Special purpose investigations and research
Highly individualized activities
A major Personal Lines Insurer in the UK and the number two player within pet insurance, needed to understand the financial performance (historic and forward looking - based on set targets) of its top competitor (a privately held company and the number one player in the segment) in the UK, alongside a comprehensive review of its strategic direction. Our client had recently decided to sharply focus on the pet segment, after a key output of its internal strategic review suggested that the segment could represent the most attractive growth opportunities until 2020 within personal lines and the decision had been taken to assault the segment for the number one spot.
Our deep dive investigation provided time critical and evidence based insights not just on the performance of the competitor, but also around its strategy and key success factors (relationships with vet practices, single segment focus, tailored distribution deals, renewal strategy, fair pricing approach etc.). Armed with such customized competitor understanding, our client was able to devise its own strategy and focus on differentiating factors of real substance that gradually led to significant bottom line impact.
As the target competitor is a privately owned entity, little was known about its financial and operating performance (policies in force, gross written premium, claims costs, expenses costs), let alone splits by animal type; hardly anything was further known about its customer satisfaction scores (Net Promoter Score). Hence the key research vehicle was targeted primary interviews, with former and current target employees and market analysts.
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