TESTING A NEW ONLINE CONCEPT FOR AN INSURANCE AGENCY 

An insurance agency was considering an expansion into a new geographic market, and wanted to determine the appeal of a new website concept.  The proposed website would offer price comparisons of policies from different insurance companies, the ability to purchase the policies directly online, the option to browse and choose one of the agency’s representatives to manage the new account, as well as user recommendations and rankings of the available agents.

 

The agency wanted to know if this offering would be attractive to the new market, and, specifically, whom to target in terms of demographics, past buying habits (online, via agencies or directly from insurance companies), and types of products purchased (comprehensive auto, compulsory auto, and travel insurance).  

In collaboration with the client, OGC composed, programmed and implemented an on-line survey that yielded targeted data to arrive at the following analyses:

  1. Customer segmentation: A profile of customers by demographic properties and levels of interest to allow for better insertion of the product.
     

  2. Market evaluation: A quantitative study to explore current use of similar products by the relevant consumers.
     

  3. Feature test: A test to determine the features most important to the consumers, and to therefore be included in the new product.

 

OGC’s detailed analyses allowed it to not only report to the client on which consumers - by demographics, buying habits, and type of product - are the most likely would-be patrons of the new site, but also to produce a target profile for each policy type.  In addition, using text analysis of qualitative, open-answer results, OGC was able to offer not only key testimonials for the perceived strengths and weaknesses of the site, but also a word cloud indicating the feel and trends among respondent reactions.

 

OGC’s detailed analysis helped shape the agency’s marketing and branding strategy, including resource allocation, audience targeting and its brand innovations.

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