floor of customization when it comes to purchasing policy products .
As a result, insurance providers utilizing the human partake can more readily address consumer needs and realize higher sales closing rates. indemnity is considered a high-involvement product, meaning there is greater willingness to gather data and search for alternative solutions. Localized agents and personal attention in terms of customer experience can go a long room in getting the on the fence prospect off the wall and engaging them in the transaction .
Back to all experts { “ backgroundColor ” : ” white ”, ” capacity ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — root left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — image lazyload\ ” style=\ ” width : 60px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/expert-advice-savino-stevens_xyyzuw\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_60\/v1\/expert-advice-savino-stevens_xyyzuw\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/expert-advice-savino-stevens_xyyzuw 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_60\/v1\/expert-advice-savino-stevens_xyyzuw 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\ ” expert-steven-savino\ ” \u003ESteven L. Savino\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Dean of Lehigh Business Graduate Programs, Professor of Practice, Marketing Department, Lehigh University College of Business\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeToggle — root ShortcodeToggle — article \ ” id=\u003E\n \u003Cbutton class=\ ” ShortcodeToggle — toggle\ ” onclick=\ ” this.parentNode.classList.toggle ( ‘ShortcodeToggle — unfold ‘ ) ; \ ” \u003E\u003Cp class=\ ” ShortcodeToggle — label\ ” \u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents-wrapper\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents\ ” \u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are family mention now. How does the perceive value of larger companies impact the smaller, yet potentially just as competitive, ones ? \u003C\/h4\u003E\n\n\u003Cp\u003EThe perceive value of larger companies can have an affect on smaller companies primarily in the areas of atonement guarantees and customer service. In other words, larger companies who are able to invest more dollars in advertise message, like with Progressive and \ ” Flo\ ” or State Farm and \ ” Jake, \ ” are able to reinforce their rate propositions in ways that prompt consumers to perceive a higher likelihood of realizing trade name satisfaction. long-familiar brands become assets that achieve reliable, ongoing sales volume resulting from the percept that risk in choosing such brands is low.\u003C\/p\u003E\n\n\u003Ch4\u003EHow does market share possession impact a customer ‘s sensing of timbre of service ? \u003C\/h4\u003E\n\n\u003Cp\u003EHigher marketplace share is the result of the combination of four factors. Stronger brand preference combined with greater resistance to compromise ( more willingness to search for the brand ) drives market share by creating \ ” pull.\ ” Likewise, greater handiness and in-market visibility aggregate to create \ ” push.\ ” This combination of push-pull factors creates market share, and higher market contribution enables the firm to gain leverage over channel partners, thus resulting in even greater handiness and in-market visibility.\u003C\/p\u003E\n\n\u003Cp\u003EThis cycle is important in the context of understanding that a high market partake means your brand has greater in-market visibility. The consequence is a higher likelihood that your brand will be chosen. This test, combined with meet or exceeding customer expectations, leads to repeat purchases and ultimately high stigmatize commitment rates. therefore, high market partake triggers the notion that the mark must be of high gear choice, differently why would sol many people be will to purchase the product ? \u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like indemnity providers, to maintain set agents and personalized experiences ? \u003C\/h4\u003E\n\n\u003Cp\u003EOn the come on, it might appear that policy company providers need localized agents less due to digital interface solutions. In other words, consumers can transact more well and with less anxiety within digital and web-based platforms than through hard-hitting sales presentations. however, with that said, consumers still need a level of customization when it comes to purchasing policy products.\u003C\/p\u003E\n\n\u003Cp\u003EAs a resultant role, indemnity providers utilizing the human touch can more promptly address consumer needs and realize higher sales closing rates. indemnity is considered a high-involvement product, meaning there is greater willingness to gather information and search for option solutions. Localized agents and personal attention in terms of customer experience can go a long way in getting the open prospect off the fence and engaging them in the transaction.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeAlign — root ShortcodeAlign — horizontal-center\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeAlign — container\ ” \u003E \n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root Button — root Button — chief Button — auto-width\ ” title=\ ” Back to all experts\ ” href=\ ” # expertadvice\ ” \u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E ”, ” padding ” : ” bivalent ” }
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Prachi Gala

Assistant Professor of Marketing, Kennesaw State University

Q: Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

The characters and the perceived value play two unlike roles .
I will try to address the sensed prize. Larger companies will have higher prize. It ’ s a no-brainer. So the problem for smaller companies here is that the larger companies are always top-of-mind for the consumer and hold a bigger marketplace share. So it has a huge negative shock on the smaller startup. But, at the like time, these newly entrants have multiple benefits : federally supported funds, getting something newly to the grocery store, flexibility in adapting to customer needs as they are not however amply grown, impertinently done market research, etc .
These benefits can be amply supportive of new entrants to increase their sensed value as they can serve the customer in the best way possible while making their entry. A holocene example of a new entrant is an app called Avail, which rents out your car while you ’ re out of town. The app provides customers with free car washes and free parking while they are traveling. Who would not see value in that ?

