Swiss Re is a wholesale provider of reinsurance to insurance companies, mid-to-large-sized corporations and public sector clients. The group approached CoreData in 2016 seeking ways to turn research segments and market opportunities into actionable strategies for the business. Ultimately, Swiss Re was looking to develop its ANZ retirement strategy, leveraging the global Swiss Re retirement strategy. CoreData was asked to come up with a research solution that covered market mapping, industry workshops and consumer segmentation with the intention of aiding Swiss Re in building retirement product solutions for the future.
CoreData initially worked with Swiss Re to develop greater insight into the retirement market in Australia, with the intention of identifying market-baseed opportunities and solution needs, and subsequently turning to product or solution development for potentially attractive profit pools. The qualitative consumer research was garnered from three different focus groups organised by CoreData. The priori considerations and hypothesis established through this internal consulting and leveraging of past research aimed to explore Swiss Re’s target market. Additionally, qualitative and quantitative consumer research was sourced from CoreData’s proprietary database of Australian consumers.
CoreData and Swiss Re conducted five focus groups across life stages and surveyed more than 1,200 consumers, giving insight into the final segmentation model solution through detailed analysis, illustrative charting, concept visualisation and sharp summary overviews. CoreData further worked with Swiss Re to host six roundtables consisting of aligned and non-aligned relevant professionals from digital, aged care, superannuation and other industries.
As at June 2016, CoreData had completed four comprehensive research reports consolidated with the market mapping and consumer segmentation research. The market mapping has provided Swiss Re with insights into the current product environment, macro-economic trends (both a snapshot and projected) and a distribution map of threats and opportunities – framed within Australia’s contextual legislative framework. The focus groups were effective in understanding consumer needs and perspectives, as well as providing the basis for developing the conceptual approach for the quantitative phase. The quantitative research gave Swiss Re further insight into the underlying psychographic and behavioural drivers influencing consumer purchase decisions around insurance and developed a ‘Vulnerability Gap’ index of consumer needs.
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