An US based insurance company wanted to identify opportunities to increase its market share without significantly modifying its current product mix and delivery channels.

• We conducted a 25 minute survey among 1000 insurance customers.
• Identified 6 segments based on insurance needs, attitudes towards channels and demographics.
• The 6 segments consisted of:
  • 2 retention segments where the company enjoyed a large market share. These segments largely included the demographics typically targeted by the company.
  • 1 acquisition segment where the company had a small market share but the segment needs and channel preference was well aligned with the company offerings. This segment had been overlooked by the company till now as it didn’t match the typical demographics targeted by the client.
  • 3 non target segments where the client offerings were not aligned due to product feature preference and channel preference.
• Detailed profiling was done on each segment to develop an identity for each segment.
• We further developed a methodology to identify target segment membership from external lists using variables available.

The client has developed an aggressive acquisition strategy to target the newly identified segment. Successful implementation of the same is likely to result in a revenue increase of up to 30%.