Market Intelligence to enable Strategic Decision Making - UK Insurance Company
Background
Our client, a household name in the UK insurance market, faced a number of difficult strategic decisions about markets, products, channels and pricing strategies in a changing and increasingly competitive marketplace.
The challenge
To research and make recommendations about the potential impact of specific strategic options on the existing customer base.
Morgan Clarke’s approach
We had to enable our client to make the right strategic decisions whilst still retaining customer confidence. This required Morgan Clarke to obtain difficult-to-access information and then interpret the data in a way that had relevance to the client’s decision making options.
During our approach we:
- Carefully targeted and professionally managed market and business intelligence gathering meetings with the client’s customers and ‘non-customers’.
- Captured information that was difficult to obtain by establishing rapport and using effective questioning techniques during interviews.
- Interpreted the data in a business context, including insights about the key issues and recommendations.
- Provided guidance on how to link the market data and insights with the strategic imperatives of the organisation.
- Ran lively, engaging and thought-provoking facilitated workshops to review the results and these led to a clear commitment and route to action for the client.
Achievements
- Well thought through and agreed strategic decisions based on a clear understanding of the marketplace implications.
- Agreed action plans that enjoyed support throughout the senior management team.
- Maintained client confidence.
If you face a similar challenge, contact Mark Burley on + 44 (0)1306 621 600 or email him at mark.burley@morgan-clarke.co.uk