#Millennial Insights: An Assurant Infographic

By Jeff Unterreiner

If you follow me on Twitter (@JeffUnt), you know that I’ve been sharing some key insights into the Millennial generation over the last couple of weeks. At Assurant, we understand how important this group of consumers is to your business and how much potential lifetime value they represent. That’s why we’ve dedicated a lot of our research efforts into understanding Millennials – who they are, what they want and how they want it.

We’ve compiled some of the most important insights into a downloadable PDF, and I’m thrilled to share it with the ExtendedView audience. I encourage you to download it, take a look and share it with your teams. And if you’d like to talk about how to best engage with this hugely important generation, let me know. I’d love to help.

#Millennial Insights, An Assurant Infographic

(Assurant) B2B Blog - Millennial Insights

The Mobile-Assisted Sale: How you can benefit from showrooming

By Jeff Unterreiner

shutterstock_159873407For a few years now, pundits of all types have presumed that one of the main reasons online sales have increased and in-store sales have decreased is showrooming – the consumer practice of price-shopping a product online while in a retail store. To be fair, many in the industry (including us) have recognized that showrooming in and of itself is not a problem; rather, it represents the current landscape of consumer experience and expectations.

Here at Assurant Solutions, we view a marketplace with more empowered, knowledgeable consumers as a positive development. What we see is an evolution of the consumer’s in-store experience into an opportunity for our clients – something we’re calling the “mobile-assisted sale.”

According to business consultant, professor and author David Rogers (@David_Rogers), our presumed understanding of the mobile shopper may not quite mesh with reality. A recap of a recent presentation on the subject from Rogers, including many interesting facts and statistics, can be found here. For example, according to Rogers, 12% of Walmart.com sales are from customers that are IN a Walmart store.

What I find most interesting is what all of this means for our retail, OEM and e-retail clients, and I look forward to exploring the mobile-assisted sale and the opportunity it presents within future blogs. Today, however, let’s start by laying out the basics.

Per Rogers, 23% of US consumers (21% globally) can be classified as “mobile-assisted” shoppers. This means that 1 out of every 4 customers walking in the door are likely to pull out their smart phones.

But what are these “mobile-assisted” shoppers doing on their phones? According to Rogers’ research, these shoppers are price-checking (no surprise), but they are also researching information and reviews, visiting the site of the store they are in (see Walmart stat above) or simply calling or texting a family member or friend.

In future blogs, we’ll lay out the ways that retailers, OEMs and e-retailers should address the mobile-assisted sale opportunity. It presents each type of business with opportunities and threats, and each has strengths and weaknesses that come into play. However, there is one universal principle that every business – including Assurant – must recognize, understand and embrace in order to succeed in today’s omni-channel world:

Simply understanding consumers – who they are, where they are and what they want – is not enough; we must activate these insights within our businesses and give consumers the experience they want in order to survive and thrive.

I’ll end with this question and would love to hear your thoughts: How are you addressing the opportunity presented by the mobile-assisted sale? I look forward to continuing this discussion.

The Assurant Solutions Difference

By Jeff Unterreiner

shutterstock_184203626Recently, Dealerscope [1] asked Assurant Solutions and several other service contract providers to discuss what differentiates our offerings to clients and consumers. I always find it interesting to see how each company’s focus differs and where Assurant’s goals and values align with other companies within the industry, and I encourage you to click on the link to compare for yourself. You may notice that some of our competitors have (finally) joined Assurant in talking about consumer insights, digital initiatives and the post-purchase experience. But as the old adage goes, “the proof is in the pudding,” and the fact remains that it’s easier to proclaim an insights-driven focus on consumers than it is to actually implement that strategy and deliver real-life solutions to support it.

For decades, Assurant Solutions has been ahead of the curve, creating innovative solutions that anticipate market trends and consumer needs in order to best serve our clients and their customers. Each initiative created at Assurant begins with a unique, research-driven consumer insight. By first determining a consumer need or problem, we are then able to build a solution that allows our clients to better serve their customers, increase sales and create lifetime value and customer loyalty. That’s why I’m always talking about “shedding light on the customer experience” – it is so important, and it truly is our differentiating value. Follow me on Twitter, and you’ll see what I mean.

For example, several years ago we increased our focus on understanding the millennial generation, knowing that this group would soon become more important for all of our clients. As we’ve discussed previously [2] at Extended View, millennials account for nearly a third of the U.S. population, and purchase more consumer electronics than any other generation. Our research revealed that, as a group, they believe that extended warranties are an important part of the purchasing process. Further, this group is comfortable purchasing warranties online and expects self-serve options on the web. As a result of our research, we have enhanced and expanded our digital services to meet this need. By proactively identifying needs and opportunities, we are able to serve the consumer however and whenever they want – and give our clients a competitive edge.

Our online expansion is just one example of how we are always working to better serve our clients and their customers. What truly differentiates Assurant Solutions is our ability to “walk the talk” – we have the history, the catalogue of research and the proof points to demonstrate our consumer-focused insights consistently drive innovation, improve the customer experience and benefit our clients. If you’re curious to learn more about how our consumer-focused insights can help your customers, reach out to us! We would love to shed light on how we help our clients build brand loyalty with customers, long after the purchase has been made.

Source:

[1] Dealerscope, “Peace of Mind: The Ultimate Add-On”, http://www.dealerscope.com/article/peace-mind-ultimate-add-on/1
[2] Extended View, “Free Whitepaper: Protection Matters to Millennials: New Consumer Insights from Assurant Solutions”, http://www.extendedview.com/free-whitepaper-protection-matters-to-millennials-new-consumer-insights-from-assurant-solutions/

Assurant Solutions and its Partners Raise $38K for Jewelers for Children in 2013

By Jeff Unterreiner

Copy of JewelersForChildrenLogo_slideshowLast year, Assurant Solutions announced a new partnership with Jewelers for Children, the jewelry industry’s charitable organization that provides support to charities that benefit children in need such as St. Jude Children’s Research Hospital® and Make-A-Wish America®. Working with our jewelry and watch partners, including Ben Bridge Jeweler, Fred Meyer Jewelers and Tourneau, we committed to donating a portion of 2013 jewelry care plan sales to Jewelers for Children.

Today I am thrilled to announce that the total donation for 2013 reached nearly $38,000. The Assurant Solutions team truly embraced the opportunity to help so many children, and our retail partners’ customers connected with the cause and appreciated the opportunity to help by purchasing care plans for their fine jewelry and watches.

David Rocha, Executive Director of Jewelers for Children said, “JFC is so fortunate to have supporters like Assurant Solutions who are providing ongoing support and helping to raise the visibility of the organization to companies in the jewelry industry.”

Our partnership with our clients and Jewelers for Children is an immensely rewarding one. We take our responsibility to the industries and communities we serve to heart, and that means more than just protecting the items customers buy. It also means helping to improve communities and improve the lives of others.

Peter Engel, president of Fred Meyer Jewelers said, “Since inception, Assurant has been a true partner to Fred Meyer and Littman Jewelers. Working hand in hand with us, Assurant helps us deliver a customer experience that is second to none.”

The team at Assurant is honored to partner with our clients and Jewelers for Children, and we have renewed our commitment for 2014.

For more information about our giving efforts, please read the Assurant Foundation’s 2013 Community Giving Report.