A major insurance provider identified a gap in the marketplace that has the potential to be game-changing. There was substantial untapped potential in the middle-market for a certain insurance product. To capitalize on this opportunity, they needed to design a product for this space that will have a streamlined product design and discover how to appropriately position the product to both advisors and consumers.
The Solution
We leaned into design thinking to develop an agile, iterative to define the market opportunity, clarify the relevant consumer target, and ultimately design the specific features that would define the product.
We began with in-depth interviews with both advisors and consumers to crystallize the market opportunity, by including both advisors and consumers we were able to compare and contrast their perspectives and better determine how and where this product would play in the market.
We then leveraged a unique quali-quant platform which allows for qualitative richness at a larger scale live in real time. This was critical because to define the target consumer market, we need a large-scale sample, yet to deeply understand the opportunities with consumers, we needed a qualitative approach.
Finally, based on the qualitative insight generated we designed a quantitative survey to consumers to evaluate the product features that would matter most, quantify what set of features has the highest reach with this audience and gauge the optimal price for the product.
The Outcome
The insights empowered our client to confidently move forward with product development and launch. They had clarity on which advisors this product would work for, and not. The relevant consumer audience was also clearly defined and the way to position the product to garner interest identified.
The insights also helped the product team design the most compelling product and price point. Primary and secondary tier features were identified. It was also discovered that when positioned correctly, there was limited price sensitivity allowing the product to be priced for maximum impact.