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Providing insurers with research-backed insights on industry trends, competitors and consumers to make well-informed decisions

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What We Do

Customer needs assessment
Customer journey mapping
Customer persona identification
Voice of customer
Customer share of wallet study
Concept testing
Pre-launch test for new features
Insurance channel satisfaction study
Claims process mapping
Claims process benchmarking
Brand NPS diagnostic
Offering NPS diagnostic
Customer NPS diagnostic
Employee NPS diagnostic
Sales channel NPS diagnostic
Micromarket mapping & opportunity analysis
Premium rate benchmarking
Unit economics benchmarking
Competitive benchmarking
Ad effectiveness monitoring
Distribution channel assessment
QuickView industry trend

Customer needs assessment

What are the key insurance products (life, health, motor, etc.) required by customers?
What are the key purchase criteria across different product categories?
What are the product offerings customers are aware of and currently using?
What is the frequency of usage across product categories?
Are there any product offerings not available to customers? If yes, why?
What are some of the new/innovative insurance policies designed to meet customer needs?
What are some of the unmet needs across existing products and reasons thereof?

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Customer journey mapping

What are the main touch points in customer journey across different product categories?
How does the customer journey originate (digitally, own sales team, agent, etc.)?
How is the experience with the customer support across different products?
What are the specific pain points and areas for improvement at different touch points?
What is the level of satisfaction on different touch points during the journey?

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Customer persona identification

What are the key purchase criteria and usage preferences of various customers?
How do customers evaluate alternative options and select the service provider?
What is the level of research undertaken before choosing a service provider? What factors influence the customers’ decision?
What are the key behavioural attributes of customers?
How open is the customer to try new experiences?
How do these vary by key demographic parameters – age, gender, income, occupation, etc.?
What are the 4-5 key personas which emerge, and how is the insurance company competitively positioned in each of them?

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Voice of customer

Which insurance products are customers most satisfied with and why?
How has their experience been across different product categories?
What are the reasons for preference of a particular insurer / aggregator / bank / FI over others?
How do customers rate the sales and service experience?
What are the improvement areas across product categories?
What is the level of stickiness across product categories?
What are the triggers that would make customers shift to another insurer, aggregator, bank / FI?

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Customer share of wallet study

Which insurer / aggregator are customers associated with across product categories?
What is the value of the various products used (premium paid, # of insurances taken, etc.) across different insurance providers?
What is the share of wallet of the competitors across product categories?
How can insurer / aggregator capture higher share of customer’s wallet?
How can insurer / aggregator retain current share of wallet?
What is the level of stickiness across product categories?

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Concept testing

How can we get customer feedback on proposed new product launches?
What is the ideal methodology for testing new product concepts? What should be the sampling plan?
What channels should we use for extracting customer feedback?
How can we get insights on customer preferences on the features and overall product concept pre-launch?
What should be key message and tonality while advertising the new product launch?
What is the optimal beta launch design for a proposed product?

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Pre-launch test for new features

What are the key improvements in the new features over the existing product?
What is the marketing and business goals of the new launch, e.g. acquire new customers, up-sell / cross-sell, enter new markets, etc.?
How should we set the price for the new features / value proposition?
How can we differentiate from competition with the new/ improved features?

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Insurance channel satisfaction study

How likely are the current / former channel partners to recommend the insurer to others both as a service partner and product / service offerings?
What do the the former and current channel partners have to say about the product / offering / brand?
What actions would lead the passives to become promotors for the company?
How can you improve company perception and channel partner experience? What improvements are the detractors looking for?
What are the key service features and terms being offered by competitors with higher NPS?
What are the intangibles which attract / detract channel partners to/from your company / brand / product?

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Claims process mapping

How is the customer experience while collecting insurance claims? How does it compare with the best-in-class?
What are the friction points for customers in the current journey and how can they be eliminated?
How can overall customer experience be improved?
How can physical interventions required from the customer in the claims collection journey be eliminated?

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Claims process benchmarking

How do the key metrics of business processes (e.g. claims settlement cycle time, claims processed per claims employee, cost per claim etc.) compare with competitors?
What are the areas of process improvements based on a time and motion study?
What are the hands-on-time and wait time for each step of the process?
What steps of the process can be eliminated or automated?
What are the customer experience and efficiency gains for customers?

