Specialty Lines Insurance Research
A major insurance carrier wanted to know how it was perceived by the Life science community and what threats & 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 extent to which current cover meets demands of today’s life science firms, issues around employees, regulation and IP prior to benchmarking familiarity & favourability with brokers and insurers, benchmark risk management and behaviours and measure appetite for policy Added Value Services.
A 2 stage project comprising initial 12 depth interviews with insurance decision makers in bioscience firms at different stages of clinical trials/ manufacturing, and brokers handling this class.
Interim debrief after which 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.
Product cover was tweaked and communications redesigned as a result of the research.
Industry trade association benefitted too via exclusive questions and coverage.