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Insurance is a big-ticket item that entails a complex buying decision and emotional risk for the buyer. Whether it’s auto, home, life or health insurance, the customer journey takes weeks, or even months and involves a lot of research, consideration, and comparison. These are known as these major-life purchases (MLPs) where the consumer journey varies dramatically by consumer segment (e.g., Millennials vs Boomers, education levels, age, etc.).
In this space, it’s critical for carriers to leverage customer data available to increase sales, keep clients on the books longer, and grow their lifetime value. Let’s take a closer look at understanding consumer behavior and the technology behind it.
What Consumers Want
What do insurance consumers most want from their providers? According to Accenture, they value integrated propositions and tailored offerings designed to meet their core needs. They like seamless integration across channels. And they want all of it to be trustworthy.
Marketers need to develop a deep understanding of how consumers navigate these complex purchase processes because consumers are picky, and not every consumer is a perfect fit for every insurance provider.
Shopping journeys are lengthy and involve multiple online and offline interactions. For example, the auto insurance consumer journey often begins months before an insurance score is pulled and a final purchase decision is made. Consumers start the life insurance journey even earlier and visit more sites across multiple device types prior to buying.
Add in the fact that digital disruption has changed how consumers interact with carriers, and we realize insurance is an industry in flux.
Understanding behavior and intent has become a priority for carriers who want to deliver personalized engagement and a superior consumer experience. Behavioral data is so important because, unlike demographics, behavior changes all the time. Understanding behavior allows marketers to respond to actual intent, rather than rely solely on educated guesses based on demographic segmentation.
Behavior becomes even more important when it comes to insurance consumers. That’s a lot of consideration, and marketers who have a view into behavioral data will have a distinct competitive advantage in the marketplace. Having early indicators can allow for more timely and relevant messaging.
Doing More with What You Know
Top carriers are leveraging partnerships with data-as-a-Service (DaaS) companies to gain the right insight. By leveraging alternative and unique data sets, carriers are able to learn more about consumers and create sophisticated experiences that are appreciated.
DaaS companies organize and provide access to your customers’ and prospects’ shopping journey behaviors and preferences enabling smarter and safer interactions. Marketers are then able to optimize timing and messaging by leveraging the consumers preferred method of communication.
Imagine knowing when a prospect from last year is back in-market for a new policy. Not only could you deliver a timely engagement to them, you can include messaging that is focused and targeted. Every marketer’s objective should be to fully understand an individual consumer’s journey to get at the front of the line and maintain relevant and timely engagement throughout the journey.