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Brand NPS diagnostic

How strong is the brand proposition in the minds of customers?
Is the brand proposition consistent across regions and products / services?
What is the level of unaided and aided recall?
What are the top 3 words most associated with the brand?
How likely are customers to recommend / advocate the brand to others?
Does the brand have a customer pull or distributer push across products / services?
Are customers willing to pay higher fee / commission etc. for brands?

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Offering NPS diagnostic

How likely is the customer to promote the respective product / offering of the insurer / aggregator?
How does the NPS vary across regions and products and how does it compare with key competitors?
What are the key reasons for a customer to be a promoter / detractor?
What are the improvement areas across product categories?
What is the level of stickiness across product categories?
What are the relative strengths and weaknesses that have the highest impact on NPS?

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Customer NPS diagnostic

How likely is the customer to promote the respective insurer / aggregator / bank / FI?
How does the NPS vary across regions and products and how does it compare with key competitors?
What are the key reasons for a customer to be a promoter / detractor?
What are the improvement areas across product categories?
What is the level of stickiness across product categories?
What are the relative strengths and weaknesses that have the highest impact on NPS?

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Employee NPS diagnostic

How satisfied are the employees with the insurer / aggregator across different parameters?
What are the areas of strength which employees would like the institution to continue and build on?
What are the key improvement areas?
How satisfied are the employees with their career path?
How likely are the employees willing to recommend the insurance provider to others?

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Sales channel NPS diagnostic

How likely are the sales channel partners to promote the respective insurer / aggregator?
How does the NPS vary across regions and channels and how does it compare with key competitors?
What are the key reasons for a sales partner to be a promoter / detractor?
What are the improvement areas across product categories and channels?
What is the level of stickiness across product categories and channels?
What are the triggers that would make channel partners shift to another insurer / aggregator?
What are the relative strengths and weaknesses that have the highest impact on NPS?

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Micromarket mapping & opportunity analysis

What are the existing and emerging micro-markets in the insurance industry?
What are the typical customer requirements of this micro market?
Who are the key competitors and what are the attributes of their offerings in each micro-market?
What is our market share (points of presence / sales capacity, number of customers, business volumes / revenues)?
How do our existing offerings compare to those of the market leader?
What are the differentiating factors / key gaps across our product offerings in micro markets?
What is the potential business upside / risk across micro-markets?

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Premium rate benchmarking

How do the insurance premiums charge stack up vis-à-vis competitors?
What is the customer feedback on the premium charged?
Does the brand / product positioned in the minds of the customers justify the premium charged?
What should be methodology adopted to set an industry standard premium that meets your needs?
Should the premium be reduced or increased and why so?

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Unit economics benchmarking

What are the different revenue streams per customer and how can it be reinvested? What are the drivers of revenue?
How much does it cost in time and money to service / acquire a customer?
What fixed and variable cost components are associated with servicing a customer?
What are the drivers of fixed and variable costs?
What is the break-even scale and time taken to reach breakeven?
How do the unit economics vary across customer channels (digital, physical, etc.)?

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Competitive benchmarking

What does the competitive landscape look like in each product category (life, health, motor, etc.)?
How does insurance player fare in the current competitive landscape in each product category?
What are the differentiating features of the successful products / services of the competition (product offerings, ease of availing insurance, premium etc.)?
How does our current offerings fare with respect to competition and industry standards?
Which areas or product offering are we lagging?
Where does the insurance player win against competitors and where does it lag competitors?
What is the potential value upside in the target market?

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Ad effectiveness monitoring

What is the advertising reach across modes and customer segments?
How does the advertising reach compare with competition? What is the customer recall?
What is the frequency of advertising vis-à-vis competition?
What is the click-through rate of digital advertising for various products and customer segments? How does it compare with benchmarks?
What is the propensity to induce enquiry and trial?
What is the ROI on advertising overall, and on specific campaigns?
What is the impact on the overall brand?

