The Philippines: Identifying untapped market opportunities

Challenge

More than thirty-seven percent of people in The Philippines were covered by microinsurance. Our client wanted to expand its business by identifying new customer segments in what appeared to be a saturated market.

Solution

Using data analytics, we identified multiple segments, recommending three based on the client’s criteria. Then, we performed qualitative research, using a variety of methods including human-centered design (HCD), meeting with people who matched the segment characteristics to understand their genuine needs, goals, and concerns. Based on the resulting persona profiles, we provided product design and marketing recommendations for each segment

Results

The client used the results to develop their market strategy and create and sell customer-centric products.

Contact us to learn more about our market research services for microinsurance markets.