Relevance Requires A Focus On Sustainability

Anyone at all versed in behavioral economics already has some understanding of the intention-action gap, in which one’s words don’t always match deeds. For many consumers, a similar cycle develops around sustainability.

They want to live more sustainable lives, but time, money or some other factor prevents them from seeing that intention through. So, if a brand were to reduce the common friction points associated with doing business with and investing in green companies, then it stands to reason it would emerge as a leader and earn more market share.

This is especially true today, as a joint report by Barkley and Jefferies Group found that 95% of consumers say sustainability is as or more important than 18 months ago.

With two-thirds of consumers reporting that they base purchasing decisions on brand values, an increased focus on sustainability presents a huge opportunity for insurance companies to gain traction with consumers looking to invest in like-minded brands.

In the insurance sector, the difference between quality and cost of coverage from one brand to the next are often minimal, at best, so brand values and consumer trust are increasingly important. Either one can be the tipping point in purchasing decisions.