Consumer Insights & Brand Strategy for Insurance Brokerage
27 Mar 2024

Consumer Insights & Brand Strategy for Insurance Brokerage

Challenge

A 150-year insurance brokerage wanted to rapidly grow its footprint, but its branding was outdated. The brokerage was a sale-lead organization, and marketing was often considered an afterthought. As the competition is fierce in the insurance industry, the company needed to create a fresh and unique positioning.

Provoke Insights was commissioned to develop a multiphase market research plan that included quantitative and qualitative research with B2B and B2C audiences.

Solution

1. Quantitative research among B2B and consumer insurance decision-makers

Each of the two cohorts received a survey that evaluated:

  • Awareness
  • Brand perception
  • Path to purchase
  • Key strategies that resonate

The data determined the target audience, what messages resonate with them, and how to reach new prospects through various marketing channels. An NPS was used to determine the brand’s positioning compared to its competitors.

2. Qualitative B2B and consumer insurance decision-makers 

In-depth interviews were conducted among B2B prospects and current customers. Focus groups were executed among consumer prospects. In this qualitative phase, the research tested positioning statements and dug deeper into the decision journey.

Result

Now, the insurance brokerage clearly understands its prospects, how to message its audience, and what positioning statements resonate most with prospects and customers. The data showed them the opportunities to acquire new customers and cross-sell and upsell to current customers.

From the data, the brand developed a new:

  • Logo
  • Style guide
  • Refreshed advertising campaign and sales collateral material

 

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