How does market share ownership impact a customer’s perception of quality of service?

The more users, the more diversify the opinions. You can ’ metric ton please everyone who is your customer. Opinions about market share possession, like monopolies, are normally diversified .
For exercise :

  • Facebook — everyone is on it. And three people may criticize the company and its usage of data and leakage when they are on it. But do they have a choice? All the customers are still on Facebook, despite their dislike of the platform’s market share.
  • Apple — most Americans own at least one Apple device. They are all very happy with their products. When Apple started selling AirPods and different charging cords, they were certainly criticized for it, but do the customers have a choice? They can switch to Android. But will they?

These two examples explain the fact that commercialize share ownership does get love and hatred together, but due to the huge market share, customers don ’ t have a choice and are leery of switching to new products, careless of a high disfavor sometimes .

Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?

The customers most times are not aware of the acquisitions taking place between companies. For example, last workweek, Redbox merged with Seaport Global. It ’ s not very attention-seeking. surely if there are bigger acquisitions, covered well by the media, like the blend of WarnerMedia and Discovery, then there is awareness. But impact ? not then much .
Would you stop watching Discovery because the party merged with WarnerMedia ? If this amalgamation had an affect on subscription rates, then it may be a different report. Some amalgamation decisions may finally impact consumers, but it is those decisions — and not the newsworthiness of the mergers themselves — that impact customer atonement .

