Banking and Insurance, Consumer Research
In the dynamic landscape of the insurance industry, navigating the complexities of customer behavior, particularly in the wake of unprecedented changes brought about by COVID-19, posed a significant challenge. Our client, a prominent player in global life and health reinsurance, sought to unravel an analysis of how individuals in Canada and the United States make life insurance decisions. With a focus on age, income, and employment variations, they aimed to not only comprehend the shifting preferences and needs of their diverse customer base but also to carve out a strategic edge in a fiercely competitive market. See how we helped them understand and obtain a life insurance analysis of purchase behavior to inform a growth strategy that transcends the uncertainties of the present.
The client wanted to understand how people buy insurance in Canada and the United States, especially with the unpredictable changes caused by COVID-19. It was tough to determine customers’ different needs based on their age, income, and jobs. The reinsurance provider also found it tricky to compete with other companies, adjusting strategies based on what customers know, how they use insurance, and what they prefer. They also wanted to know whether they should offer more or a different insurance to customers and position the brand to match what people want in the competitive insurance market.
Netscribes did a thorough analysis to understand the goals of the life insurance market in the specified regions. Our team looked at both primary research by talking to people and desk research to see what life insurance companies are out there. We used a detailed online survey with specific questions that took about 20 minutes for people who recently bought life insurance. After collecting this data, we carefully analyzed it using statistical methods and techniques to find key insights.
This methodology aimed to provide a clear and data-driven perspective on the research goals of:
Armed with our inputs, the reinsurance provider successfully determined the weightage of brand and product in shaping customer behavior for life insurance products. Using the insights gained, the client developed strategies to grow its customer base and build lasting brand loyalty. They also tailored the marketing mix for various life insurance brands by analyzing customer purchase habits.