Aviva is a prime example of an insurer that offers products and services to accommodate Exclusivity consumers – a type of customer many other insurers find difficult to satisfy.
Of our Megatrends, the Exclusivity trait is one not usually found in general insurance. This consumer group regard branding as an important factor and a major influencer in their decision-making process when buying products. Exclusivity customers predominantly fall into one of two distinct categories: Brand Chasers or Early Adopters.
Brand Chasers refers to those who seek comfort in companies they are familiar with. These consumers will always revert back to a brand they use regularly and place trust in the products and services it offers. They also buy into the power of the brand, especially if it is well-recognized and carries some weight in its respective industry.
Early Adopters have more of an affiliation with brands that look to separate themselves from what may be considered normal in the industry. These consumers side with companies looking to improve the markets in which they operate via means that are new, unique, or different. Both consumer groups are brand-conscious, but for different reasons. With regards to insurance, many providers find it difficult to cater to this customer segment and satisfy those on either side.
However, Aviva is one of few exceptions, succeeding in catering to both types of consumers forming this customer segment. As well as maintaining a powerful brand image through wide-scale advertising, and retaining a large customer base through its variety of products, the group is also investing in provisions that are likely to appeal to those who appreciate innovation or novelty.
Early 2016 saw the group launch Aviva Drive, a smartphone app that monitors the user’s driving skills, with safer drivers rewarded with a reduced Aviva comprehensive car insurance premium. The insurer has made further investments in consumer tech, testing an insurance jargon buster Alexa Skill on Amazon’s Echo voice-controlled speaker in January 2017. Users are given instant, voice-controlled access to a glossary of over 300 insurance terms and definitions, such as compulsory excess, professional indemnity insurance, and annuity.
Aviva is also exploring the possibility of launching tech-based propositions for the home emergency market and the connected car space, as well as digital insurance wallets. Evidently the group is continually looking to improve and add to its service offerings, providing new ways for its customers to interact with the brand. The insurer’s recent activity is likely to attract Exclusivity types, and insurers should take note of Aviva’s more holistic approach to business.