The Challenge: StayWell had undergone a change in ownership and needed a Strategic Plan to help map out the new direction of the company. Before the strategic plan could be developed, StayWell needed someone to conduct market research crucial to the formulation and development of that plan. They required two types of surveys. A qualitative research survey to evaluate the level of commercial customer satisfaction with StayWell’s products and services and a quantitative research survey conducted on StayWell’s residential customers to assess their satisfaction and perception of StayWell.
Our Approach: The team conducted a survey of 400 randomly selected health insurance customers to gather information essential to understanding the size of the health insurance market, and the relative market shares of all competitor. The survey ascertained what is important in selecting a carrier and how they rate StayWell as well as StayWell’s competitors based upon their perception of services provided on Guam as well as through StayWell. Information regarding the quality of service provided, the price of services offered, and the variety and quality of the coverage plans that are offered were collected. In addition, attitudes towards the customer service and how people feel about StayWell as a company were examined.
In addition to interviewing 400 residential customers an additional 30 key business customers whom may or may not have StayWell were also be interviewed. While not necessarily representative these interviews provided insight regarding how businesses view insurance carriers, what they feel about their carrier and what they look for in an insurance provider.
The Outcome: By conducting market research, the team was able to ascertain the attitudes of StayWell’s commercial and residential customer, providing a critical component in the development of the Strategic Plan. Collecting and analyzing the data helped to define a clear strategic direction in the planning efforts for StayWell. At the end of the research phase StayWell was able to better understand its customers and used the data to develop a strategy to increase market penetration and customer spend.