Know your three customer personas.

People tend to think of themselves as unique, and in many ways they are. However, our research found that today’s insurance customers tend to fit neatly into one of three “personas”, based on their attitudes toward competitive pricing and high-quality, responsive service. This is according to Accenture’s recent survey of more than 32,000 people in 18 markets, including the U.S. and Canada. These three “personas” – Nomads, Hunters and Quality Seekers – have different needs and priorities, and understanding them can be very useful for insurers seeking to increase customer loyalty while reaching out to new customers.

  1. Nomads – Digitally active and ready for new models of delivery, they are not tied to traditional financial-services providers and are willing to purchase these services from other providers such as Amazon and Google. Nomads value digital innovation and accessible services and advice – even from a computer. They also tend to be younger, with more than a quarter having relatively high income levels.
  2. Hunters – These are 100% price-oriented people, loyal to the best value and dependent strictly on human advisors. They want to buy only from traditional insurers and financial-services firms and will not consider online alternatives. They tend to be older, with relatively middling income levels,
  3. Quality Seekers – Loyal to insurers with strong brand integrity and service excellence, they expect their providers to put the client’s interest first and also that their personal data will be kept secure. Trust and service are more important for them than cost. This group spans age groups and is not defined by income.

Meeting the competing needs of these very different consumer personas will challenge most insurance carriers as they try to find the proper mix of investments in traditional and innovative resources. As they test new models, however, insurers also should continue to optimize their physical distribution networks – what I referred to at the beginning of this series as a “phygital” strategy. Consumers who embrace technology many times still value the human touch and expect high quality service when a need for a person-to-person interaction arises.

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