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Insurance
Providing insurers with research-backed insights on industry trends, competitors and consumers to make well-informed decisions
What we do
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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?
- 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.)?
- 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?
- 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?
- 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?
- 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?
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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Why 1Lattice?
Tech Enabled
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