We all agree that a majority of today’s customers want to feel understood and valued. They expect to engage or be engaged with relevant, personalized and instantaneous digital content. Simple, no? Not so fast…
To fully understand the complexity of this seemingly simple challenge, follow my 3-part blog series here about consumer expectations today (and in the future) as we discuss how different generations approach insurance in our modern digital world.
Grandpa vs. the Teen
The first challenge for insurers is to know that expectations are high. Every day, consumers are exposed to better, more seamless, personalized and meaningful experiences. This includes face-to-face interactions and digital engagement.
The “experience economy” is here. It’s fundamentally changing how companies go to market, influence their buyers and engage people throughout the customer journey. Experience trumps all else— consumers’ loyalty and dollars go to experiences, not products. The most successful companies will be those that capitalize on this opportunity to differentiate, embracing the latest in technology to put their customer at the centre of everything they do.
Also, each demographic cohort is different when it comes to consumerism. Your grandmother might struggle to use an iPad, while your teenage son might detest phone calls, or prefer to start sales interactions in person and then finish them online. Without understanding the differing behaviors of each generation, you won’t be successful in today’s experience economy. Gaining insight into what the differing customer cohorts want is essential.
Today’s treasure troves of data and analytics capabilities enable us to better understand each customer cohort, including the propensity to buy. There are always exceptions, but recognisable patterns have emerged.
Each generation is different in terms of:
- What is important to them
- Acceptance of technology
- Preference for how to buy and engage
- Acceptance of online shopping/buying
- Value each places on service
- How they research before they buy
- Overall trust of various personas
In my next post, I will focus on Gen Z and their unique expectations when it comes to a customer experience.
Learn more about how Sapiens DigitalSuite can help you meet customer expectations no matter the generation.