Vince Consumer Researcher, Solaria East
The middle-income class in Vietnam is growing and the sale of small- and medium-sized cars is expected to increase significantly over the next five years. Liberty Vietnam has historically focused on large and luxury cars, so this trend presented an opportunity to create a product set that is tailored for this emerging need and help first-time car owners take this major step in their lives.
Solaria Labs East partnered with Vietnam operations to deeply understand consumer needs, product economics and channel preferences. We interviewed and surveyed over 300 consumers and agents in the small-medium motor space to identify what is most important to them when selecting a motor policy. We identified which coverages were perceived as more valuable and the consumers’ preferred purchase channel based on their level of familiarity with insurance. This data informed us that we would have to offer a spectrum of products to meet the various needs of our different personas.
Within 5 months, the team launched a new suite of small-medium products, including a low-cost, modular, and comprehensive offering across multiple channels and sold over 1,000 policies within the first month in market! To ensure continued success, we are focused on collecting more consumer data to better understand their risk profile and improve our pricing sophistication.
Moving forward, we are looking to expand these products to more cities in Vietnam and explore opportunities to launch similar modular and low-cost insurance products across the region.
Check out our site: Vietnam Motor