Mocking Bull is a Value Added Product Supplier that provides unique solutions to corporates, affinity groups and unions.
What we have experienced through-out the years of providing our benefits to the market:
- Market feedback indicates that members of group schemes require innovation, through mortality based benefits, requiring the collective bargaining power of large organisations to improve their lot, they want to live their benefits!
- Members are becoming more demanding and want to experience benefits from their insurance packages while they are still living.
- Intermediaries require something different to sell to their membership bases and are looking for innovative ways to increase their revenue per customer.
- Standard benefit regulation is making it difficult to create differentiation.
- Value Added Products are a gateway to distributing insurance products into other group schemes.
- Value added benefits enhance the insurer offering and prevent the widespread abuse of customers by service providers/beneficiaries and unscrupulous operators
- A well differentiated product is less likely to move in a price war.
- Industry trends are to create value added benefits (questions to be asked, do they add value and do they make a meaningful difference to the customer experience).
Purpose of Value Added Product
- To acquire customers
- To retain customers
- To provide value
What is a Value Added Product (VAP)
A VAP is:
- Makes the end consumers life easier in the event of a death by providing them with goods/services required at this unfortunate time
- Provides benefits to allow the member to ‘live’ their benefits and services
- End consumer either has difficulty acquiring the goods/services or is ripped off in this process
- Attempts to ensure the right goods/services are provided in line with the covered persons wishes
- Does not provide more cash to a claimant
- Does not provide unutilised goods/services
Successful value added products achieve:
Improved sales volume
- Eliminates apples to apples comparison
- Creates desire
- Meets aspirational needs
- Group schemes move in order to access
- Customer pays for product incl. VAP’s before others
- High perceived value/unachievable to customer class
- Simple, easy to understand front end procedures
- Simple, easy to understand claims procedures
- 24/7/365 call centre suppor