Do you know who your customers are—and more important, what they want? Accenture identified five customer segments within the US personal lines market, and how insurers can best serve them. In this chart of the week, I’ll look at each of these segments and how insurers can use this information to tailor their products, channels and service.
Five customer segments in US personal lines insurance
This Accenture study revealed five distinct customer segments, each of which has a particular driver—for example, getting a good price—and has definite channel preferences. No two segments are exactly the same, and more important, these segments aren’t defined by typical demographic data, such as age or household income.
How does each segment make purchase decisions? Our study showed that no single factor dominates within any single segment. The key takeaways: Insurers won’t be able to please everyone, and a tailored approach will go a long way.
- Watch the other videos in the series.
- See Part 1 of Insurance Chart of the Week: New Strategies in High Performance.
- See Part 2 of Insurance Chart of the Week: New Strategies in High Performance.
- Find out more about what high-performance insurers are doing to achieve growth in a dormant market (pdf).