The MRS B2B Conference awarded this research project as the Best Return on Investment.
Despite the undeniable need for business protection insurance, the market remains relatively unexploited by financial advisers.
Our client wanted to capitalise on this gap in the market by training their advisers to sell business protection to their clients.
Recognising the market potential, our client wanted to create useful, informative training content for advisers. However, the business protection market needed to be thoroughly researched before any communications were disseminated.
Our client needed to create a demand for their proposition, and decided this would be accomplished by raising awareness amongst business owners of the risks that underinsurance can present.
The insurance provider intended on publishing marketing materials that communicated all of the above. Consequently, Savanta were commissioned to research this untapped market.
Using a panel of business respondents, over 800 online interviews were conducted amongst a range of businesses. Firmographic segmentation provided us with a clear picture of the nuances surrounding needs for protection.
Advisers were also interviewed in depth, to clarify the issues they often face, such as barriers to sales.
Research continues to be conducted on a biennial basis, with a consistent set of questions, and additional questions on topical themes and alternative business segments, to add new angles.
The client published their ‘State of the Nation’ report: a long form piece of marketing material that educated the market on the potential risks of underinsurance, and how to mitigate them.
The research has been (and continues to be) effectively used to build commercial success. As well as increased sales, the research provided the client with the necessary insights to develop a range of support materials that its advisers can use when engaging with clients.
On top of this success, The MRS B2B Conference named this research project as the Best Return on Investment.