Client
US based Health insurance provider
Objectives
- To gain knowledge about competitive intelligence by evaluating customer experience and referrals on the sales of life insurance plans
- To understand gap between client offerings & competitors’ offerings by conducting competition analysis (in terms of price, tenure etc.)
Hybrid Approach
Secondary & Primary Research - Market Information Coverage and Opportunities
Identified the insurance firms providing the online service and respective market share
Determined the opportunities, key drivers and barriers for adoption of the service
Recognized current market trends and popularity of the online service by interviewing customers & sales representative
Identified the strengths and weakness in services provided by the competitors and significance
Primary Research
Designed and administered a 30 minutes long questionnaire among customers, sales representative using Computer Assisted Telephone Interview (CATI) methodology
Evaluated customer experience and referrals on the sales of insurance plan and services
Understand the key market trends and strategies of competitors for pushing their brands to customers and what add-on values are offered by these services
Gaps of secondary research was filled by primary research
Valuation analysis
Done analysis of the competitive data, provided insights about customer expectations and competition so as to support the strategic vision of the client on desired marketing strengths.
Key facts and findings were delivered in power point presentation format
Result
Research findings enabled the client to successfully understand the level of customer satisfaction during the insurance lifecycle, enquiries in purchasing life insurance cycle, premium paid for different coverage and time period, customer referral choices
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