A major African life assurance and funeral plans provider was looking to innovate cross-markets by entering the UK market having identified an opportunity to provide funeral plan services to African diaspora resident in the UK. This formed an integral part of the provider’s innovation strategy to increase its international presence, grow its proposition offering and diversify its revenue sources.
Before it began operations in the UK, the provider required a market evaluation and needed to develop an appropriate country specific strategy which included:
- Understanding the regulatory and operational regime in the UK
- Scale and make-up of the UK market
- Proposition offerings, price points and methods of distribution
- Regulatory and operational requirements to trade in the UK
- A plan of activities with timescales to go live
Having a position on these would be critical to the organisation to ensure a successful market launch from a ‘start-up’ position.
Ninety has worked with a number of consumer services organisations to develop business strategy, proposition offering and market launches. We were asked to give our perspective on the current UK market, the major providers, consumer offerings and the methods of delivery.
Utilising our knowledge of the UK regulatory regimes, Ninety was able to provide options and implications for the provider regarding business structures, codes of practice, plan fund investment options and appropriate governance. This enabled the provider to consider the choices of compliant structures and to determine what was optimal for its business model
Through our levels of insight, Ninety was able to give the provider key perspectives on market trends and where opportunities exist in this sector. Key elements that this covered included proposition offering, pricing, distribution and marketing.
Ninety provided clear recommendations and a structured approach to UK launch which included:
- Legal covering entity structure, accounting and investments
- Business model covering fees, redemptions and industry body membership
- Operational requirements covering funeral plans, distribution and marketing
Within a four-week period, Ninety gave the provider a full market analysis and an holistic recommended approach to launch in the UK. This included a clear view of timescales for each activity and a go-live plan for the organisation to become operationally ready from a corporate structure and commercial perspective.
We also provided an overview of the next stage developments required for the organisation to successfully scale and expand once it had passed through the initial launch phase.