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

The question hera should be “ how ” not “ if. ” Because there is no early means but to have that individualized feel. Digitizing means people are naturally getting isolated and working in their own dens, and thus, loneliness is kicking in. In such circumstances, having the best digital servicing is great. The customer will surely like it, regardless of digital service. But if there is a bouncy agent, unconsciously, they will feel more welcome, more engage and separate of the company community .
today, giving a individualized have is what can differentiate you from the contest. It is a must. simple exercise : If you are moving to Michigan and an adjunct from a mortgage company is talking to you online but you don ’ t know their whereabouts, your confidence with the company may not be the same as if the lapp agent told you they are a local of the area you are moving to. That gives you the individualized feel — a bail — and a spirit of belongingness to the residential district .
Back to all experts { “ backgroundColor ” : ” white ”, ” capacity ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — solution left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — persona lazyload\ ” style=\ ” width : 60px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/prachi-gala_bklcn2\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_60\/v1\/prachi-gala_bklcn2\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/prachi-gala_bklcn2 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_60\/v1\/prachi-gala_bklcn2 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\ ” expert-prachi-gala\ ” \u003EPrachi Gala\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Professor of Marketing, Kennesaw State University\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeToggle — beginning ShortcodeToggle — article \ ” id=\u003E\n \u003Cbutton class=\ ” ShortcodeToggle — toggle\ ” onclick=\ ” this.parentNode.classList.toggle ( ‘ShortcodeToggle — exposed ‘ ) ; \ ” \u003E\u003Cp class=\ ” ShortcodeToggle — label\ ” \u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents-wrapper\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents\ ” \u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EQ : Flo from Progressive and Jake from State Farm are family name now. How does the perceive prize of larger companies impact the smaller, yet potentially just as competitive, ones ? \u003C\/h4\u003E\n\n\u003Cp\u003EThe characters and the perceived value maneuver two different roles.\u003C\/p\u003E\n\n\u003Cp\u003EI will try to address the perceive value. Larger companies will have higher value. It\u2019s a no-brainer. So the problem for smaller companies here is that the larger companies are constantly top-of-mind for the consumer and hold a bigger market contribution. So it has a huge negative impact on the smaller inauguration. But, at the lapp clock time, these new entrants have multiple benefits : federally supported funds, getting something new to the market, flexibility in adapting to customer needs as they are not yet amply grown, impertinently done market research, etc.\u003C\/p\u003E\n\n\u003Cp\u003EThese benefits can be fully supportive of new entrants to increase their sensed respect as they can serve the customer in the best way possible while making their submission. A holocene exemplar of a new entrant is an app called Avail, which rents out your cable car while you\u2019re out of town. The app provides customers with free car washes and free parking while they are traveling. Who would not see value in that ? \u003C\/p\u003E\n\n\u003Ch4\u003EHow does market share ownership impact a customer ‘s perception of quality of service ? \u003C\/h4\u003E\n\n\u003Cp\u003EThe more users, the more diversify the opinions. You can\u2019t please everyone who is your customer. Opinions about grocery store parcel ownership, like monopolies, are normally diversified.\u003C\/p\u003E\n\n\u003Cp\u003EFor example : \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeList — settle \ ” \u003E\n\n \u003Cdiv class=\ ” ShortcodeList — content ShortcodeList — content-margin\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeList — column\ ” \u003E\n \u003Cul class=\ ” ListUnordered — root ListUnordered — bullet\ ” \u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Facebook \u2014 everyone is on it. And three people may criticize the company and its custom of data and escape when they are on it. But do they have a option ? All the customers are hush on Facebook, despite their dislike of the platform\u2019s marketplace share.\n \u003C\/li\u003E\n \u003Cli class=\ ” ListUnordered — list-item\ ” \u003E\n Apple \u2014 most Americans own at least one Apple device. They are all very glad with their products. When Apple started selling AirPods and different agitate cords, they were surely criticized for it, but do the customers have a option ? They can switch to Android. But will they ? \n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\u003C\/p\u003E\n\n\u003Cp\u003EThese two examples explain the fact that market contribution ownership does get love and hatred together, but due to the huge market contribution, customers don\u2019t have a choice and are leery of switching to new products, careless of a high disfavor sometimes.\u003C\/p\u003E\n\n\u003Ch4\u003EGenerally speaking, what is the impact on customer satisfaction after an learning and\/or consolidation ? \u003C\/h4\u003E\n\n\u003Cp\u003EThe customers most times are not mindful of the acquisitions taking place between companies. For example, last workweek, Redbox merged with Seaport Global. It\u2019s not very attention-seeking. surely if there are bigger acquisitions, covered well by the media, like the merging of WarnerMedia and Discovery, then there is awareness. But impact ? not then much.\u003C\/p\u003E\n\n\u003Cp\u003EWould you stop watching Discovery because the ship’s company merged with WarnerMedia ? If this amalgamation had an impact on subscription rates, then it may be a different floor. Some amalgamation decisions may finally impact consumers, but it is those decisions \u2014 and not the news of the mergers themselves \u2014 that shock customer satisfaction.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like indemnity providers, to maintain localize agents and personalized experiences ? \u003C\/h4\u003E\n\n\u003Cp\u003EThe motion here should be \ ” how\ ” not \ ” if.\ ” Because there is no other way but to have that individualized experience. Digitizing means people are naturally getting isolated and working in their own dens, and therefore, forlornness is kicking in. In such circumstances, having the best digital service is great. The customer will surely like it, careless of digital avail. But if there is a alive agentive role, unconsciously, they will feel more welcome, more absorb and function of the party community.\u003C\/p\u003E\n\n\u003Cp\u003EToday, giving a individualized have is what can differentiate you from the rival. It is a must. simple model : If you are moving to Michigan and an adjunct from a mortgage ship’s company is talking to you online but you don\u2019t know their whereabouts, your confidence with the company may not be the same as if the lapp agent told you they are a local of the sphere you are moving to. That gives you the personalize feel \u2014 a attachment \u2014 and a feeling of belongingness to the community.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeAlign — root ShortcodeAlign — horizontal-center\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeAlign — container\ ” \u003E \n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root Button — root Button — primary Button — auto-width\ ” title=\ ” Back to all experts\ ” href=\ ” # expertadvice\ ” \u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E ”, ” padding ” : ” double ” }
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Jaclyn Stevenson

film director of Marketing and Communications, Columbia-Greene Community College, the State University of New York

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

In my opinion the market character, thus to speak, that brands create are a move toward making the company seem more approachable, relatable and gloomy to earth — all qualities that small and successful companies possess inherently. Flo, Jake and other spokes-characters have proven to be effective tools to promote products and services and to bring in modern customers .
That said, memory is winder. If the service provided once a new customer signs on is not up to their standards, many consumers will pivot — about mechanically — to doing clientele with a smaller company .
This poses a challenge, a well as an opportunity, for those smaller outfits, who must position themselves as visible to consumers with creative market of their own. This could include a epic character ( who is besides a real leader in the company, as opposed to fiction ), but above all should focus on the points of serve customers can expect to receive with humble or no failure for an extend period of time .

