Demand for Life Insurance: A Consumer Perspective
The world of big data offers a different way to understand consumer demand. Big data analytics offers a unique way to classify consumers into different groups. Once these groups are identified, a technique can be used to identify specific variables that help shape demand. The days of using one or two marketing techniques to prompt purchase decisions are quickly ending. As our analysis shows, different consumer groups are affected by different factors. If a financial advisor knows exactly the market segment he or she wants to develop, big data can show the advisor the factors to focus on to increase the likelihood of meeting a client's needs.
Journal of Financial Service Professionals
Heo, Wookjae and Grable, John E., "Demand for Life Insurance: A Consumer Perspective" (2017). Consumer Sciences Faculty Publications. 19.