We helped the client with an analysis of their life insurance customer base to identify high risk profile customers and value gaps in performance of their insurance products.
Insurance, customer research and marketing strategy
The Insurance, Customer research and marketing strategy project included insight mining among clients and prospects with in-depth interviews across product sub-segments.
Insurance Industry: Building Knowledge… Enhancing Profitability and Performance: Our consultants draw upon years of direct, front-line experience in a full range of industries. From Energy to Insurance, we help clients harness change and boost performance.
That’s why industry focus is fundamental to our approach. We believe that we add value for our clients by having a thorough understanding of their industries – and we invest continuously to build our knowledge of the industries we serve.
We field multi-disciplinary teams of professionals focused on the needs of key industry sectors. Using the skills and talents of our people and some of the latest in knowledge-sharing tools and communications, our teams provide industry-specific services that can add real value to our clients.
Consulting Services for the Insurance Industry
Our research shows that by identifying high risk and high value customers who are likely to leave and then using diagnostics to understand barriers to loyalty, it is relatively easier to keep them happy, and help insurers to reduce churn and boost profits. For example, customer turnover is high at property and casualty insurers. Executives often assume that customers leave only in search of less expensive coverage. Our research shows that many other factors, from age to claim histories, influence the decision to change insurers.
We serve clients in five functional areas:
Corporate Strategy – identifying opportunities and defining strategic direction for incremental growth through optimization of decision processes and best practices.
Organization – maximize performance with optimization of people, processes and internal structures.
Marketing and Research – determining specific strategies to manage brand portfolios brands, ensure marketing spend effectiveness, and strenthening marketing capabilities.
Customer Engagement – deeper market research, consumer insight, optimization of internal sales- related processes, team performance, channels, and capabilities to identify and grow the most profitable customer base.
Operations – ensure best practice performance in processes, functions and optimization.
Companies need to track competitive dynamics, regulatory changes, and advances in technology to compete and thrive in their sector. Trends indicate that only exceptional managerial discipline will help companies survive the turmoil ahead.
A satisfied customer can contribute 14 times as much revenue as a somewhat dissatisfied customer. On average, over 15% of customers are at risk for most companies.
- We will research your customers and identify reasons for low satisfaction.
- We will show what it is costing you and how to solve the problem.
Find out more about our customer satisfaction, strategy and market research services.