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Identified top value drivers for insurance plan selection
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Prioritised feature upgrades based on customer importance ratings
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Improved plan uptake by 17% across target LatAm markets
CLIENT CHALLENGES
- A Latin American insurance firm aimed to revamp its health insurance offerings to align better with changing customer expectations
- The client needed to identify which features mattered most to different consumer groups across Brazil, Mexico and Columbia
- With limited flexibility on pricing, the client wanted to optimise bundles to drive higher plan adoption and retention rates
OUR APPROACH
- Step 1: Data collection
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Designed and deployed an online survey targeting 4,500 recent and prospective customers
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Included a max-diff module to measure the relative importance of 15 possible insurance features
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- Step 2: Survey setup
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Each respondent evaluated sets of five features, selecting the most and least important from each set
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Demographic, purchase history and plan tenure data were also collected
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- Step 3: Data processing
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Cleaned the dataset, removing low-engagement responses (straight lining, inconsistent answers, etc.)
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Created standardised feature labels across Spanish and Portuguese survey versions
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- Step 4: Max-diff analysis
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Used hierarchical Bayesian estimation to calculate utility scores for each feature at the respondent level
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Aggregated results, to determine overall feature importance and market-level priorities
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Identified feature preference splits by country (Brazil, Mexico, Columbia) and by key customer segments (e.g., younger buyers, high-value clients)
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IMPACT DELIVERED
- Helped the client design three upgraded plan packages prioritising high-importance features
- 17% increase in new plan subscriptions during pilot market tests
- Enabled more targeted marketing messaging emphasising telemedicine and mental health support
- Supported pricing justification by aligning upgrades with customer-perceived value
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