Insurance.
Market Intelligence: Financial Services Report - Home Insurance.
Background
Mintel is a global provider of market intelligence, delivering top-class data, trends and insights to produce reports regularly digested by Fortune 500 clients. Due to growing demand for their financial services reports, Mintel sought additional research muscle to cover the home insurance market. Mintel employs a multi-faceted approach to the research process that involves brand and social media research, trade research and statistical forecasting, making it essential to outsource to a partner well-versed in wide-ranging research techniques. The project objectives were as follows:
1. To use primary and secondary research techniques to undertake a thorough examination and analysis of the industry.
2. To collaborate with the in-house team where necessary for the report design, consumer survey analysis, data and chart editing.
3. To use all data, insights and analysis gleaned from the research process to produce the Home Insurance UK 2016 report.
The Project
The core aim of the project was to provide detailed analysis of trends, developments, and challenges currently shaping the industry in order to produce a holistic, bird's-eye view of the home insurance market and maximising value for the reader. For example, investigating how the Internet of Things (IoT) has given rise to new insurtech technologies with real potential to alter consumers' relationship with insurance products, from being passive policy holders, to active managers of tailored, tech-based policy solutions was one of several key trends under examination.
INSURANCE MARKET RESEARCHING
Taking an in-depth look at the home insurance sector involved extensive use of both publicly available and proprietary trade press and data sources, as well as in-depth interviews.
The year's defining trends
The first target was to research and analyse the principle market drivers from 2016. Insurtech, Brexit, demograhic shifts, regulatory developments were but some of the areas researched to achieve a total picture of the market.
Talking to the experts
As the global insurance capital of the world, London is home to many of the insurance industry's most knowledgeable and influential insiders. Establishing contact with them would be crucial to provide an insider's perspective to the project.
Asking the right questions
On the consumer survey side, collaborating with the in-house team to combine survey questions for cross-analysis in order to uncover hidden insights into consumer behaviour and attitudes, beyond basic demographic differences.
GETTING ACROSS THE FINISH LINE
Having completed the research process, a comprehensive review and analysis of all data was conducted before putting the report together.
Final data analysis
Data analysis for gross written premiums (GWP), policy claims, market & share sizes, advertising spend, and other data points for report commentary.
Building the forecast model
Providing a blueprint for the home insurance market forecast for 2017 and beyond was an important project element. Competitive environment trends, macroeconomic factors, technological development, consumer attitudes, and other factors were taken into account for this.
Report preparation
Putting together an engaging intelligence report
Finally, it was time to put all the information and data together into an engaging report, packed with insight and helping readers to an in-depth understanding of every aspect of the home insurance market.
HOW DID IT WORK OUT?
Due to the high degree of overlap of regulatory issues and competitive trends between different financial services, McKay Research's ability to leverage expertise from other areas of the industry proves hugely beneficial over the course of the project, helping to bring a unique perspective to the report. In the end, the two-month long collaboration was both fruitful and successful, with all stakeholders pleased with the end product. Most importantly of all, some first-rate partnerships were developed along the way.
