Advertisement feature from Assurant
The automotive industry is undergoing a profound shift driven by connectivity, consumer expectations, and digital innovation. An understanding of where the consumer is now, and will be in the years ahead, is vital.
In the latest AM Supplier Insight, Assurant’s business development director Tom Binley offered a compelling insight into the evolving needs of modern consumers.
With a global presence protecting 300 million customers and 55 million vehicles, Assurant has developed a razor-sharp focus on understanding consumer trends and technological convergence.
Assurant’s annual global research reveals fascinating insights into consumer preferences, particularly among younger demographics. A key finding highlights that while less than 50% of overall respondents expressed interest in purchasing additional products through vehicle connectivity, this number jumps to 78% for Generation Z and 64% for millennials.
Watch the full interview here.
These emerging consumer preferences point to exciting possibilities in automotive retail. Imagine a customer purchasing an extended warranty directly through a vehicle’s infotainment system, or receiving a notification about protection options when their manufacturer’s warranty is about to expire.
Such innovations represent a more convenient, personalised approach to automotive services in a future where vehicles are not just modes of transportation but are integrated digital platforms.
Tom emphasises that successful automotive businesses must adapt their marketing, advertising, and product distribution strategies as younger car buyers expect more flexible, digital-first interactions. The implications are profound for sales executives. Instead of presenting multiple products during a high-pressure sales moment, they can now leverage digital platforms to offer personalised services throughout the customer’s ownership journey. This approach not only improves customer satisfaction but also creates new revenue opportunities.
“Going back to the data of 78% of the younger car buying demographic wanting to buy through their vehicle or application, are retailers potentially missing sales because they’re not adapting to how their consumers want to be able to transact?” he says.
