When Farmers Insurance advanced its strategy with insight and ideation

THE SITUATION:
———

Farmers Insurance, one of the ten largest property and casualty insurers in the U.S., sought to accelerate business growth within the hyper competitive U.S. property and casualty business. They wanted to identify and prioritize the most compelling offers to key consumer groups, especially Millennials, to drive consideration and differentiation.

MAGID APPROACH:
———

Farmers partnered with Magid to refine and activate the strategy that would have far reaching impact to advance their marketing and customer experience outcomes.

The Magid team utilized an expertly designed questionnaire to illuminate behaviors and preferences regarding communication channels, product bundling, self-service, billing, payment methods, and desired rewards amongst key consumer constituent groups.

The approach ensured breath, depth, efficiency, and alignment to Farmers operational capabilities to benefit numerous functions and departments with a credibly informed strategy and action plan.

PROJECT ENGAGEMENT:
———

» A review of existing Farmers’ research
» Stakeholder interviews with the executive team and department leads
» Facilitated ideation sessions
» Advanced analytics to evaluate the impact of individual offers and creation of optimized combinations

IMPACT:
———

“Based on what Magid uncovered in the stakeholders’ interviews and through an intensive audit of our existing research they recommended an enhanced analytical approach to ensure we derived the optimal value. The Magid team definitely brings a point of view and lives their mantra of Courageous Thinking which proved to be a huge benefit to our business.”

– Dave Williams, Head of Consumer Research & Insights, Farmers Insurance

“We still use the insights Magid brought to life on a consistent basis even months after the project has been completed. We have used it to inform additional research efforts and it is helping guide our strategy. I am super happy with the results and value we received.” 

– Jen Bass, Director, Consumer Insights & Customer Experience, Farmers Insurance