Almost all industries develop a well-conceptualized marketing strategy in order to approach potential customers. And for the first time, one consultative company conducted a study about the auto insurance field. It is Acxiom Corporation which readily took the challenge and launched consumer behavior study through the use of consumer direct surveys.
Dubbed as Insurance Consumer Dynamics Study, the data management leader underwent a series of consumer survey studies in order to determine how they want to be approached and to analyze what the consumers need and how to fulfill these needs. The results of this study brought Acxiom closer to the goal of understanding how the customers think and relate to the insurance agents. It uniquely unfolds the consumer perspective and allows the auto insurance company agents to think from the customer’s point of view. It therefore increases the chance of fulfilling the customers’ requests because the agents are better able to attend to their needs.
Last February, Acxiom worked with the company BIGresearch to cover all possible questions that consumers ask when they step into their insurance provider’s door steps. The goal is to give them optimum service even before they get the opportunity to demand for it. And with scrupulous studying of consumer preferences, this is not far from being achieved.
Holly Marr, senior executive of the insurance company, realized after the study that the main reason why consumers switch providers is because of the price of insurance plans. Consumers are mainly concerned about receiving the same kind of comprehensive security they get from good insurance plans but want to save more for their other expenses.
While consumers are willing to look for cheaper alternatives to their current insurance providers, many of their customers still recognize the fact that other factors play a role in the insurance provider selection process. In order to cater to the different market segments, the company came up with brackets showing the buying behaviors of older people, of middle aged singles and of families with more than one car. This stratification made it possible for Acxiom to lower the monthly expenses of each consumer but still give them optimum insurance coverage when they needed to.
Acxiom, with over 40 yers of expertise in consumer data management and analysis, proves to be an important factor in improving the auto insurance industry. Their consultative services are of great help to each company who are troubled by their customers cosntatnly switching auto insurance providers.