BGL needed to innovate in a ‘race to the bottom’ market. They had some ideas but weren’t sure if they would fly. They also didn’t know what people’s attitudes were around insurance as they thought it was a subject people didn’t care about.
They had some hunches around some new insurance products and business models. They came to us to help develop, test and refine them for market.
Through a mixture of qualitative research with our network and some robust quant we singled out four stand out ideas that BGL are taking forward into development.
First we used a Sense Network Shout-Out to gauge topline opinions on what people wanted and needed from car insurance. We then held three co-creation workshops with three different types of customer to gather deeper insight into what people wanted from insurance.
The ideas from the workshops were refined together with the original concepts and put into testing. By asking the right questions we were able to measure the subconscious need for each of the ideas and also measure the market size by using the demographic data. This gave us four clear ideas to take to market.
Following this research BGL’s annual revenue grew by x% between 20xx & 20xx (£x to £x).