How does market share ownership impact a customer’s perception of quality of service?

As a small community college serving a rural area, we struggle with the balance of advertise spread. Our budget is smaller than some neighbor colleges that can pursue larger and longer campaigns, and that affects the perception of the institution — sphere residents sometimes assume the larger colleges are more comfortable, accessible or program-rich .
however, wide-reaching campaigns in our region can besides be read as overexposure or overspending. We pay capital attention to our demographic and geographic targets to help combat this — delivering commercialize materials to core audiences arsenic frequently as possible — and besides working with residential district partners to create unique, attention-getting “ splashes ” throughout the class that demand attention, but don ’ triiodothyronine suggest grandiosity. Some examples include “ carvertising ” on delivery-service cars, QR-code powered brochures to pair digital and print pieces and sponsorships of events that are reflective of our community ’ s flare, such as art festivals, agrarian fairs and dramaturgy productions .

Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?

appoint changes or announcements of company changes of any kind often foster anxiety among consumers, who may adopt a newly cynical see of the company in wonder or worry their military service will change or decline in choice. The drift is on the caller to double down on its customer service and pay attention to any developing trends of dissatisfaction among its customer free-base .

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

While it ’ s not intrinsically necessity, local access to service is always a asset and an crucial expression of service to promote. Personalized experiences should constantly be character of marketing and customer outreach, whether delivered from afar or from across the street. This digital earth, particularly post-pandemic, is one that has created a need among many consumers for real, homo experiences. The good news is digital resources make personalization easier than ever before — but sometimes, all that ’ randomness needed is a personal telephone call, excessively .
Back to all experts { “ backgroundColor ” : ” white ”, ” message ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — root left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — visualize lazyload\ ” style=\ ” width : 60px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/jacklyn-stevenson_h9vb2l\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_60\/v1\/jacklyn-stevenson_h9vb2l\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/jacklyn-stevenson_h9vb2l 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_60\/v1\/jacklyn-stevenson_h9vb2l 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\ ” expert-jaclyn-stevenson\ ” \u003EJaclyn Stevenson\u003C\/h3\u003E\n\n\u003Cp\u003EDirector of Marketing and Communications, Columbia-Greene Community College, the State University of New York\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeToggle — settle ShortcodeToggle — article \ ” id=\u003E\n \u003Cbutton class=\ ” ShortcodeToggle — toggle\ ” onclick=\ ” this.parentNode.classList.toggle ( ‘ShortcodeToggle — open ‘ ) ; \ ” \u003E\u003Cp class=\ ” ShortcodeToggle — label\ ” \u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents-wrapper\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents\ ” \u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are family list now. How does the perceive value of larger companies impact the smaller, yet potentially precisely as competitive, ones ? \u003C\/h4\u003E\n\n\u003Cp\u003EIn my opinion the market character, so to speak, that brands create are a move toward making the company seem more accessible, relatable and down to earth \u2014 all qualities that little and successful companies possess inherently. Flo, Jake and early spokes-characters have proven to be effective tools to promote products and services and to bring in new customers.\u003C\/p\u003E\n\n\u003Cp\u003EThat said, retention is key. If the service provided once a modern customer signs on is not up to their standards, many consumers will pivot \u2014 about mechanically \u2014 to doing business with a smaller company.\u003C\/p\u003E\n\n\u003Cp\u003EThis poses a challenge, arsenic well as an opportunity, for those smaller outfits, who must situation themselves as visible to consumers with creative commercialize of their own. This could include a epic fictional character ( who is besides a real drawing card in the company, as opposed to fabrication ), but above all should focus on the points of service customers can expect to receive with broken or no bankruptcy for an extend menstruation of time.\u003C\/p\u003E\n\n\u003Ch4\u003EHow does market plowshare ownership impact a customer ‘s percept of timbre of military service ? \u003C\/h4\u003E\n\n\u003Cp\u003EAs a small community college serving a rural area, we struggle with the libra of advertise diffuse. Our budget is smaller than some neighbor colleges that can pursue larger and longer campaigns, and that affects the perception of the institution \u2014 area residents sometimes assume the larger colleges are more comfortable, accessible or program-rich.\u003C\/p\u003E\n\n\u003Cp\u003EHowever, wide-reaching campaigns in our region can besides be read as overexposure or overspending. We pay bang-up attention to our demographic and geographic targets to help combat this \u2014 delivering market materials to core audiences a often as possible \u2014 and besides working with community partners to create singular, attention-getting \ ” splashes\ ” throughout the year that demand attention, but don\u2019t suggest grandiosity. Some examples include \ ” carvertising\ ” on delivery-service cars, QR-code powered brochures to pair digital and print pieces and sponsorships of events that are brooding of our community\u2019s flare, such as art festivals, agrarian fairs and field productions.\u003C\/p\u003E\n\n\u003Ch4\u003EGenerally speaking, what is the impact on customer gratification after an acquisition and\/or consolidation ? \u003C\/h4\u003E\n\n\u003Cp\u003EName changes or announcements of company changes of any kind much foster anxiety among consumers, who may adopt a newly cynical scene of the company in interrogate or worry their service will change or decline in quality. The drift is on the party to double down on its customer service and pay attention to any developing trends of dissatisfaction among its customer base.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital rotation, is it necessary for companies, like insurance providers, to maintain localized agents and individualized experiences ? \u003C\/h4\u003E\n\n\u003Cp\u003EWhile it\u2019s not intrinsically necessary, local entree to service is always a asset and an important aspect of service to promote. Personalized experiences should constantly be part of market and customer outreach, whether delivered from afar or from across the street. This digital universe, specially post-pandemic, is one that has created a need among many consumers for real, human experiences. The commodity news is digital resources make personalization easier than ever before \u2014 but sometimes, all that\u2019s needed is a personal phone call, too.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeAlign — root ShortcodeAlign — horizontal-center\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeAlign — container\ ” \u003E \n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root Button — root Button — primary Button — auto-width\ ” title=\ ” Back to all experts\ ” href=\ ” # expertadvice\ ” \u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E ”, ” padding ” : ” bivalent ” }

