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There’s no doubt that COVID-19 has upended the way of life. With the rise of online shopping or curbside pickup orders, home delivery or ordering takeout, and remote working & e-learning, businesses across every industry have prepared themselves to go ‘contactless’ in this new normal.
The pandemic has caused a rapid shift toward digital interaction and the digital shift in the insurance industry is underway too – with a sharp focus on automating and realizing efficient cost structures and meeting instancy that customers expect from every industry. As changes in customer behavior (due to COVID-19) are likely to reshape consumer decision journeys, traditional insurers will need to adapt fast for competing with the digital natives.
The changes in consumer behavior will not only affect the retail customer journeys but impact the insurance industry also. In fact, the insurance industry has already been impacted by it. For instance, health insurers are facing risks like pressures on claim reserves & premium deficiency reserves, uncertainty about premium collectability, etc. Likewise, the change in driving habits has made auto insurers offer discounts or refunds on their customers’ premiums. In fact, market volatility has led to difficulties in cash management and credit among life & retirement insurers.
While these are some short-term effects that the insurance sector is going through, the long-term changes remain unsettled as the economic recovery will probably be affecting different customers in different ways. However, COVID-19 isn’t the only reason behind the change in consumer behavior; it’s our deteriorating environment & its resulting calamities, effects on health, and restricted access to resources that add pressure on the shoulders of insurance companies.
Going forward, insurers will have questions related to the change in customers’ behavior — the factors behind it, if these changes are temporary or permanent, and whether they have the right information to make well-informed decisions in the future. Uncovering answers to such questions have become more imperative for ensuring financial resilience as well as long-term recovery of the insurers. And that’s where the need for an agile approach to market research can help! Being a boon for insurance management, market research comprises a huge array of forms, from surveys and focus groups to observation and transaction reports. These help to solicit insightful information from your intended audience effortlessly.
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Similarly, testing new concepts related to your insurance products can help you gain insights into your target market within no time. To gather qualitative feedback and determine the efficacy of your products, start measuring your new concepts over a varied range of attributes that involve your target market’s perceptions and ideas about your product.
With an effective research program, you can easily test your new marketing campaigns as well as ad creatives. This enables you to optimize your campaign at the crucial touchpoints for yielding maximum impact before its launch. As campaigns and product launches are considered to be a strategic priority for insurers, testing plays a pivotal role in managing the related expenditures.
In order to adapt to the future of insurance, insurers need to recover from the pandemic-related losses and achieve long-term resilience. This can be done by leveraging an agile research program that makes it easy for you to uncover all the insights you need! By working with a top-notch partner having world-class experience in conducting millions of surveys, you can fulfill your sophisticated research requirements & attain long-term success. Voxco offers omnichannel survey solutions that empower insurers to seamlessly gather data and unlock insights for making more targeted decisions!
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