Customer Segmentation in UK Insurance: Evolving Landscapes
Financial services is evolving, and the launch of new products – most of which are technology-based – is becoming ever-more frequent. While insurance is steeped in tradition, the industry is beginning to change and evolve – which will be necessary to appeal to Evolving Landscapes consumers, many of whom see no room for traditional businesses in the future.
Standard demographic analysis often fails to reveal sufficiently deep insight into consumer behavior and the motivations behind it. We have produced an attitudinally based segmentation of the consumer market, and have used this to examine the market for key financial products and services. Here we focus on those falling into the Evolving Landscapes category, and explore the character traits of these individuals. There are two ways in which Evolving Landscapes individuals can be defined and how their approach to financial products and services can be analyzed: those who are particularly excited by the future, and those whose purchasing habits are constantly changing.
Reasons to buy
- 50% of consumers fit into the Evolving Landscapes category, indicating that many remain optimistic about the future and are keen to use new products and services.
- 40% of consumers are caught between old and new purchasing habits.
- Evolving Landscapes consumers prefer to buy direct.
- 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 based on what your customers really want.
- Align your marketing strategies with the crucial trends influencing how consumers behave.
- Evolving Landscapes: Characteristics
- Evolving Landscapes and our analysis
- Customer-centric models are required to succeed
- Half of consumers possess the Evolving Landscapes trait
- More than a third are undecided about the future
- 40% are caught between old and new purchasing habits
- Evolving Landscapes & Insurance Customers
- Evolving Landscapes consumers prefer to buy direct
- There is an affiliation with several other sub-trends
- Smartphone users are strongly associated with this group
- Younger consumers change their purchasing habits
- Brand honesty is important for this group
- Socio-economic change characteristic overlaps
- Table Socio-economic change characteristic overlaps
- Socio-demographic change characteristic overlaps
- Table Socio-demographic change characteristic overlaps
- Servicing Evolving Landscapes: Case Studies
- Socio-economic change
- Socio-demographic change