The Challenge:
Poised to expand its customer base, a commercial insurance company needed market information that would support its strategic planning. To design effective marketing strategies, they wanted to learn more about their target commercial customers and in particular, identify what these people want, expect, and consider for commercial insurance. Melior designed a study of insurance decision-makers that offered the insurance company a competitive analysis of the field, as it explored the decision-makers’ opinions about commercial insurance options, and in particular, the company’s programs and services.
Melior’s Process:
The Melior Group targeted the company’s current customers as well as prospective customers for the study. Melior developed specific questions aimed at learning about decision-makers in several key areas: their awareness of and preferences for insurance carriers and products, their detailed perceptions of the client company as a carrier, the information sources used to assist with insurance decisions, and purchase decision-making habits.
The Outcome:
Despite positive ratings for key metrics such as awareness, customer satisfaction, value for cost, and recommendations to others, Melior learned than even among the insurance company’s own customers, competitive incursion was possible. These decision-makers were quick to point out that they would switch carriers if product offering and service quality were to change, but the likelihood to obtain additional coverage through their current provider was high. With this statement of company loyalty and presentation of a business opportunity in mind, the company had information to help develop a profile of target customers as well as what marketing messages would best resonate with them.
- 02 Mar 2017
- Financial & Insurance
