When insurance firms launched social media initiatives, the results were rewarding.
HARTFORD, Conn., June 26, 2014 /PRNewswire/ --Insurers are planning for and dealing with far-reaching implications from significant changes in the U.S. consumer market, according to a new study by Conning.
"The U.S. consumer market is undergoing significant change in its social and economic structure with far-reaching implications for personal lines insurers, for the products they provide, and for their distribution strategies," said Alan Dobbins, analyst at Conning. "In our analysis we extend these current trends over time and find insurers will likely face a consumer base vastly different from what currently exists. Five major areas underlying the changing consumer market are all undergoing important change—population growth, aging, geographic realignment, ethnic/racial diversity, and social/behavioral factors."
The Conning study, "2014 Personal Lines Consumer Markets Annual" reviews the overall consumer demographic landscape, and develops a view as to how these pressures might impact the market. The study reviews key niche segments as well, including high net worth, nonstandard auto insurance risks, seniors, the youth market, and the rapidly growing Hispanic market.
"Every aspect of the insurance consumer profile is changing, many in ways that will dramatically challenge insurers to remain successful and relevant," said Steven Webersen, director of research at Conning. "Insurers must stay abreast of consumer trends, activities, and growth opportunities that can guide the development of products, distribution and services. Insurers must understand both the overarching consumer market issues, but also the underlying trends in individual market segments."
"2014 Personal Lines Consumer Markets Annual" is available for purchase from Conning by calling (888) 707-1177 or by visiting the company's web site at www.conningresearch.com.
Conning (www.conning.com) is a leading investment management company for the global insurance industry, with more than $85 billion in assets under management as of March 31, 2014 through Conning, Inc., Conning Asset Management Limited, Cathay Conning Asset Management Limited, and Goodwin Capital Advisers. The company's unique combination of asset management, risk and capital management solutions and insurance research helps clients achieve their financial goals through customized business and investment strategies. Founded in 1912, Conning is focused on the future, providing clients with innovative solutions, leveraging its global capabilities, investment experience, and proprietary research. The company is headquartered in Hartford, Connecticut, with additional offices in Purchase, London, Cologne, and Hong Kong.