The particularity of a market research in the insurance sector is that it can be carried out in both B2B and B2C contexts. IntoTheMinds has assisted insurance companies on both the individual and corporate markets. Even better, we have references in several countries. Whatever the target (individual clients, companies, brokers), we have a solution for you.
Our insurance market research services
- Products: life and non-life
- Covered territories: all European countries + United States and Canada
- Budget: from €7500 excl. VAT
- Study duration: 6 to 8 weeks
- Quote: within 48 hours
- References: Alan, MAIF, April, …
Why do insurance companies conduct market research?
There can be multiple motivations, but most of the time, market research in the insurance sector aims to:
- provide insights for the development of new products (especially in the "non-life" segment)
- understand how to gain market share against competitors
- evaluate the effectiveness of the distribution channel
In addition to classic market research, measuring customer satisfaction is also a recurring request. The reason is simple. The insurance market is considered "mature", where gaining market share mainly occurs through churn from competitors’ clients. Insurance companies must therefore focus on retaining their customers, which requires maintaining a high level of satisfaction.
Contact us for your research project
Key considerations
The insurance market is complex. It is therefore essential to correctly identify the targets to be surveyed:
- individuals
- companies
- brokers
This market has a B2B2C configuration, so a serious market study should include an analysis of each party. If the purpose of the research is to develop a new insurance product, we recommend starting by measuring demand from the end target (the insured) before interviewing the intermediary. The latter will always ask for “proof” of existing demand. This is, for example, what we did for April (see project description at the bottom of this page).
Which methodologies should be used?
The methodological approach should be chosen according to the target. For individuals and companies, we recommend a quantitative approach (via a B2C panel for individuals and a B2B panel for companies). For brokers, only qualitative interviews will work, as this target is particularly difficult to reach. If a qualitative approach is chosen (via semi-structured interviews), we recommend using our calculator to determine the appropriate sample size.
Budget
In terms of budget, a study in the insurance sector is not much different from a study in another sector. The methodology determines the price.
For a quantitative study, budgets start at €7500 for a CAWI-type study.
For a qualitative study, everything will depend on the number of interviews. Based on a sample of N=15 and interviews lasting 45 to 60 minutes, a budget of €10,000 is reasonable.
Examples of studies already conducted
- Alan offers solutions to companies for the health coverage of their employees. Alan operates in several European countries. We conduct B2B surveys for Alan in multiple countries to provide insights into the expectations of business leaders and HR managers.
- We conducted a market study for April as part of the development of a new product for the Belgian market. This study combined a quantitative survey (CAWI) targeting self-employed workers with a qualitative study involving insurance brokers.
- MAIF entrusted us with a study for its HR services. The objective was to understand the potential of employee referral in recruiting new staff. For this study, we surveyed 500 HR managers across France, using segmentation based on company size.
- IntoTheMinds conducted a study on the expectations of Belgians regarding the digitalisation of non-life insurance. The products covered in this study included home, car, health, credit, and phone insurance, among others. The focus was strictly on non-life insurance products.
- Finamore is a company that provides services to brokers, including insurance products. We conducted a study using a quantitative approach targeting two groups: end policyholders and more than 3,000 brokers.
- We conducted a B2B mystery shopping study for a credit insurer. The objective was to obtain pricing information from credit insurers in several countries and to analyze the customer service of competitors.