RESEARCH & INSIGHTS
As part of a planned expansion in our client’s underwriting capabilities, we undertook a detailed research programme with brokers to find out more about the needs of their customers - future risks, plans for business expansion etc, and helped our client then build and benchmark their new proposition to cater for the actual needs of customers. This enabled us to ensure that the insurance product was certainly fit for purpose and attractive in terms of coverage, price and the support needed in the event of a loss. Integral to that process was also the benchmarking of the new product against a defined peer group and their respective offerings.
The aim was to ensure that the new proposition and offering for our client was at the very top of their competition - meaning the discussion was led by coverage and service, not rate. The project is now complete and is being rolled out for 2020.
Being part of a larger marketing agency allowed us to draw in additional resources to help support a new and exciting challenge from a client. They wanted to really understand more about the key segments of their SME target audience and the current risks and business factors that they were talking about and were of concern to them.
Rather than deploy a traditional omnibus survey approach, we set up a 'social listening' programme with our colleagues at brandformula and began to listen to and engage with small business owners using methodically-selected social channels and conversation streams - talking directly to them about the business and insurance issues that were causing them concern. Each individual business segment had a bespoke approach - building on the knowledge that we gained to share content and ideas. The programme is still ongoing, but we have already used the insight that we have gained to improve the clarity of communication, share insight and knowledge from the underwriters, and suggest updates and improvements to coverage and policy wordings.
The benefit of this approach is not only a direct line of communication to the end customer, but also the ability of gain knowledge from each segment - understanding their issues rather than a combined market view, and getting this information much more quickly that any traditional research approach.
A new management team had been appointed by our client and they wanted to understand how their business was viewed by its key customers. We carried out an intensive period of interviews with the leaders of their customers - completing 22 interviews across the London, European, US and Asian markets.
The results were presented to the team and work is now underway to incorporate the feedback into the plans to change and refresh the business going into 2020.
Understanding Cyber Risks in the Global Corporate Insurance Space
It doesn’t seem as though a day goes by without something hitting the news in terms of a ‘cyber-attack’, so understanding the likely risks that companies face and how best to prevent these and the necessary insurance to support that activity, is becoming critically important. Our clients were keen to understand how large corporates were building greater resilience into their businesses to deal with this increased threat, and the type of support and services that they were looking to receive from their insurance partners.
Having agreed the scope of the questions, we reached out to a range of companies across Europe to schedule time with various contacts throughout each company – from Board Level to Risk Manager, to set up time in their schedules for the interview. Having completed the project over a 3 week period, we prepared a detailed Presentation of the findings for the client and are now working with them to integrate these into the developing proposition and product delivery.
How will Environmental Risks impact global companies in the future
A vast amount of evidence seems to suggest that the frequency and severity of environmental ‘events’ is increasing, with significant risk exposure and threat across both the developed and developing world.
We were appointed to carry out a broad ranging series of interviews with corporate clients, to better understand their view on future risks and the degree of insurance support that they will need – the way in which this might change their view of ‘insurable risks’, and whether the anticipated increase in frequency and severity was driving them to make different business decisions in the immediate and longer term.
The outcome of the research was presented to the client and their senior management team, together with the recommendations from the companies interviewed. This is now under consideration in terms of how best our clients respond to those future demands.
Know your market and making your mark
Working with one of the UK’s larger specialist insurance legal services suppliers, we helped them understand the culture within one of their key markets and then create the strategy to raise awareness and expand their position within it.
As part of this process we managed a perception research and insight project that not only looked at their profile within the sector, but that of their competitors and consider the current and future requirements from those seeking legal services. The results helped define the original campaign and was more latterly updated to measure achievement and create the thinking behind an evolved campaign.
Understanding your customers
We work with many industry trade associations and organisations.
One such body has been undergoing internal discussions about its own role and how it can best continue to support its members and others that it wishes to attract. Through a combination of quantitative and qualitative research we helped them gain a deep level of insight into the thinking of its members and how they are looking for the association to best represent their interests. Armed with this information it has been able to create a better-defined proposition to underpin its future.
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