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Do You Even Data

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Segmentation, Inventory Studies: Tools for Life Insurance Marketers

From top to bottom to middle market, 2013 will be the year life insurers and annuity providers explore how to build powerful consumer profiles that define evolving consumer segments.  Deloitte's Life Insurance Trends Report

Deloitte’s yearly outlook gives us a roadmap of insurers’ top marketing challenges—here we unpack how insurers can creatively address changing consumer bases.

Low to middle market

While insurers and annuity providers face low interest rates and slow economic recovery, consumers in the low to middle markets are dealing with more immediate economic concerns even as they struggle to find products that fit their budgets and individual needs.

The low to middle market has traditionally been under-targeted, and thus underpenetrated, but many carriers are now seeking consumers outside of the mass affluent space.

The challenge: Creating cost-effective distributions strategies and product remodeling to better serve this underpenetrated market segment.

Learn and grow: An undertaking of this magnitude can seem intimidating, but the 2-pronged approach of a customer segmentation study coupled with a market inventory study creates a customizable and comprehensive solution.

With this approach, a segmentation study provides: ages, genders, purchase drivers, preferences, and attitudes of each type of consumer that will buy your product. Marrying that data to a comprehensive awareness and usage methodology gives insurers the ability to build a retail case based on the following tools:

  • An overview of whole category, including awareness, usage, preference, and key drivers
  • In the appropriate product categories, real information about what professionals buy versus other consumers and why
  • What your competitors sell and how they rank against you with consumers
  • Your competitors’ weaknesses and how to exploit them

Growing with your market share

Fact-based strategies and science driven rationales give insurers the opportunity to more deeply understand these consumers and tailor the retail experience to meet their needs. Using an integrated approach offers a foundational approach to building consumer profiles while providing a new direction for innovative product offerings.