Professional Sector: Commercial Insurance NPD

 

How to develop a commercial insurance proposition that best meets the needs of professional services sector and delivers a USP. 

 

Our client was aiming to significantly grow its commercial insurance book and examining new market sectors. During the initial discovery phase, the Professional Services sector had been identified as having potential.


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The challenge

Research among a cross section of companies within the professional services sector with a property risk was required to:

 

• Identify emerging risks and concerns
• Ascertain key product feature requirements (fundamental/additional)
• Investigate current market premium levels and excesses for medium/larger risks
• Asses service needs – hooks or USPs?
• Understand preference for buying process: Broker vs. online vs. scheme
• Ascertain role of Professional Associations

The approach

A qualitative research approach involving extensive in-depth interviews across ten different professional services sub sectors.

Interviews were extensive and drilled down to uncover unmet needs, emerging risks and concerns, buying behaviour, and potential hooks and USPs.

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The result

The research identified scope for commercial insurance propositions tailored to specific sub sectors within the professional services market.

There were clear and actionable recommendations on the back of the findings on:

• How to refine and develop the proposition(s) to best meet the needs of the market;
• How to best to distribute the proposition for maximum market penetration; and
• How and what to communicate to cut through to the target audience.