MRS Award for Research in the Financial Sector
The award – new in 2008 - is for the submission that best demonstrates the value of research to financial sector clients. Research projects and Insight programmes are both eligible.
Winners:
Rachel Barnes & Kirsty Cogan (Aviva) and Sarah Castell, Amy Hawthorn & Billie Ing (Ipsos MORI)
Customers at the heart of Aviva: a new approach segmentation
What the judges said:
This demonstrates the use of both cutting edge research techniques as well as employee engagement in delivering a truly actionable segmentation. Ethnographic techniques were used to maintain respondent interest in the subject matter. The committee was also impressed by the way in which the researchers compensated for the short term-effects of the recession. Immersion techniques ensured high level buy-in for the research at the outset and guaranteed its ongoing use and value within the business.
This is an excellent example of client and agency collaborating to maximise the value of research in challenging circumstances.
Finalists:
David Blackburn & Alex Owens (Capital One) and David Mayer (Lippincott)
Embedding segmentation at Capital One
What the judges said:
This entry impressed the committee with the way in which it integrated a range of types of data from different sources to create a multi-purpose segmentation. The researchers got senior managers involved in the programme of research from the start. The rich segmentation was built from behavioural and attitudinal variables and survey data were supplemented with information from a range of database and other secondary sources. The resulting segmentation has so far been used in both proposition and brand development.
Intrepid
Silencing critics and serving customers – the reinvention of PPI
What the judges said:
This project re-launched a financial product in a way which reflected customer needs as well as the underwriting considerations which must always be taken into account with such as product. An appropriate mix of innovative qualitative methods and robust quantification was used to create a segmentation which reflected the differing customer needs with regards to the product. The findings challenged and overturned preconceptions in some parts of the business. And the use of a cross-cultural values framework helped to ensure that the segmentation solution could be applied to other national markets.
Carol McCreadie (Standard Life); Sam Gardner & Caroline Walker(Nunwood)
Developing a new distribution model for the life and pensions industry
What the judges said:
This paper was a good example of robust research making a significant contribution to shaping business strategy. The project used both qualitative and quantitative techniques to take a fresh look at the channels through which life and pensions products are sold to customers. Conjoint modelling was used to future-proof the research against emerging developments in the market. The committee also liked the innovative use of workshops to help key people within the organisation to think through the implications of the study for the business.
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