Insurance companies are not the most popular companies among young people. Often, they are perceived as quite boring and associated with high costs like car insurance. Nonetheless, these young people make up the future customer base. An insurance company asked itself how it could become more relevant to a target group of 18-23 year olds. Their goal was not only to reach this target group, but also to lay the foundation for a long-lasting relationship.
To build a meaningful relationship with a target audience, a brand has to understand what the target audience really deems important: what moves them, how do they perceive the world around them,… That is why we opted for a qualitative diagnostic approach to reveal underlying motivations and drivers of 18-23 year olds.
What are their lives like? How do they perceive risk and to what extent do they wish to insure themselves against this risk? What would such an insurance policy look like? Which type of insurance company do they need for their preferred insurance? As a result of projective techniques, among others, we have been able to go further than pure rationality in order to uncover and map deeper drivers of the target.
Our research showed that insurance companies could have a constructive impact on young people as well. To achieve this, an insurance company has to focus on the growth-oriented nature of insurance services. Flexibility, adaptability and thinking with youngsters are essential building blocks for the purpose of being able to connect with this generation in the future. Based on the results of our research, the client created an action plan which allowed them to build a long-lasting and constructive relationship with their younger target group.