Rutgers Insurance Club

led by Sameer Bhuyan

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

Customers recognize familiar faces and companies. Flo and Jake are two of many recognized faces in the nation. When progressive and State Farm create ads with these icons, they besides create a customer base of “ satisfied customers. ” Since their ads portray satisfy customers, potential customers are more revolutionize and persuaded to switch from their current indemnity and become a customer of Progressive and/or State Farm .
The assumed “ 100 % guarantee ” builds a 100 % “ satisfactory ” measure that smaller, competitive companies are challenged to match. Customers are thus use to watching persuasive ads and promotions that they disregard smaller companies and assume that smaller companies do not provide the same level of atonement. In turn, smaller indemnity companies struggle to gain newfangled customers and subscribers. Smaller companies seem to be already labeled as “ unsatisfactory ” without being given a probability .
This market strategy is one that is being employed in about all industries and institutions. At Rutgers Business School, we have our own Flo and Jake to compete with. Renowned clubs like LIBOR ( short Investment Bankers of Rutgers ), QFC ( Quantitative Finance Club ) and many others dominate in attracting new members and provide a perception of “ Join us and you will be guaranteed a successful future. ”
A fresh and much smaller baseball club like Rutgers Insurance Club needs to show it provides fair a much measure as the big shots, if not more. To do that, a raw club needs to attract members and strategize how to retain its members. To reach the lapp play field, smaller companies need to seize each and every opportunity they get to increase their respect and customer basis .

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

The digital revolution has been a bless and bane for about all industries, including indemnity. technological advances have allowed companies to reach out globally without leaving a desk. While technology allows indemnity companies to build their organization in new ways, it is just a crucial to maintain incontrovertible relationships with localize customers and stakeholders.

