Research Plan

While PolicyBazaar today is in the Unicorn Club, it started out as a lead generation company. Its erstwhile business model revolved around giving information to customers. And based on their interest in the insurance product, they used to pass the information to partners. That model, however, didn’t work out. Yashish Dahiya, Co-founder and CEO, said, “There is a big middle-class in India. They have no answer to death, disease, and disability. That one answer was not there in the insurance industry. So, the last 11 years has not changed at all and that allowed us to deep scale every year.”

They realised that insurance cannot be sold as a one size fits all. Each consumer is unique and so are their requirements. Therefore, segmentation and need identification are an integral part of operations. Customers have been segmented on demographic profile, website navigation behaviour and responsiveness to CRM activities like email and SMSes. With this, the data insights are used to recommend the right product and add-ons that a customer should consider purchasing and to suggest the appropriate sum insured that would help increase the chance of the customer getting the policy while catering to inflation at the same time.

PolicyBazaar is mapping the entire customer journey end to end to see where the drop off is happening. The idea is to locate the slips and misses so that the gaps can be plugged. “We will identify the reasons for the drop and address them on the case to case basis. There is no one size fits all approach to it. Drops happen for specific reasons and are unique to each consumer. So we will devise our strategy accordingly and have an exclusive approach for each customer,” says Ashish Gupta, CTO.

An Multinational Conglomerate

In 2005, Samsung did a number of ethnographic user studies that completely changed the way it went about designing TVs.

Samsung representatives visited users in different countries to observe how they live and to ask them about their homes and the TV’s role in their homes. At the time, Samsung and most other TV manufacturers produced TVs that were designed to show off their technical capabilities. Samsung found that users saw the TV more like a piece of furniture. Since the TV was turned off mostly during the day, users didn’t want it dominating their living space. So, rather than show off their expensive TV with all its technological capabilities, they tried to hide it away as much as possible, under TV covers or behind TV units with doors.

Following this insight, Samsung radically changed its design strategy. It moved the inbuilt speakers to make the TV slimmer and to create a minimalistic design that would blend in into users homes.

By 2007, Samsung had doubled its share in the global TV market because it had proven to understand how to make its TVs relevant to its customers.

| Source - Harvard Business School Case 9-705-508

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