Friends Life Case Study

UNLOCKING GROWTH IN A MARKET DOMINATED BY CULTURAL TABOOS  USING INSIGHT AND BEHAVIOURAL ECONOMICS

THE CHALLENGE

British people buy less life assurance and critical illness protection than people in many other countries. There is clear potential for growth in the UK market. But what needs to be done to unlock that potential?

THE APPROACH

The Triniti team explored the financial, emotional and practical barriers to planning for the death or serious illness of a family member. We explored why other countries are different and how other categories deal with broaching uncomfortable topics. Learning from behavioural economics and neuroscience provided revelatory insights. We reviewed 100 external publications and interviewed 10 leading academics in this field to inform our recommendations.

THE RESULTS

A Category Engagement Report . This gave stakeholders (including actuaries) firm facts – so they understood the implications and opportunities of unlocking the UK market growth

Recommended changes to marketing strategies and mechanics; embracing behavioural economics principles in particular, across:

  • Consumer insights and targeting
  • Positioning and proposition > Offer presentation
  • Consumer purchase journey