It took roughly 5 months from first conversations to the implementation of the new price and coverage changes at EducatorProtect. We spend a great deal of time soliciting feedback from both clients and those who choose not to buy. As I mentioned in the past, hearing from those who are not customers can be humbling. The more information that we received, the more often we heard pricing as the key issue for those who did not purchase EducatorProtect insurance.
We were primarily concerned with those educators purchased insurance elsewhere. From that group of educators we heard one common theme.
“We suspect that your coverage probably is better, but you are a few dollars more expensive.”
Obviously, that is distilling hundreds and hundreds of responses into one common theme. Over time, the message became more consistent.
This sent us back to the drawing board. Our partners at Great American spent a great deal of time working with us to find a combination of actions that could change this perception. We discussed a wide variety of options. The most challenging aspect of the discussions was to focus them on what would be of value to educators. For example, we discussed making changes to the coverages, but in the end felt that they were too “inside baseball ”and would be difficult to explain to those not in the insurance industry.
Sometimes folks with MBAs try to make everything too complicated.
The obvious choice was to make coverage less expensive than our main competitor. By eliminating the deductible, we added a coverage feature that we felt was easy to understand and lowered the "total cost of ownership.”
We hope that you are as excited as we are.