New insurance products consumer research

The terms of our contract mean we are unable to disclose this client’s identity.

Client issue

This well-known life insurer wanted to develop new products targeting 4 different customer groups. The changing regulatory framework, consumer adoption of digital technologies and the ageing population were the drivers for the innovation

Solution

  • A global search for innovative products in Australia, France, Germany, the US and South Africa
  • Qualitative research with customers to explore changing needs for protection and retirement products
  • Quantitative research with customers
  • Workshops to develop a long-list of potential products
  • Testing products with IFA community
  • Internal prioritisation of products, using financial modelling

Outcome

Within a year, the client had launched a new product range to IFAs, combined with a new digital servicing platform and a revised brand identity. The research formed the basis for many of the decisions taken in this 18-month process and the life insurer continues to be a major player in the UK market.