BEAM Insurance

10 minutes read

Project Overview

In the highly competitive Motor Insurance Market, the AA embarked on a strategic initiative to diversify its brand portfolio by introducing BEAM, a new insurance product tailored for the Price Comparison Website (PCW) market. Traditionally, the AA has been a dominant player in the motor insurance sector, however the evolving market dynamics and consumer preferences highlighted the necessity for a multi-brand strategy to cater to a broader customer base and enhance competitiveness on PCWs.

Objectives

BEAM was conceived as a strategic response to these challenges, aimed at:

  • Diversifying Brand Presence: As the AA's first foray into launching a second brand, BEAM represented a significant strategic shift to employ a multi-brand approach, similar to successful practices in the market.
  • Targeted Product Offering: BEAM offered a 4-star Defaqto rated product, exclusively available on PCWs, to attract customers seeking quality insurance at competitive prices.
  • New Customers: To attract new segment of consumers, particularly younger ones, seeking more affordable insurance options without compromising on coverage quality.

My Role

As the Senior Business Analyst for BEAM, my responsibilities included:

  • Elicitation, analysing, validating both functional and non-functional requirements to capture and document the requirements for the MVP
  • Running nummerous workshops with more than 100+ stakeholders and generating various artefacts - use cases, process flows, traceability matrix, MI and reporting, customer support IVR setup
  • Assessing the impact of any change request in the dvelopment phase
  • Coordinating with the Project Manager to ensure that any risk and issues are highlighed immediately and the workflow is not impacted
  • Post MVP, analysing the new requirements to refine the product and also the product renewal cycle
  • Laising with the Solution Architects to assess the architectural impact on the solution proposed
  • Understanding and gauaging the impact of other projects on BEAM

Conclusion

BEAM achieved remarkable sales, with 48K policies sold by December 2022, indicating strong market acceptance. It accounted for 18% of all new business from PCW partners, with a significant portion of customers opting for monthly installment payments.