Customer Segmentation in UK Insurance

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. 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 who have come to expect and demand personalized and relevant services, and increasingly high-quality engagement, it is ever-more critical to map out these needs and work to shape services to them.

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Key Findings
– Success demands customer-centric models – a shift towards this approach is essential in order to create products that consumers want to buy and brands that consumers want to associate themselves with.

– Attitudinal traits are rarely mutually exclusive – products or services that cater to a trend crossover offer consumers multiple benefits and will be attractive to a wider range of consumers.

– Trust is key. A sense of honesty from an insurance provider is not only the most widely sought factor among consumers – regardless of customer group – but also drives among the strongest sources of sentiment.

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Synopsis
Verdict Financial’s Customer Segmentation in UK Insurance brief introduces eight attitudinal demographic groups which facilitate understanding of insurance customers and their product and service needs. Standard demographic analysis often fails to reveal sufficiently deep insight into consumer behavior and the motivations behind this. We have produced an attitudinal-based segmentation of the consumer market, and have used this to examine the market for key financial products.

Reasons To Buy
– Inform your strategy with 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.

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

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This release was published on openPR.