Strategic InSights: Changing consumer behaviours

Economic and social shifts during the last decade have created a significantly different type of insurance consumer. The global financial crisis has led to falling incomes in real terms and a commercial slow-down in many markets. Consumers’ price sensitivity has sharpened, while their service expectations continue to grow.

This report looks at socio-economic shifts; technological advances and regulations which are changing the market; and the evolving expectations of today’s insurance consumers. It considers the impact for the insurance industry as a whole, and implications specifically for cooperative/mutual insurers. It describes how ICMIF members are seeking to understand customers’ needs and expectations, including a section about the types of research they are conducting.

It also identifies a number of opportunities for cooperative/mutual insurers to leverage their strengths to respond to changing consumer behaviours; to differentiate themselves from their competitors; and to create a sustainable competitive advantage.

More information

If you would like more information on the topic or case studies presented above, please contact us. We are here to make tailored introductions to your fellow ICMIF members and we can also share other member-only resources with you based on your specific challenges and interests.

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