Consumer expectations for their interactions with financial services are not built from experience with insurers or banks, but are benchmarked against contact with other retailers and services, such as Amazon, Netflix, and Uber. The advance of smart technology, the era of the "always on" generation, our willingness to share personal information in return for a convenient and personal experience, and the Big Data opportunities these create mean the bar is (and should be) high to create delight for the 39% of consumers with a strong sense of individualism.
A little under half of all customers wish to be empowered to make their own decisions around insurance purchasing.
Tailoring and bespoke products are only in high demand from a small proportion of customers, but we expect this will be one of the traits that experiences the most rapid shift towards prominence over time.
Customers who may be defined as belonging within the individualism type are most likely to be older, and are less likely to use bank or comparison site channels for insurance or be led by considerations of convenience.
Verdict Financial's "Customer Segmentation in UK Insurance: Individualism" focuses on one of eight attitudinally based consumer segments in our proprietary model-individualism-and explores this trait in relation to the market for key financial products. There are two ways in which individualism can be viewed in consumers' approach to their services: wanting the freedom to make their own decisions, and looking for products that are personalized. These desires have an impact on all aspects of the insurance purchasing journey.
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.
Individualism & UK Insurance Customers
Servicing Individualism: Case Studies
Single User License:
Corporate User License:
Worry + Peace
Bought By Many
Independence, Tailoring, Convenience, Fear, Trust, Evolving landscapes, exclusivity, responsibility, Individualism, digital lifestyles, attitudes, customer-centric, consumers, channels, purchasing, brand selection
select a license
NEWSLETTER BY CATEGORY
Well structured, the insights they shared with us were very helpful and reliable. Their timely assistance make their services invaluable to us. I would highly recommend them and would definitely use them again in the future if needed... "President, VPP E-Data Services, VPP E-Data Services"
The report sent to us was on the point, and its information was quite extensive, well structured, and well researched. More importantly what we valued was your response time and professionalism. As a leading global consulting firm, our clients expect high quality deliverables in short periods of time, so a reliable research partner is essential. For the price that you have charged the quality of your services were exceptional. We look forward to continue our relationship with your team on future engagements.... "Senior Associate, Booz Allen Hamilton"
This is with regards to your report on India PVC pipes and fitting market outlook industry outlook to 2019. This is a very well written report and accept my compliments on the same.... ... "Mohit Mittal, Consultant, KPMG Advisory Services"
I am pleased to see the very useful and productive information in the report..Very well structured great presentation reflect professionalism in your research studies.... "Mustafa Masood, Financial Analyst , Coldwell Banker Riyadh"
While we still are studying and analysing your reports about Vietnam & Thailand, we would like to convey to your research team that they have done a very good job in compiling so much of information together. We hope to see more of such well researched reports. All the best & keep it up. ... "Prashant Bhagwat,General Manager, Mahindra"