Why is product development so important?
Sinead Campbell, of London Flats Insurance, discusses the development of their award-winning insurance products.
As a business, it is important to always keep things moving. Although your product line might be ticking all the right boxes at the moment, who says the same will apply in five years’ time?
Product and brand development are especially important in the insurance industry, where there is fierce competition and high stakes if you get it wrong. Each company must strike a balance between providing reliable cover and reasonable costs.
The advantages of developing new products:
- New products demonstrate a progressive and reliable company.
- You can assess whether there are holes in the industry and offer something new.
- You will be able to adjust your prices and offers to reflect the requirements of the industry.
At London Flats Insurance, we’re constantly looking for ways to make our products and our brand better than they already are. We want our customers to know that when they work with us, they’re always getting the best deal and the most comprehensive cover.
So, how do we keep on top of the competition?
We’ve always worked hard to make sure we have a wide range of products available for our clients. This is because we work exclusively with blocks of flats and apartments – these types of properties are notorious for requiring a blend of different products to ensure full coverage.
For example, some blocks have lifts or automatic doors (or both), while other blocks have neither. In this instance, one standard buildings policy won’t fit both.
That’s where we come in. It’s our job to adapt the cover to suit our client and the property. In this instance, we’d include one of our Lift Inspection and Machinery Breakdown policies alongside their Buildings cover, thus ensuring the property is covered against all odds.
Our range of products are provided on an All-Risks basis and include:
- Buildings Insurance
- Terrorism Insurance
- Directors & Officers Insurance
- Lift Insurance and Machinery Breakdown
- Legal Expenses cover