Setting the scene
Mustard undertook research with Aviva’s key audiences to test options for improving one of its key investment products.
Aviva is the largest general insurer and a leading life and pensions provider in the UK.
It required insight to help direct product development and improvement for its Guaranteed Fund investment bond. Mustard was asked to test two new concepts for the Guaranteed Fund product – a “Rollover” concept and a “Switching” concept.
The client wanted to check understanding and interpretation of the concepts, measure appeal, understand different opinions of key audiences, explore perceived strengths, positives, advantages, benefits and perceived weaknesses, drawbacks, negatives, risks, etc.
What we did
We conducted research with customers, prospects and IFAs through mini focus groups, phone depths and CATI surveys.
We engaged with consumers at various stages of the journey (from enquiry and early-term through to renewal) to gauge reaction to the “Rollover” and “Switching” concepts.
We also worked with the client to ensure we had a detailed understanding of the products ourselves (both Aviva and competitor products) and collaborated on producing visual stimulus to explain the intricacies of both the product concepts and the associated customer journeys.
At debriefing, we identified the opportunity for a “switching in and out” facility, which was subsequently adopted into the product design and was proven to be a big success – saving in excess of 1,500 customers alone in the first year. We provided clear insights in relation to concept appeal / likely take-up, how the concepts compared against other products in the market, the likely impact on decision-making / behaviour (and subsequently retention, persistency and acquisition). It also provided clear recommendations in terms of information / communication requirements (ensuring the new concepts were communicated using appropriate consumer language).
“We have saved in excess of £2m throughout this year by introducing the new switch functionality which came out of Mustard’s research. The number of customers saved is in excess of 1,500. An average saving per policy has been calculated at £1,100”