Issue

A regional property and casualty insurance company launched a new brand to appeal to a wider range of customers in its footprint. It was committed to meeting this new market's demands but needed to understand which segments of the population would be most interested and how to best reach them. The goal was to develop robust customer profiles that improve traditional demographic and geographic segmentations to incorporate values, behaviors and attitudes.

Process

We met with the company's leaders to establish criteria for judging the desirability of the segments once the segmentation was completed. This critical first step helped ensure that the survey asked the right questions to elicit meaningful results. Then, we conducted a quantitative online survey with 6,000 customers and non-customers to collect attitudes, behaviors, psychographics, social media usage and channel preferences that formed the basis for the blended segmentation. Our custom methodology went well beyond typical one-dimensional studies to actually define the segments so they have a predictable impact on behavior in the marketplace.

Result

Market Strategies' research painted a clear picture of the segments most likely to purchase the company's insurance products and identified the most effective communication channels. In addition to identifying new targets for acquisition, the research enhanced the company's understanding of its existing customers, allowing it to deepen those relationships through up-sell and cross-sell. The insurance company now has the consumer-based intelligence needed to set strategic direction for its new brand. It is currently selecting which segments to pursue and is developing its products accordingly.

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