How and where do customers want to do business? This question is plaguing insurers. As one formidable generation grows older and a new one comes of age with completely different lifestyle and purchasing habits, insurers are slowly realizing that they’ll need to abandon traditional business operations in order to keep up. But how do they do that when their new consumers are so drastically different from those they’re used to doing business with? To solve the enigmas that next-gen consumers present to insurers, data is proving to be the path to concrete answers.
Indeed, as younger generations overtake insurers’ radars, they will represent a foreign species—raised online, in an environment insurance executives are still becoming acquainted with. Being a specialty insurer with a mostly defined demographic, Jewelers Mutual Insurance Company started its quest for better customer experience with a bit of a head start.
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