Segmentation: Like insurance in the 80s
February 10th, 2012A financial services consultant has branded current bank strategies for broker market segmentation like the insurance channel of the 1980s.
Following Westpac flagging the insertion of a new Platinum service above its Advantage + segment yesterday, MGF Consultings Max Franchitto said such segmentation strategies raise client interest questions.
“This is good news for brokers writing lots of business and I am sure the benefits will be appreciated, but how do these benefits translate into “end customer” benefits?,” Franchitto asked.
“Once again the banking channel is doing what the life insurance channel was doing in the 1980’s , working at winning the channel not the end customer.”
Franchitto, who is a consultant with experience across the financial services industry, said the a string of benefits provided to top tier brokers could lead to conflict of interest.
“Worse still, could it prejudice the meeting the clients needs sense of priority? After a
Tags: 80s, Insurance 80s
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