Customer Segmentation in UK Insurance: Digital Lifestyles

Published: August 2016
No. of Pages: 22
    ReportsandReports

Summary

Society is becoming increasingly connected. Technology has allowed us to be online anytime and anywhere, through portable devices such as smart phones and tablets. This means that consumers have instant access to goods, products, and services. Connection is also extending through the Internet of Things, where big data is collected through wearable tech, connected cars, and smart homes. The result is that consumers expect and look for ever-responsive, convenient, tailored services via a channel they can access from wherever they choose. Catering for digitally active and tech-savvy individuals should be important for insurers, considering that 42% of consumers identified with the Digital Lifestyles trait according to Verdict Financials 2015 UK General Insurance Consumer Survey.

Key Findings

  • 65% of under-24s were defined as having the "Digital Lifestyles" trait - a label that also represented more than half of those under 44, before dropping away among the over-50s.
  • Just over a third of consumers feel nervous when they're without a Smartphone to remain "connected."
  • The online channel is vital in distribution, considering that 45% of consumers identified with the Digital Consumption trait - meaning that they prefer to buy goods and services online.

Synopsis

Standard demographic analysis often fails to reveal sufficiently deep insight into consumer behavior and the motivations behind this. We have produced an attitudinally based segmentation of the consumer market, and have used this to examine the market for key financial products. One of the eight key attitudinal groups is the focus of this brief: Digital Lifestyles. There are two ways in which Digital Lifestyles can be viewed in consumers' approach to their services: being uncomfortable without a Smartphone to remain "connected," and being most comfortable online. It's from these two facets that the following trends within our model are derived: Always Connected and Digital Consumption.

Reasons To Buy

  • Inform your strategy with insight into 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.

Published By: GlobalData
Product Code: Verdict299


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