1. Background to Company X
Company X was created in 2000 through the acquisition of Terra Nova Insurance Company, which had a worldwide portfolio of niche insurance products. Company X is a subsidiary of Company XCorporation, the international property and casualty insurance group headquartered in Richmond, Virginia, founded in 1930.
Based in London and comprising the international operations of Company XCorporation, it wrote gross premiums in 2011 of $693 million. It has five operating divisions writing business either through Company XSyndicate 3000 or through Company X Insurance Company Limited. With over 1000 employees across its International offices, Company X operates in Sweden, Spain, Singapore, The Netherlands, Germany and Canada as well as its headquarters in London. Through their Underwriting divisions and business lines they cover a wide variety of risks in niche markets. Underwriting divisions include Marine and Energy, Professional Liability, Specialty, Trade Credit and Equine and Livestock.
Within the insurance market Company X is the largest provider of specialist insurance and has grown rapidly in recent years with several acquisitions, new product development and the introduction of new business lines.
It is understood that Company X has contact with their customers in a variety of ways, however, due to lack of time and resource they have not followed a consistent format in terms of medium used, look and feel, individual/team delivering the message, frequency and depth of detail. In order to deliver key messages to internal and external recipients, Company X have adopted a ‘one size fits all’ approach rather than developing structured campaigns that address specific needs and preferences. Company X have also had difficulties in measuring the success of their communication activities due to their ad-hoc nature.
In order to address these issues, Company X has asked FWD Thinking to produce a research proposal which will define how Company X’s newest division - Equine and Livestock, should communicate with their brokers on a day-to-day basis and when distributing their monthly update bulletin Horses Mouth and keeping them abreast of new product lines which will be launched in the future. Should the strategy prove successful then Company X will roll this initiative across all of it’s divisions to ensure their brokers are receiving consistent, timely information.
This proposal will examine client attitudes towards the media Company X use to deliver messages, the frequency of contact and imagery used in previous communication campaigns, advertising and PR activities. This will indicate which previous activities have been successful or unsuccessful and assist with selecting an appropriate coordinated approach to ensure all communications are well received by brokers, achieve the desired response and satisfy their needs.
The overall purpose of this research is to develop a coordinated approach to Company X’s communication campaigns for the Equine and Livestock division. The main research objectives that Company X wishes to address are as follows:
Identify what contacts Company X has with different customer types This objective will gather information to examine how Company X currently communicates with their brokers. The following sub-objectives will help to provide valuable feedback regarding the overall success of past activities. Determine the number of brokers who have received previous communications Explore where key messages have been communicated effectively and understood by brokers Identify methods of interaction, how frequently each is used and what brokers prefer Identify their views on the language and imagery used
Consider other elements that could have been included in the communication Establish who else in the market brokers have contact with and how Company Xcompares
Examine the attitudes of different customers towards these contacts...