As insurance agents, you’re constantly vying for customers’ business. As you know, the world of insurance is a notoriously competitive business. Always trying to stay ahead of the pack and way ahead of what customers want is challenging and important. That’s where understanding your customers’ buying behavior comes in.
Let’s check out some recent findings about insurance customers to help you gain a better understanding of their behavior and what’s important to them.
Here are 3 key buying behavior findings from a report done by Accenture:
Customers are craving personalized services
There’s an enormous appetite for customized and real-time services where every touchpoint is tailored to their specific needs. Keep this in mind as you’re cultivating your client management skills and creating customer relationship strategy.
Customers are getting automated advice
People are getting more and more comfortable with using digital technology in every aspect of their lives. Consumers are willing to seek out financial advice (such as insurance) from robots thinking that automated advice will be faster, cost less and will be more convenient. This is a great opportunity to prove to them the value you hold as an agent with inside knowledge and by being proactive about their insurance needs before they think to seek it out themselves.
Customers will share information as long as they receive some sort of benefit
Customers are more comfortable providing you with their information in return for added benefits. These benefits could include unlimited direct access to you, your attention to detail, and your focus on finding them savings where you can year after year.
Below is one of our favorite quick (and effective!) tips to understanding customer buying behavior in order to meet their ever-changing expectations:
Understand life events
All life events motivate purchase behavior, with some being significantly more impactful than others. When you are able to understand the importance of life events and how they affect your customer’s insurance, you will be able to effectively navigate the channel and timing of your marketing to speak right to the customer’s specific needs. Some of the most impactful events (source: Deloitte.) include:
- Buying a home (35%)
- A sudden change in finances (33%)
- Having children (43%)
- Getting married (28%)
Buying behavior is the driving force behind the entire purchase process. Insurance agents must understand their customer’s buying behavior in order to generate revenue and retain more loyal and satisfied customers.
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