Stellarix worked with a leading insurance firm on re-evaluating strategies.
The research objective was to determine whether direct marketing would help increase market share, marketing themes and product features that could be used to differentiate it in different market segments, the potential profitability of different segments.
- Different segments of the sector were identified on the basis of 17-22% of the market.
- Sectors identified were Non traditionals, Hassle Free, Agent Loyals, Direct Customers, and Budget Conscious.
- All the segments were carefully studied and analyzed for the business driven by each segment.
The study helped the client to understand the segments in which client can remove the agents and work hassle free with no loss to the company’s profits.