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Delta Lloyd : qualitative methods used to reveal business opportunity

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After the remarkable marketing campaign “The billable Talk” launched by Delta Lloyd to help independent workers get insured for revenue losses, we come back today with Karlien Kelgtermans, Marketing Communication Project Leader at Delta Lloyd Life, on the development of this project and its first results.

IntoTheMinds: There are more than 1m independent workers in Belgium. Yet, only half of them are insured against revenue loss. Which other insights can you share with us on the current situation?

Karlien Kelgtermans : We did some qualitative and quantitative research toward independents in Belgium (but not abroad) and the major conclusions from our study are the following :

  • 48% of the independents don’t feel protected enough by our social security
  • 53% of the independents do not think our social system is ‘future proof’
  • 66% of the independents are worried about their financial situation and 70% are worried about the repercussions of a possible loss of income.
  • 54% are still not protected against a possible loss of income

ITM: How did you go about identifying the reasons why this customer segment is not “buying in”? Did you use some market research techniques?

KK: You guessed right in your article. We chose to go for qualitative market research methods. For us the major insight was that, even though most independents feel they are not protected enough, they don’t take action due to a lack of time. This is how the business idea was born!

ITM. The marketing campaign was obviously launched in the two official languages. What kind of differences do you observe between the Northern and Southern part of the country? Is the percentage of uninsured independent workers the same in both parts of the country?

KK: Within the campaign, we see a 60% NL subscribers, 40% FR. The results of the quantitative survey show indeed some interesting differences between the Northern and the Southern part of the country.

Interestingly we see that Walloons have notably less trust in the social security and pensions systems. They feel less protected by the social security than their Flemish counterparts (55% against 63%) and express major concerns about the future of the social security. 63% of Walloons (against 42% of Flemish) don’t believe that the State will be able to sustain the current system

ITM. After a few weeks, can you share with us some preliminary results?

KK. We launched the campaign on the 13th of October. After 3 weeks, we have 1.338 planned ‘Appointments’. The campaign will end on the 30th of November. We set a maximum of 2.000 ‘Appointments’. Based on the current subscriptions, we will reach that goal by 30/11. Many financial advisors and independents are very pleased with the initiative: the 100euro is a small trigger but it helps independents to take the time for financial planning & protection by/with their advisor.

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Author: Pierre-Nicolas Schwab

Dr. Pierre-Nicolas Schwab is the founder of IntoTheMinds. He specializes in e-commerce, retail and logistics. He is also a research fellow in the marketing department of the Free University of Brussels and acts as a coach for several startups and public organizations. He holds a PhD in Marketing, a MBA in Finance, and a MSc in Chemistry. He can be contacted by email, Linkedin or by phone (+32 486 42 79 42)

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