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Distribution channel assessment

What is the role of various channels (physical and digital) in the product lifecycle? How do these vary with customer segment/ demography? How have these changed over time?
What are the key differences in the channel strategy vis-à-vis competitors?
How does the extent of digital adoption vary across customer segments? What are the key drivers of digital adoption?
How does the customer acquisition cost and cost-to-serve vary across channels and customer segments?
What is the customer feedback and net promoter score (NPS) for our products? How does this vary across customer segments and products?
What are the key customer pain points in various channels?

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QuickView industry trend

How is the market landscape structured in terms of competitive environment, government regulations and legal environment?
How has the economic trend been for the country in the past few years?
What are the growth drivers of the economy? How will it impact the industry?
What are the barriers to entry in the particular business, how high are these barriers?
What are the revenue and cost drivers of companies in this industry?
What has the trend been in terms of revenues and costs for the competitors across their product offerings?
What has the regulatory and legal environment been in the industry?
What are the recent changes to regulation?

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Connect with our Insurance Experts

Madhur Singhal

Mentor

Aryaman Tandon

Mentor

Hitesh Gossain

CEO, Network

Amar Choudhary

CEO, Intelligence & Insights

Aditya Thakur

Growth Leader, Operations

Related Case Studies

Mapping digital journey for Insurance player

Objective

Leading online Insurance platform wanted to compare its customers’ digital journey with othe internet-first Insurance players to identify key improvement areas and level of digitization
They also wanted to understand customer experience before and after claiming the policy

Methodology

Conducted in-depth interviews with active customers (N = 1500) and churned customers (N = 200) to understand digital journey, key pain points and improvement areas
Conducted in-depth interviews to understand awareness, customer experience and NPS of all apps and websites of target and its competitors to identify differentiating metrics in core product features
Conducted mystery shopping to understand digital journey of customer on target vs its competitors
Understood key competitors’ strengths and weaknesses by elaborate secondary research and mapped those to customer needs to identify clear winners

Impact / Outcome

Client had a clear view on how it stacks up against competition in creating a seamless digital journey of customer. The client also got actionable insights to develop its tech in core areas to gain competitive advantage

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Value chain mapping for cyber insurance distribution

Objective

A PE client was looking to understand the cyber insurance space, particularly the distribution value chain. The client also wanted to know the various cyber security tie ups with key insurers and scope of cyber security solutions across each

Methodology

Conducted in-depth interviews (N = 10) with experts across the distribution value chain – from reinsurers, insurance carriers, brokers to agents to understand roles, key players and offerings
Conducted in-depth interviews (N = 5) with experts on insurance regulation to deep dive on specific regulations for each stakeholder
Mapped entire process flow for insurance market in detailed steps along with clear understanding of underwriting risk undertaken at each step

Impact / Outcome

Client clearly understood the process flow and role of cyber security solutions across each channel

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Competitive intelligence tracking for India’s insurance industry

Objective

Client wanted to benchmark key operational metrics of competitor vs their own, primarily on customer feedback and NPS and regularly similar track metrics

Methodology

Conducted In-Depth Interviews (IDIs, N = 15) of client and competitor customers to outline key purchase criteria for buying insurance across product segments
Conducted survey (N = 5,000) in 6 weeks across 40 cities (mix of metro, tier 1 & 2 cities) and different age-groups, genders, affluence and product segments
Built analysis framework to identify strengths and weaknesses for promoters and detractors of client vs competitors

Impact / Outcome

Client understood customer feedback clearly and was able to identify improvement opportunities

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Concept validation for new distribution channel

Objective

A growing digital Insurance platform wanted to understand the possibility of selling insurance from a new distribution channel and hence wanted to identify the likelihood of customers buying insurance from such non-insurance online platform across different demographics and geography

Methodology

Conducted survey (N = 1,500) with customers belonging to different tier of cities, age and employment sector to understand acceptance of Insurance as a product sold on non-insurance platforms
Identified customer behaviour towards their existing insurance products, their media consumption behaviour, and usage of different online services
Understood customer behaviour towards different selection of insurance products for different needs and verified the strengths and weaknesses of different distribution channels of the client
Presented various concepts related to the upcoming and existing channels and tested their likeliness towards them

Impact / Outcome

The client validated the possibility of selling insurance through non-insurance distribution platforms and looked forward towards building a strategy in near future

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