Standard Life is one of the leading mutual financial service companies in the world and Scotland's largest private employer.

Standard Life has been looking after its customers for over 180 years, building assets under management which are worth more than the combined market value of Shell, Reuters, Tesco, Cadbury Schweppes and Marks & Spencer.

Having recently launched a new protection offering in the market place, Standard Life was keen to gain an understanding of the factors that drove intermediaries to use different financial providers for protection products.

Standard Life wanted to understand if, in an increasingly commoditised market place, there was scope to offer a value added protection product. The key question Standard Life needed to answer was “to what extent are intermediaries willing to pay for a value added offering”

Standard Life also wanted to apply some blue sky thinking to understand how several new innovative services may impact on intermediary usage and drive likely market volumes.

We adopted a business modelling approach and using our advanced primary research methods with Global Insight we constructed a simulation tool that accurately quantified the key factors that drive intermediary choice. This simulation tool was then used to predict intermediary reaction towards a number of different value added propositions that Standard Life was considering to implement.

Standard Life now has a full market simulator that they use on an ongoing basis, using Fizz, to assess the feasibility of any changes to their protection offering.

Nunwood: "Profit Through Knowledge"

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“The business simulation tool will be used on a regular basis as Standard Life consistently evaluates its product offering and investigates new propositions for the IFA market. The new tool will contribute greatly to the decisions made to support Standard Life’s on-going strategy to provide competitive products and meet the changing needs of policy end users.”

Mick James,
Marketing Manager,Standard Life.