Customer Segmentation in UK Insurance: Digital Lifestyles
Society is becoming increasingly connected. Technology has allowed us to be online anytime and anywhere, through portable devices such as smart phones and tablets. This means that consumers have instant access to goods, products, and services. Connection is also extending through the Internet of Things, where big data is collected through wearable tech, connected cars, and smart homes. The result is that consumers expect and look for ever-responsive, convenient, tailored services via a channel they can access from wherever they choose. Catering for digitally active and tech-savvy individuals should be important for insurers, considering that 42% of consumers identified with the Digital Lifestyles trait according to Verdict Financials 2015 UK General Insurance Consumer Survey.
Scope
65% of under-24s were defined as having the “Digital Lifestyles” trait – a label that also represented more than half of those under 44, before dropping away among the over-50s.
Just over a third of consumers feel nervous when they’re without a Smartphone to remain “connected.”
The online channel is vital in distribution, considering that 45% of consumers identified with the Digital Consumption trait – meaning that they prefer to buy goods and services online.
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