As for place agents, it is crucial for companies to employ individuals who can assist customers on the spot. Personalized experiences allow customers and people to interact with agents and have more autonomy to know the ship’s company. An agent represents their ship’s company and, therefore, illustrates the values and morals a ship’s company has. person over the phone or on a video call will not be able to portray caller standards the same way .
At the end of the day, customers are people, and people need to interact with other people. indemnity agents, or any agents for that matter, need to exist vitamin a retentive as a ship’s company wants a future .
Back to all experts { “ backgroundColor ” : ” white ”, ” contented ” : ” \u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeImage — root left\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeImage — image-container \ ” \u003E\n \u003Cimg alt=\ ” headshot of expert\ ” class=\ ” ShortcodeImage — image lazyload\ ” style=\ ” width : 60px ; \ ” data-src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/expert-advice-headshots_sfuxjr\ ” src=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, e_blur:1000, f_auto, h_1600, q_1, w_60\/v1\/expert-advice-headshots_sfuxjr\ ” data-srcset=\ ” hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_1.0, f_auto, h_1600, q_auto, w_60\/v1\/expert-advice-headshots_sfuxjr 1x, hypertext transfer protocol : \/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit, dpr_2.0, f_auto, h_1600, q_auto, w_60\/v1\/expert-advice-headshots_sfuxjr 2x\ ” \u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\ ” expert-rutgers-insurance-club\ ” \u003ERutgers Insurance Club\u003C\/h3\u003E\n\n\u003Cp\u003Eled by Sameer Bhuyan\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeToggle — root ShortcodeToggle — article \ ” id=\u003E\n \u003Cbutton class=\ ” ShortcodeToggle — toggle\ ” onclick=\ ” this.parentNode.classList.toggle ( ‘ShortcodeToggle — open ‘ ) ; \ ” \u003E\u003Cp class=\ ” ShortcodeToggle — label\ ” \u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents-wrapper\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeToggle — contents\ ” \u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are family name now. How does the sensed value of larger companies impact the smaller, yet potentially just as competitive, ones ? \u003C\/h4\u003E\n\n\u003Cp\u003ECustomers recognize familiar faces and companies. Flo and Jake are two of many recognized faces in the country. When progressive and State Farm make ads with these icons, they besides create a customer base of \ ” satisfied customers.\ ” Since their ads portray satisfy customers, likely customers are more inhale and persuaded to switch from their current insurance and become a customer of Progressive and\/or State Farm.\u003C\/p\u003E\n\n\u003Cp\u003EThe assumed \ ” 100 % guarantee\ ” builds a 100 % \ ” satisfactory\ ” prize that smaller, competitive companies are challenged to match. Customers are so exploited to watching persuasive ads and promotions that they disregard smaller companies and assume that smaller companies do not provide the same level of gratification. In turn, smaller indemnity companies struggle to gain newly customers and subscribers. Smaller companies seem to be already labeled as \ ” unsatisfactory\ ” without being given a chance.\u003C\/p\u003E\n\n\u003Cp\u003EThis market strategy is one that is being employed in about all industries and institutions. At Rutgers Business School, we have our own Flo and Jake to compete with. Renowned clubs like LIBOR ( little Investment Bankers of Rutgers ), QFC ( Quantitative Finance Club ) and many others dominate in attracting new members and provide a perception of \ ” Join us and you will be guaranteed a successful future.\ ” \u003C\/p\u003E\n\n\u003Cp\u003EA fresh and much smaller club like Rutgers Insurance Club needs to show it provides merely arsenic much respect as the big shots, if not more. To do that, a new cabaret needs to attract members and strategize how to retain its members. To reach the lapp play field, smaller companies need to seize each and every opportunity they get to increase their value and customer base.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like policy providers, to maintain localize agents and individualized experiences ? \u003C\/h4\u003E\n\n\u003Cp\u003EThe digital rotation has been a bless and execration for about all industries, including insurance. technical advances have allowed companies to reach out globally without leaving a desk. While engineering allows policy companies to build their organization in newly ways, it is just arsenic significant to maintain plus relationships with localize customers and stakeholders.\u003C\/p\u003E\n\n\u003Cp\u003EAs for localized agents, it is important for companies to employ individuals who can assist customers on the spot. Personalized experiences allow customers and people to interact with agents and have more familiarity to know the party. An agentive role represents their company and, consequently, illustrates the values and morals a company has. person over the call or on a television call will not be able to portray ship’s company standards the like way.\u003C\/p\u003E\n\n\u003Cp\u003EAt the end of the day, customers are people, and people need to interact with early people. indemnity agents, or any agents for that matter, need to exist ampere farseeing as a company wants a future.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\ ” ShortcodeAlign — root ShortcodeAlign — horizontal-center\ ” \u003E\n \u003Cdiv class=\ ” ShortcodeAlign — container\ ” \u003E \n \u003Cspan\u003E\u003Ca class=\ ” ShortcodeLink — root Button — root Button — primary Button — auto-width\ ” title=\ ” Back to all experts\ ” href=\ ” # expertadvice\ ” \u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E ”, ” padding ” : ” double ” }

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