Verisk Risk Ratings Solution
Helping actuaries and underwriters understand a new way of underwriting insurance
Verisk is the leading global provider of data analytic insights. They deliver an automated health risk rating service that helps UK travel insurers provide instant quotes covering pre-existing health conditions.
Verisk came to us looking to expand this hugely successful solution into Asia, North America and Australasia. They were also interested in taking the travel insurance concept into other global markets like health and pet insurance, as these have previously found it difficult to automate the underwriting of pre-existing medical conditions. This meant Verisk’s risk rating solution represented a completely new way of underwriting insurance in these markets.
Our task was to educate actuaries and underwriters about the revolutionary opportunity that Verisk offered. This was no mean feat: the insurance industry is highly risk-averse (as you might expect) so we had to work hard to show our audience the value in doing things differently.
Consistent messaging across a range of marketing collateral
We started by conducting a review of Verisk’s existing marketing material, and interviewing the business development managers for each new market.
This research revealed the importance of tailoring our content to the different markets. So, we developed three propositions specific to each market, which we then implemented with a range of marketing activity.
We produced a brochure and an introductory video for each market, which explained to prospects who Verisk is and what their solutions do.
Alongside this, we focused on creating small bite-sized pieces of content that could be used to keep leads warm over a long decision-making process – this was a request that came out of our interviews with the business development managers.
Finally, we wanted to make it easy for actuaries and underwriters to learn about the risk score. So, we produced educational content, including case studies, guides and at-a-glance pages which explained what goes into a score and how to interpret it.
The main issue with choosing risk rating is trust, and this meant our marketing had to demonstrate trustworthiness at every level. To do this, we focused on maintaining a consistent message across all our marketing collateral, with a high quality of design and production – reflective of the high value and accurate service Verisk provides.
Results included multiple clients in new markets
The acquisition of multiple clients in new insurance markets, including their first Pet Insurance client.