Our client needed research to inform a
business case on actions to take to increase the number of consumers who chose
an ‘upgraded’ home insurance product once they had clicked through from Price
Comparison Websites (PCW).
Complex modelling was needed as the
premium a consumer pays is very variable and the model needed to cope with
contents only and combined policies as well as a 2-tier and a 3-tier product.
number of hypotheses need to be tested including behavioural economic outcomes.
We embedded a conjoint model within a 15-minute online survey with 500 home insurance consumers who had used a PCW & switched insurer recently. The respondents were shown 12 screens, each 3 ‘randomly produced’ products Choices were fed into a model which calculated how decisions are made, the optimum product profile and the influence on choice of the different covers.
The client was given not only the conclusions and recommendations but a simulator tool. Practical recommendation were made to amend both the insurance product itself (in terms of cover, sum insured and excess) and the website layout to ensure choices were clear & consumers were more likely to ‘upgrade’ to the more comprehensive product.