Understanding the shifts and trends in insurance purchasing behaviour through quantitative research.

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Challenge

Vero New Zealand’s challenge was to build its profile as a thought leader within the business and commercial insurance industry. The intent was to position Vero as an industry leader through insights that build better understanding of the interrelationships between SME and the broker/advisor community. BrandMatters was approached to answer the following questions:

  • What are the general business sentiments and attitudes towards insurance by SMEs?
  • Which purchasing channels are used, using a broker or direct? Is there a mix?
  • What are the attitudes towards insurance brokers and advisers and the value they bring?
  • Can the usage of brokers be tracked over time?
  • Can the insights be used to assist broker and advisers with their clients?
  • Is there a difference between SME attitudes and purchasing behaviour between purely business insurance and life insurance?

Approach

Our response to Vero’s challenge involved producing a “SME Index” for the New Zealand market:

  • Quantitative research of over 900 New Zealand SME businesses covering a range of business types, locations and sizes.
  • Qualitative face-to-face interviews with SMEs across a variety of industry types
  • Annual survey of over 300 brokers and advisors
  • Insights distillation and generation
  • Indices copywriting
  • Indices graphic design
  • Face-to-face presentation to internal stakeholders in New Zealand
  • Video development and production
  • Broker and advisor tools

Outcome

62% of brokers

state that the Vero SME Insurance Index has positively impacted their business (an increase of 9% on 2017)

50% of brokers

say Index has assisted them in better understanding their SME clients

20% of brokers

say the Index has helped them attract new clients

Value

“We were keen to understand the market perceptions of SMEs towards insurance and most specifically SME attitudes towards and engagement with brokers and advisers. Through the quantitative and qualitative research conducted by BrandMatters, we have been able to establish a benchmark for the insurance industry and are now able to track the trends over time and prove that usage of a broker has positively impacted SME across the country.”

Marketing Manager, Vero New Zealand