Our client is an over 50s insurance brand but have a strong desire to increase their market share in younger age bands. To do this, they wanted to understand the whole insurance market in more detail and then create propositions that helped them expand their reach.
A full UK market segmentation was created, with 10 macro and 25 micro segments covering a full range of demographics and insurance needs. This was then overlayed with their customer data to understand the value drivers within their base and how this differs by segment.
This detailed understanding of their existing client base, in comparison to the UK population, then allowed our client to develop and test new propositions for different age groups.
The new brand is the first proposition that has come to market, providing a new, flexible opportunity for younger homeowners and renters to insure their contents.