Insurers must avoid the commodity trap, and "super consumers" provide growth opportunities that can assist in overcoming current challenges.
This group, which The Cambridge Group identifies as the 10% of those in any given industry that account for more than 30% of revenues and more than 50% of profits, have become the rallying cry of a growing number of brands. Known for passion and spending, super consumers are found in markets for auto, food and electronics—and also insurance.
Their primary motivation centers around proactively protecting their loved ones and assets, but they work toward that goal in two ways. Strugglers avoid negative situations and value the peace of mind that their policies bring. Strivers are motivated by feelings of accomplishment when taking care of their families.
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