Optimisation of product offerings and price elasticity in the financial and insurance business (June 2010)
Our client from the financial and insurance business wanted to increase their customer loyalty and the chances of concluding new contracts in an important customer segment. At the same time, they wanted to safeguard their profitability. To do so, they needed to gain a detailed understanding of price elasticity and the drivers of the purchase decision.
Based on qualitative interviews, Anovum conducted a combined telephone and online survey amongst the target groups. Based on a modern conjoint analysis and using a mathematical simulation of selection decisions, Anovum determined the influence of product offerings and price on the purchase decision.
Identification of new price-product combinations that offer customers an added value and at the same time increase profitability.