 Who: Embrace Pet Insurance
Location: Mayfield Village, Ohio
Industry: Pet Health Insurance
There are several pet insurance companies in the United States and they all compete primarily on two factors: price and policy coverage. Embrace wanted to better understand how they compare to the competition in these two areas and what truly matters to consumers. They also wanted to better understand who their ideal customers are and what motivates them to buy.
Like all insurance companies, Embrace Pet Insurance provides a lot of quotes and converts a small percentage of those quotes to new policies. This means that they have a very large database containing email addresses of both customers and non-customers. So, we decided to develop two online surveys. One would be sent to current customers and one would be sent to those who received a quote but did not purchase.
By sending a different survey to each group, Adept would be able to identify the difference in demographic profiles and the decision criteria used by customers vs. non-customers.
Adept used the research results to develop extremely detailed profiles of the ideal Embrace customer, the secondary Embrace customer and the non-customer. With these profiles and the decision criteria each group uses to evaluate pet insurance, we were able to segment the entire “pet owner” market into two distinct groups.
With this new understanding, Embrace can develop new product lines and marketing strategies that appeal to the market segment they are not currently serving. In addition, Embrace is able to better target their marketing programs to the segment/demographic profile of those people most likely to buy the type of pet insurance Embrace provides.
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