Consumer behavior has changed drastically, according to Capgemini and Efma’s World Insurance Report. The new “millennial mindset” has become the norm and more consumers are trusting their own findings when it comes to researching insurance policies and actually making the purchase – all online. The report categorizes insurance customers into four different groups – pioneer, inquisitive, experimental, and follower. These groupings are based on social behaviors and shopping preferences and found that today’s consumers do not rely on one channel when deciding on insurance, rather they do their own research using multiple different mediums and sites. Reviews, testimonials from trusted peers, along with broker/agent advice all go into the decision-making process for individual consumers. However, many don’t consider the effects consumer behavior has on agents and brokers.
Effects of Consumer Behavior
The Future of Insurance Sales
Rachlin believes that insurance agents need to make themselves more available to people who need to ensure both personal and commercial assets at the same time. Insuring a car on your own is much easier than insuring a car and a business venture, so this is where agents will become more sought after. When looking for more than one coverage, agents have greater value because without knowing exactly what they’re looking for it is seemingly impossible for consumers to find the right coverage on their own. Agents and brokers have gone from “servicers of business” to strictly advisors, they are there as consumers really need them but they are no longer in charge of the minor details.
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