To penetrate the local market, VouchForMe contracted MKOR to carry out an opportunity study on the local car insurance market.
The research was focused on two segments of the public: drivers and their relatives, to understand the potential in the local market for an innovative service in the insurance market.
The startup wants to revolutionize the insurance market, through the concept of vouching between community members. VouchForMe is based on the premise that insurance can be tailored to each individual.
In the created ecosystem, the opinion of the community is equivalent to a risk assessment for an individual, who in return benefits from a lower cost of insurance.
Approach
Starting from the need to know the local culture, we carried out a mixed methodology research.
The Online Community (Market Research Online Community – using MKOR’s own platform) and the quantitative consumer study (with the help of the MKOR Online Panel) aimed at discovering the behaviors and attitudes regarding RCA and Casco insurances.
The resulting analyzes defined the market potential, the consumer profile, and also what consumers understand by the term “guarantee” – how they relate to the concept of “guaranteeing” for another person.
Elements of social and cultural dynamics, vital for a multinational product, were also analyzed.
Study Result: VouchForMe Launch on the Local Market
VouchForMe launched a partnership with Euroins Romania in July 2019, through which a new type of Casco insurance is available to consumers.
The franchise cost can be shared with friends, and the insurance price gets lower.
The insured can invite friends and family to vouch for him if he wants to lower the level of the franchise. This cost is particularly high in the case of drivers considered at risk (young or ones with incidents history).
The vouching is possible through the VouchForMe (VFM) app, for CASCO insurances in the Euroins network.
About VouchForMe
VouchForMe is an insurance service that was built on the premise that insurance can be personalized. VFM has created an ecosystem where community opinion is considered risk assessment.
In return, the insured benefits from increased confidence from the insurer, which translates into a lower insurance price.
About the Study
To collect data relevant to VochForMe’s objectives and to validate the study’s hypotheses, MKOR Consulting conducted a mixed-methodology study.
- Target market: Romania
- Qualitative research: online community, own platform MKOR MROC)
- Quantitative research: online opinion poll, using the MKOR Panel)
Contact us for your project
Market opportunity studies are a challenge that we cherish every time, because such an analysis allows us to identify the right strategic recommendations for our customers.
We at MKOR assure you that:
- We will choose the right methodology to achieve your goals, taking into account the macroeconomic and social context.
- We will carry out the project at a high level of quality.
- The results you will receive in the end will exceed your expectations.
The company’s next project is a video call away, contact us!
MKOR studies in the context of market uncertainty
Recent events brought unprecedented challenges to companies in all industries, but at the same time have brought new opportunities. Consumer behavior has also undergone significant changes since the beginning of the pandemic, one of which is the accelerated transition to the online environment.
In this context, the need for data anchored in the current reality is deeper, whether about and from consumers or about competitors.
We, at MKOR, respond to the need for relevant insights regarding consumer behaviour in Romania through the first live market study – Consumer Trends.Live. This complete market intelligence tool helps companies with data from the market of interest.
Gain the competitive advantage with market data, which you can find even as they happen, with a single click in the interactive dashboard!
