Published on : Apr 06, 2016
ALBANY, New York, April 06, 2016: the changing trends in product and service practices in financial services that are focused on customers, deviating from their earlier goals of solely profitability and business growth, are discussed.
The report on customer segmentation in the insurance industry in the UK has been prepared after an extensive primary and secondary research phase. Proprietary databases of companies were tapped into to gauge the momentum of the shift towards customer-oriented approaches in the insurance sector in the U.K. Trends that indicate how business practices in the insurance sector have been changing are depicted using graphs and other pictorial representations.
In this report, eight demographic groups have been examined to find the reasons why customer-centric products and services are gaining prominence among financial services in the U.K. The population is segmented based on various attributes to analyze the purchasing power of various demographics and the trends observed in their utilization of financial products and services.
The report is a veritable tool for market participants in the insurance sector in the U.K. for several reasons. It provides a know-how to businesses to strategize based on key trends that are observed regarding the insurance consumption habits of consumers. Thus, businesses can work on designing financial instruments closest to the banking and insurance needs of consumers. With useful insights from this report, financial institutions can comprehend the significance of customer-driven services and the competitive advantage of these business models. Financial institutions can also remodel marketing campaigns that are geared towards influencing consumer behavior for the purchase of financial products and services.
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In the U.K., as stated by the Association of British Insurers, the relationship between the insurance sector and its customers has undergone a radical change. For instance, in the general insurance sector, with the emergence of direct sales and lately with the emergence of comparison websites, customer relationship has been reframed and clearly drives greater commoditization. As per the report, the life and long-term savings markets demonstrate a sea change due to certain favorable parameters. These are the development of personal pension instruments in the 1980s, the progression of the IFA (insurance for independent financial advisers) market, the development of platforms, implementation of pension reform, and the recent partial withdrawal of commission-based sales and advice.
In the report, top trends that define how the consumer-insurer relationship is changing in the U.K. are summarized as follows:
- Elevated demand for customer service and resolving complaints
- Expectation of greater protection from regulators for insurance policy holders
- Increased consultation for data uses and risk pricing
- Finer segmentation of consumers by insurers. This is based on attributes of ethnicity, economic background, education, etc.
- Multi-channel relationship steered by the digital revolution.
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