Compliance, value for money and the emotional aspects of ‘protection’ are key concerns in insurance and protection. The challenge for research is to make it as interesting for consumers as possible or – failing that – at least as painless as possible. Example projects include:
Sales process investigations
Surveys and mystery shopping studies of sales of PPI (Payment Protection Insurance), to ensure that it is being offered to customers appropriately .
Price monitoring - insurance
Using mystery shopping techniques, we run an ongoing study for a major insurer, costing a basket of motor and household insurance risks to benchmark the client’s competitiveness.
Customer satisfaction
Assessment of satisfaction with the policy opening process, claims and query handling, and policy renewals. Some of these studies have cross-matched renewal rates with customer satisfaction measures, to evaluate whether expressed satisfaction matters (it does!) and to set benchmarks for monitoring. Studies include both commercial and personal lines insurance.
Understanding protection needs
A more motivating area for consumers is to understand their emotional needs for insurance protection. One such study involved extended consumer workshops, looking at feelings about protection and then moving on to co-create an ideal insurance policy that would address emotional as well as rational needs.
GI segmentation
A quantitative syndicated study to identify different need groups within the population, as a basis for targeted product development.
NPD
Trade-off techniques have been used to develop new household insurance products as well as to segment the population into different needs-based clusters.
To find out more please contact one of the team.
