Consumer behaviour is changing radically. This behavioural transformation will ultimately affect more than just retail customer journeys, extending formidably to the insurance industry. In fact, this extension has already started. New risk exposures, premium losses, cash management and credit have all been affected by market volatility. And those are just the short term affects. With 1 in 5 leaders saying that last year their budgets decreased whilst the scope of their activities didn’t, market research is more important than ever before as insurance organizations seek financial growth by understanding their customers.
Looking ahead, insurers will continue to have questions—questions about what has changed in terms of their consumers’ behaviours, whether these changes represent a “blip” or a permanent shift, and how to ensure they have the right information to make the best possible decisions moving forward. Reaching out to and communicating with those consumers to understand changed behaviours and motivations needs to be less costly but just as effective. Shifting to agile research methods and adopting more DIY tools is a crucial step to not only maximise reduced budgets, but to adapt to these new needs of customers will enable organizations to drive business success through a period of economic uncertainty.
It’s time for insurance organizations to re-think their market research strategy to look at how insight programs can shape their results, not just for 2021, but beyond.
So, how can you navigate the changing marketplace with market research? How are you rethinking ways to complete research and remain agile through disruption? And what does a successful consumer insights program look like in the modern age?
Join SurveyMonkey and a group of marketing peers to discuss how to adapt market research to navigate the ever-changing insurance marketplace.