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Customer Segmentation in UK Insurance: Convenience

  • April 2016
  • 22 pages
  • GlobalData
Report ID: 3783200

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Summary
Demand for products and services is ultimately driven by consumers and their wants and needs. If consumers do not need, use, or value a product or service they will ignore it or find another product that does meet their demands. Therefore the design of products and services needs to be focused on the consumer - in this particular instance, those who constantly find themselves short of time, and/or are easily flustered when met with a complicated process. The financial services industry has not traditionally been recognized for being customer-centric in its approach to innovation and design. However, within a generation of consumers that have come to expect and demand personalized and relevant services, and increasingly high-quality engagement, it is ever-more critical for financial services providers to develop the requisite products, tools, and platforms to adhere to their needs.

Key Findings
- Convenience-type customers are predominantly female and fall within the younger age categories.

- Technology is a key factor in promoting convenience and ease of use - these types of customers tend to have a particular affiliation with the use of mobile devices and smart/intuitive platforms, as well as enlisting the help of others when making a decision.

- Exclusivity is key.

- A sense of good value for money over an insurance provider's brand reputation is the most widely sought factor among convenience consumers.

Synopsis
Verdict Financial's “Customer Segmentation in UK Insurance: Convenience” highlights one attitudinal demographic group from which to better understand a particular type of insurance customer and how products and services should be shaped for this consumer group. We have also compared these types of customers with those who may fall into other attitudinally based segments of the consumer market in order to discover which additional traits are common among Convenience customers.

Reasons To Buy
- Inform your strategy with a knowledge of the key trends and sub-trends that influence insurance consumption habits and develop a competitive advantage around consumer behavior trends.

- Understand the importance of being led by the consumer in the financial services market and define your strategies with insight on what your customers really want - particularly those who value time efficiency and simplicity.

- Align your marketing strategies with the crucial trends influencing consumer behavior.

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