Customers are no longer happy with a one-size-fits-all approach—but in order to obtain a tailored experience, they need to provide personal information. The Accenture Personalization Survey focused on how comfortable shoppers are with sharing personal information in exchange for a personalized retail experience. I believe it reveals some important insights that can help insurers better interact with their customers.
The study found that shoppers want personal experiences, but not too personal.
- For example, nearly 60 percent want real-time promotions and offers—but only 20 percent want retailers to know their current location, and only 14 percent want to share their online browsing history.
- Similarly, 64 percent of respondents like access to exclusive deals, and 48 percent are receptive to getting online reminders about items that may need to be refilled. However, 42 percent said they are not comfortable with store associates who can make recommendations based on family health issues. That’s an important finding for life and health insurers.
The study also revealed some generational differences. For example:
- If a drugstore sent an alert about medicine interactions, 51 percent overall would be receptive: 68 percent of Millennials, but only 30 percent of Baby Boomers.
- Baby Boomers are more demanding than Millennials in expecting benefits in exchange for their data. For example, 74 percent of Baby Boomers expect automatic credit for coupons and 70 percent expect special offers, compared to 58 percent and 61 percent of Millennials, respectively.
- Both age groups prefer email as the top way for communicating personalized offers (82 percent overall). Not surprisingly, Millennials are more receptive to receiving targeted text messages (52 percent) and social media (43 percent), compared to 38 percent and 15 percent of Baby Boomers, respectively.
Learn more about the Accenture Personalization Study. Resources include an infographic, fact sheet and video about building customer trust.