Optimising product design for motor and home insurance

UK home and car insurer

The Challenge

Our client has not significantly shifted their product offering for some time. However, they were aware of a shift in the market towards tiered product options and price structuring. They had also seen trends which suggested multi-car and pay-as-you-go car insurance might be appealing to consumers.

Research was needed to uncover influences on buyer behavior, attitudes towards products in the market and reactions towards tiering, multi-car insurance and pay-as-you-go.

Research would help shape their product design moving forward in order to protect existing customers, attract new customers and potentially upsell products.

Our approach

We conducted a 7-day online community with 50 consumers 25+ with either car or home insurance or both (representing our clients core customer base). Participants joined the online community for 20 minutes a day and took part in carefully crafted tasks which allowed us to gather deep insights and collect a range of assets (including video and photos) to bring to life insurance buying behaviours and attitudes towards concepts such as tiering, multi-car insurance and pay-as-you-go.

We also undertook a simple market sizing exercise in the form of a quant survey to size the addressable market (all insurance holders) to understand what proportion of consumers would fall into the target for the product concepts.

The outcome

This research allowed us to understand customer behaviours and attitudes towards tiering, multi-car and pay-as-you go car insurance in depth and make recommendations as to whether consumers would be interested in these concepts and if they were to be developed, what it should look like. We were able to share a range of assets with our client including images and videos of respondents bringing colour and life to our research.

The market sizing exercise confirmed to our client the size of their addressable market and help them to understand potential ROI if they were to go ahead in developing the product concepts.