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21 Oriana House, Victory Place
London E14 8BQ
United Kingdom

Creative strategy for businesses and brands. We help companies make the most of opportunities created by changing markets and environments

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Royal London

Bringing insight to life to help the UK's largest mutual get closer to its customers 

We've been working with the new Direct to Consumer division since 2012, and have helped 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.

 

Approach
Having completed quantitative analytical profiling - to identify the most likely candidates for new product development - it was clear that there were new opportunities to generate income for a new direct to consumer division and to do something different with their life and investments products.

Market profiling 
Our first job was to investigate the market for over 50s products: to understand how older consumers relate to life insurance and which available products met their needs. A combination of focus groups and depth interviews gave us new insights by uncovering the types of people most likely to purchase an over 50s plan. 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.

Bringing insight to life 
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.

Creating inspiration 
Another 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.

Testing and reviewing
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.

Go-to-market support 
Prior to launch, we reviewed the proposed sales platforms (post, telephone and on-line) for customer engagement and understanding. This was particularly important as the regulator requires evidence that a firm's customer journey is easy for customers to understand and both the pros and cons of the product and are clear to make an informed decision as to suitability.  

Result
The direct to consumer division was successfully launched in June 2014, and initial sales of life products are ahead of plan.

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