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

Drivers for different customer segments: price sensitive, online pragmatic, new traditional, advice seeker, multi-channel
Click on the image above for a larger version of the chart of the week (opens in a new window).

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.

The importance of different product selection criteria to customers in the five segments
Click on the image above for a larger version of the chart of the week (opens in a new window).

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.

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