CUSTOMER STORY
Empowering a Fortune Global 500 Financial Services Company to Go Beyond Surface-Level Insights
Overview
A Fortune Global 500 financial services company widely recognized for its insurance offerings faced growing challenges in connecting customer insights with the strategic goals of the organization.
The company’s customer research team, responsible for understanding behaviors like key considerations when purchasing insurance and the impact of mortgage rates on buying homes, often felt more like order-takers than strategic partners.
Voxpopme’s AI-powered qualitative research platform provided the tools and support needed to shift their role from data gatherers to strategic insight providers, enabling the company to better understand why customers were dissatisfied with certain financial products and how to improve their offerings in a competitive market.
- 83%
- Faster in processing qual data
- 60X
- Faster research analysis with AI
- 2X
- Strategic input from research
Numbers without Context; Findings without Foresight
The research team at this financial services company felt trapped in a cycle of gathering basic data—satisfaction scores, demographic breakdowns, and purchase trends—without the resources to explore the underlying motivations behind customer decisions to purchase or forego insurance and financial products.
Their reports provided valuable data but lacked depth, often leaving them unable to answer important questions like, “What are the key drivers for customers choosing one insurance policy over another?” or “How do rising mortgage rates influence the purchase of home insurance?”
This lack of in-depth understanding left the team feeling frustrated. They knew that true value lay in uncovering the emotional factors and long-term fears influencing customer decisions, but their tools and time constraints didn’t allow for these deeper insights. This disconnect between the insights they could provide and the strategic needs of the company limited their impact.
Voxpopme for Deep Qualitative Insights
The solution came through a pilot project with Voxpopme. Initially designed to understand customer concerns around rising mortgage rates and the affordability of insurance products, this project proved the power of Voxpopme’s platform.
Once its value was clear, the company expanded its use to dig deeper into key considerations for customers purchasing insurance or annuity products.
Here’s how Voxpopme helped:
Enhanced Qualitative Research Capabilities: Using Voxpopme’s platform, the team gathered richer data through video responses from customers, allowing them to understand not just what customers were purchasing, but why. For example, they explored why certain customers delayed homeownership due to rising mortgage rates and how this impacted their decisions to buy or postpone home insurance.
AI-Driven Deep Dive: Voxpopme’s AI tools quickly analyzed large volumes of qualitative data, such as open-ended feedback on insurance options and customer fears about financial risk. This allowed the team to explore the underlying reasons driving decisions, such as why customers might choose one policy over another based on perceived long-term security.
Streamlined Workflow: With Voxpopme, the research team was able to centralize and automate their workflow. By organizing past customer feedback on policies like life insurance or retirement products, the team spent less time compiling data and more time delivering actionable insights that informed pricing strategies and customer communication.
Deeper, Faster Insights at Increased Efficiency
The implementation of Voxpopme’s platform led to several significant outcomes for the company:
Deeper Insights Uncovered: The team gained a better understanding of the emotional drivers behind insurance purchasing decisions, such as concerns about future financial stability and the role of family security in selecting products. This allowed the company to address the root causes of customer dissatisfaction, particularly around products like annuities and life insurance.
Improved Strategic Impact: By delivering more nuanced insights about customer needs—such as the importance of flexibility in insurance policies for younger homeowners—the research team transitioned from order-takers to strategic partners. Their insights became key to influencing product design and marketing strategies at the executive level.
Increased Efficiency: Automating routine tasks through Voxpopme’s AI reduced the team’s data processing time by 83%, allowing them to focus more on analysis and interpretation. This led to faster insights on shifting consumer priorities during times of economic uncertainty.
Higher Job Satisfaction: No longer stuck producing surface-level reports, the research team evolved into strategic advisors, which significantly boosted morale and gave them a greater sense of purpose.
The Broader Organizational Impact of Voxpopme-Enabled Research
For the company, these changes resulted in more effective decision-making and a stronger market position:
Strategic Decision-Making: The company was able to make informed decisions based on a clearer understanding of customer motivations. This resulted in better product alignment with customer needs, such as the development of more tailored home and auto insurance packages that appealed to different demographic groups.
Empowered Research Team: The research team’s ability to provide deeper insights allowed them to have a greater strategic impact across the organization. They became critical in shaping the company’s response to market changes, such as adjusting messaging around mortgage-related insurance policies.
Cost-Effective Research: The automation of qualitative data analysis reduced research costs significantly, allowing the company to gain deeper insights without exceeding their budget. This made their research efforts not only more impactful but also more cost-effective.