Property & Casualty Insurance Claims Processing Technology Brand Equity Assessment

Objective

The primary objectives of the Property & Casualty Insurance Claims Processing Technology Brand Equity Assessment were to:

Approach

The research followed a multi-method approach, combining both quantitative surveys and qualitative insights to ensure a deep understanding of brand equity and decision-making processes in the P&C insurance technology space. This approach was designed to provide comprehensive and actionable insights.

Methodology

1. Immersion & Kickoff:
   • We started by reviewing existing industry reports, market trends, and prior research to build a strong understanding of the landscape.
   • Hypotheses regarding decision-making drivers and market trends were developed, which guided the survey design and subsequent analysis.
2. Market Landscape Audit:
   • We conducted a competitive audit of the claims processing technology providers in the P&C insurance sector, assessing how each brand is positioned in terms of innovation, reputation, and service offering.
3. Executive IDIs (In-Depth Interviews):
   • We conducted qualitative interviews with senior decision-makers to understand the nuanced factors that influence their perception of technology providers and how these perceptions impact their decision-making.
4. Brand Health Survey:
   • The main part of the study consisted of a survey where participants were asked to evaluate the claims processing technology providers on various metrics, including brand awareness, usage, trust, and differentiation.
   • Respondents rated brands based on several key dimensions such as customer service, innovation

5. Likelihood to Recommend:

• We asked participants to rate how likely they would be to recommend or consider specific technology providers in future procurement decisions. This was measured using a 10-point scale to capture their level of commitment to certain brands.

Target Audience

The survey targeted 250 decision-makers from the P&C insurance industry, specifically those involved in the selection, evaluation, or decision-making process for claims processing technology. Participants were selected based on the following criteria:

Sample Framework

• Total Sample Size: N=250
• Geographies: United States
• Segmentation:
  • Technology Decision-Makers: 150 respondents from insurers (standard and non-standard) who manage the evaluation and selection of technology solutions.
  • Supply Chain Decision-Makers: 100 respondents who influence or make decisions related to claims processing technology.
• Survey Length: 15 minutes Timelines
• Survey Design and Setup: 1 week
• Fielding Period: 2 weeks
• Data Analysis and Reporting: 1 week
• Total Duration: Approximately 4 weeks from project kickoff to final report delivery.

Impact

The insights from the Brand Equity Assessment provided actionable benefits for claims processing technology providers in the P&C insurance industry:

1. Brand Awareness and Positioning: The study revealed which claims processing technology providers were most top-of-mind for decision-makers, helping brands understand their current market presence and identify areas for visibility improvement.
2. Key Decision-Making Drivers: The survey uncovered which factors, such as cost-effectiveness, service quality, and innovation, were most influential in the decision-making process, providing a roadmap for brands to tailor their offerings.
3. Brand Differentiation: By assessing various attributes like customer service, trustworthiness, and innovation, the study identified areas where brands were perceived as distinct from competitors, offering guidance for further strengthening brand positioning.
4. Future Consideration and Likelihood to Recommend: The findings revealed which providers decision-makers were most likely to consider for future claims processing technology partnerships and which brands were most likely to be recommended to peers, giving clear direction for brands looking to foster stronger loyalty.