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Unlocking the Customer’s Mind: General Insurance Purchase Decision-Making Process

By June 13, 2024No Comments

[This article was generated by Meta AI and has been edited by the Surer team for clarity, readability and context.]

Have you ever wondered what goes on in your customers’ minds when they’re considering purchasing general insurance?

Understanding their decision-making process is crucial to helping them make informed choices and ultimately, driving sales.

Let’s break down the stages of their journey and explore how you can support them along the way!

Stage 1: Awareness (60% of customers become aware of insurance through online ads – Google)

Customers become aware of their insurance needs, often triggered by life events or concerns. Intermediaries can utilise targeted online advertising and social media campaigns to reach potential customers during this stage.

Stage 2: Research (80% of customers research online before purchasing – EY)

They gather information, compare policies, and seek advice from friends, family, and experts like you! Intermediaries can create informative content (blog posts, videos, infographics) and offer free consultations to address customers’ questions and concerns.

Stage 3: Consideration (70% of customers consider multiple insurance providers – Accenture)

Customers evaluate their options, weighing pros and cons, coverage, and price. Intermediaries can provide personalised comparisons of different policies, highlighting the benefits and drawbacks of each option.

Stage 4: Purchase (60% of customers prioritise price, while 40% prioritise value – KPMG)

They make their decision, balancing cost against coverage and service. Intermediaries can offer flexible pricing options and emphasise the value-added services they provide, such as claims assistance and policy optimisation.

Stage 5: Post-Purchase Evaluation

Customers assess their satisfaction, considering factors like service, claims processing, and overall experience. Intermediaries can follow up with customers after the sale, ensuring they’re satisfied and addressing any concerns or issues that arise.

While these are very broad, generic stages, have a good view of them gives you direction to tailor your approach accordingly.

Committing to the right actions at the right stages allows you to build trust and provide personalised solutions accurately.

Remember, customers are savvy, informed, and seeking expertise – so, be their trusted advisor and guide them towards the right general insurance choices!

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