Published on : Sep 16, 2016
ALBANY, New York, September 16, 2016: ResearchMoz.us has recently added a report to its repository that focuses on the customer segmentation in the UK insurance sector. The report is titled “Customer Segmentation in UK Insurance: Digital Lifestyles,” and is available on the company website for sale. It presents in-depth insights into the key trends influencing the insurance consumption habits across the country. It also sheds light on the importance of being led by consumer in the financial services market. Furthermore, the report presents a detailed analysis on the prevailing competitive landscape in the market. It also includes refined forecasts for the market’s growth.
Society today has become increasingly connected. Technology has enabled consumers to be online anytime and anywhere via portable devices such as tablets and smartphones. This provides consumers with instant access to products and services they may require. With the advent of the Internet of Things, this communication is further extended as consumers are connected online through wearable technology, smart homes, and connected cars. These advancements have triggered consumers’ expectation for convenient, ever-responsive, and tailored services through a plethora of channels providing them access to the internet.
Since standard demographic analysis is not sufficient to reveal in-depth insights into consumer behavior and the motivation behind the same, the report also includes an attitudinally based segmentation for the UK insurance market. This is also intended to assist in examining the market for key financial products. Digital lifestyles is one of the eight attitudinal segments in focus of the study.
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Considering that substantially increasing consumers are identified with digital lifestyle traits, insurers are compelled to adopt strategies for catering to the digitally active and tech-savvy individuals. According to a report published by the Verdict Financials called the 2015 UK General Insurance Consumer Survey, almost 42% of the consumers in the UK are identified with digital lifestyle trait. Furthermore, about 65% of consumers below the age of 24 demonstrated digital lifestyle traits. Insurers have therefore come to realize that online channels are vital for distribution considering that over 45% of their consumers are identified with the digital consumption trait, which means they prefer buying goods and services online.
The report therefore provides a comprehensive overview of the various factors influencing the market’s growth. Steps taken by insurers operating within the US to pace up with the recent technological advancements have been studied in detail in the report. It also profiles some of the leading insurers operating in the UK market, and presents insights into the key strategies adopted by these players. Their financial reports have been examined in detail to source relevant information. Besides this, the report also includes information obtained from trusted industrial sources and veterans.
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