So we’re very, very confident in the approach that we take in that regard. Finally, I’d make some remarks regarding the different role that price plays in different segments of the market. And this reflects, certainly our own competitive experience, but also the input that we’ve consistently received from plan sponsors and their advisors. In the large case market, price certainly matters, and there’s a need to be competitive on pricing. In particular, pricing serves as a factor in winnowing down the competitive universe from the initial list to a very short list of finalists. We find that pricing among those finalists is typically within a very narrow band and that the plan sponsors’ choice are based on assessment of certain critical factors that John mentioned in his opening comments. The ability of an insurer to execute a large and complex transactions and to bring them to a successful and timely close, and the ability to on-board literally tens of thousands of retirees in a seamless way that provides them a quality client experience. We have an established track record in this regard and that gives plan sponsors a lot of confidence. The small market, and here I’m talking about a few hundred million and below, is very different.
Now that it is so easy to get online quotes for just about any type of insurance, there is absolutely no reason to renew an insurance policy without checking prices from the competition. Last year I bought my home cover after getting a selection of quotes from a price comparison web site. A week or two back I got a call from that insurance company telling me that the renewal was due and that the cost had only risen by a couple of pounds. When I answered that I was going to check prices from some other companies online before taking out a renewal, the insurer managed to find a quote about 20% cheaper than his original offer. Nevertheless, I visited my favourite insurance price comparison site and proceeded to get precisely the same cover for a further 20% less than his cheapest quote. I’ve said it so many times and I’ll say it again…Don’t EVER renew an insurance policy without checking prices online. All insurance companies come up with their lowest prices to first-time customers, so take advantage and switch to a new company whenever you can get a better deal. Unless you’ve had a very good experience with your current insurer then don’t worry about showing disloyalty to them, I bet that they won’t show any loyalty to you if you’re in the unfortunate position of having to make a claim!. For more information on insurance products click the following link emerging guidelines for primary aspects of finance articles.
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