Improve Your R&D Sales Strategy with Customer Focused Selling for R&D

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within many insurance companies pricing is still mostly driven by it said the technical side of pricing which is the actuary department playing a very important role in impressing whereas well some most most insurance companies also taken to account say the competitive dynamics in the market making sure that their prices are not way off versus competitors but I think what most insurance companies do not do is really looking at pricing from a customer perspective which means that really understanding the perceived value of their position differentiating their proposition across different segments and this is in is an area that most insurance companies still need to develop there's a couple of areas where insurance companies need to develop this is first of all this this area around value-based pricing really understanding the customer needs the customer behavior understanding which propositions resonate which don't and what the willingness to pay is for those propositions the second thing is leveraging the opportunities of digital there's a wealth of opportunities through big data through more enhanced interaction with your clients which also means new propositions and new pricing models beyond that there is also an opportunity to to make new propositions to design propositions that are maybe not based on a monthly fee for a motor insurance but based on the mileage that you drive based on where you drive how often you drive what time of the day you drive and this means a completely different proposition but therefore also completely new pricing model so you look not so much Beckett how clients have behaved in the past but you look at what they do today pricing should be directly linked to the strategy of a company I mean otherwise it doesn't make sense so what do you want to achieve with pricing that should be aligned with the strategy so a very good understanding of the strategic agenda is very important and BCG hazard understanding and very often we've been involved in in developing that gender that strategic agenda secondly we can really help companies to move from the traditional pricing of say the technical actuarial view to the customer and then consumer-based view on pricing the value-based pricing we really focus on building capabilities we don't believe that a one-off pricing project is really going to help any of our clients we believe that any client that we work with should focus on building pricing capabilities themselves and we have a range of tools and we have a global network of pricing enablement centers through which we we help build those capabilities you