Market Research – the mobile phone as a medium for insurance
With the rapid expansion of mobile phone access and network coverage in Tanzania, mobile service providers have introduced various mobile money products, including money transfers, savings, bill payment options and insurance products.
Metropolitan International operates in 12 African countries, offering different insurance products.They seek to expand and target new markets and market segments using multi-distribution channels, including mobile technology. With the success of mobile money services, an opportunity was created for introducing related insurance products.
Metropolitan International has entered into a distribution agreement with Airtel to market insurance offerings to Airtel mobile money users. In order to determine which mobile insurance products would be suitable for this market, DPC was contracted to carry out market research.
DPC conducted Focus Group Discussions with different market segments:
• To test the attractiveness of the product idea
• To solicit from the market suggestions for additional features that would meet their needs
• To comprehend the willingness to pay for the proposed product DPC was responsible for the whole chain of research activities – from fieldwork design and recruitment of respondents – to carrying out the fieldwork,and the analysis, report writing and recommendations.