We worked with the new Direct to Consumer division to help them profile the market
for life insurance, develop their products, test the approach and review the final implementation
for compliance with the FCA's Treating Customers Fairly frameworks.
Having completed quantitative analytical profiling to identify the most likely candidates
for new product development, our first job was to investigate through focus groups and interviews
the market for over 50s products:to understand how older consumers relate to life insurance and
which available products met their needs.
As a result we were able to provide Royal London with a greater focus for product development
by showing the weaknesses and irritations of the competiton's products.
An important milestone during the project was to gain final sign-off by the board
for the new division to become a reality. We put together a short film and designed
display materials to demonstrate that this was not only a viable opportunity,
but an ethical opportunity too. We brought to life the evidence from our research
that over 50s plans provide much needed support to a cross-section of society
that would otherwise struggle to set aside money for their future.
As a new business, a big creative challenge was to provide new employees
with everyday reminders of the key insights. Relying on booklets and posters wasn't
going to do the job, instead we wanted to create something bigger and far more memorable.
The solution was to create different room sets: physical manifestations of the homes
we had visited during the research, complete with key insights superimposed
onto everyday objects such as till receipts, collectables,
photo frames, books and china.
Throughout Royal London's product development, we've been on hand to review
and test new ideas and product features through to the final design.
Using qualitative and quantitative research we supported target setting, market segmentation
and communication planning and helped refine the product and provide creative direction
for marketing communications design.
The direct to consumer division was successfully launched in June 2014,
and initial sales of life products are ahead of plan.