Customer segmentation is the process of dividing a customer base into smaller groups, or segments, based on common characteristics such as demographics, behaviors, needs, and preferences. The goal of customer segmentation is to create targeted marketing campaigns and tailor products and services to specific groups of customers, in order to more effectively meet their needs and increase customer loyalty. There are many different ways to segment a customer base, including using demographic data, geographic data, behavioral data, and other variables. Insurers can use customer segmentation to identify key customer segments and target their marketing efforts, as well as to develop products and services that meet the specific needs of different segments of their customer base.
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