Flood insurance

The research uncovered particular nuances relating to mortgages and flood insurance within the US market which our client was not previously aware of.

Background

In 2018, our client developed a parametric flood insurance product, and were looking to develop this proposition among insurance brokers and SME businesses in the UK and US.

The Challenge

The client wanted to optimise the current proposition to meet the core needs for businesses in the market for flood insurance.

The research would be used to assess whether they needed to evolve and build on the current prototype, or take more drastic measures by redesigning the entire product. In addition, the findings would help inform the marketing of the product to insurance brokers.

Our approach

We took a mixed methodology approach, combining quantitative and qualitative stages in order to obtain findings as detailed as possible.

The exploratory qualitative stage understood engagement, doubts and needs to refine the proposition. We conducted 20 in-depth interviews, half of which were with businesses at risk of flooding, and the other half with insurance brokers, experienced in selling flood insurance. Respondents were interviewed in both the US and UK.

The quantitative phase of research measured the appeal, appetite for and barriers to using the proposition. Over 1000 businesses, and 300 insurance brokers were surveyed in the UK and US.

The outcome

The results of the research answered a number of our client’s key questions.

Firstly, it was able to confirm that there was indeed an appeal and appetite for the product within the market. The research was able to uncover particular nuances relating to mortgages and flood insurance within the US market, of which our client was previously unaware.

Our researched ultimately helped our client identify which marketing messaging would be most compelling for those in the market for flood insurance.