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Putting client insights into practice

Emerging Insight #:

  142
 

Date of Release:

  June 13, 2018
 

Subtopics:

  Product development, Demand
 

Source:

  The Facility
 
 

The experience of Britam in Kenya

The expanding world of data is expected to disrupt the insurance sector with insurers gaining access to client data from all walks of life. Yet the large volume of client data is only valuable if converted into insights and put into practice.

In a webinar held last month, Britam, Kenya’s microinsurance market leader, talked about how structures and processes can enable the use of client insights and how these can be institutionalized within the organization. Over the years, Britam has established a dedicated associate responsible for market research, contracted a mobile survey firm to conduct periodic mobile surveys on clients’ knowledge and reaction to products, and established a Business Intelligence Unit to systematically analyze customer, enrollment and claims data.

Britam further conducted a market segmentation in 2017 to inform product design, distribution and organization structure. The study identified five segments (see figure) that differ based on demographics, behaviours and attitudes towards financial services, including insurance.

Britam used these insights to focus on two segments: “Edgy Aspirers”- young, urban, digital-savvy customers; and “Meticulous Accumulators” – older, peri-urban, traditional customers. Both segments have distinct risk management needs and require different outreach approaches. Britam launched a mobile microhealth insurance product in early 2018 to target the “Edgy Aspirers” and the product has already enrolled more than 90,000 customers. Britam has also partnered with four cooperative organizations (SACCOs) to reach “Meticulous Accumulators”.

To learn more about Britam’s approach to collecting and using client data, listen to the recording of the webinar Putting client insights into practice.