A major insurance carrier wanted to know how it was perceived by the Life Science community and what threats and opportunities lay ahead.
Challenges posed by gaining trust and confidence of respondents in this inherently secretive sector required an innovative approach, so it was conducted in collaboration with the leading industry trade association.
Research required to understand risks faced, insurable and non-insurable needs and requirements and the extent to which current cover meets demands of today’s life science firms, issues around employees, regulation and IP prior to benchmarking familiarity and favourability with brokers and insurers, benchmark risk management and behaviours and measure appetite for policy Added Value Services.
We conducted a two stage project comprising of 12 initial in-depth interviews with insurance decision makers in bioscience firms at different stages of clinical trials / manufacturing, and brokers handling this class to understand the risks they faced and issues around employees, regulation and IP.
Following our interim debrief, we conducted quantitative interviews with CFOs in 70 life science firms and research facilities.
Involvement of the industry trade association was critical in reassuring respondents and securing appointments among this naturally secretive audience.
The product cover was tweaked and communications redesigned as a result of the research.
The industry trade association benefited too via exclusive questions and coverage.