Attracting a new generation of IPMI buyers
Significant changes in the dynamics of the international private medical insurance market required Bupa to rethink and recast their product suite to better match the needs of emerging new and discrete audience segments.
International private medical insurance had been typically, for many years, the preserve of senior expat executives or wealthy residents of countries who perceived local healthcare to be sub-standard. Changing market dynamics and increased competitive pressure obliged Bupa to review its positioning and offer.
Bupa International briefed us to help them better understand the needs, attitudes and behaviour of IPMI buyers within different market segments and geographies and to develop new products and propositions to better match the needs.
What we did
We ran an extensive program involving internal stakeholder interviews & workshops coupled with in-depth customer, prospect and intermediary research across Europe, the Middle East and the Far East to better understand unmet needs and market opportunities.
From these insights we developed long-term strategic recommendations across segments, regions and all elements of the proposition including brand, product, price, distribution and service. We also created and implemented short to mid-term action plans across segments and regions, identifying priority actions to set in place to generate sales and growth.
We went on to support these initiatives with an internal staff communication and stakeholder engagement campaign delivered both in print and online.
By both repurposing existing products to create new propositions and developing targeted new products aimed at emerging new consumer typologies we were able to help the business exceed retention and acquisition targets across its different books of business in the short to medium term.
Our work also helped put in place a new Bupa 2020 vision of what the business would look like at the end of the next decade.