About the company
LV= General Insurance (LV= GI) is a leading insurance business offering a range of general insurance products. As of January 2020, LV= GI acquired L&G General Insurance whilst also becoming a part of Allianz Holdings PLC. They are one of the UK’s largest personal lines insurers, with more than seven million customers and 4,000 employees. They are a very ambitious and consumer focused insurer, winning multiple awards and becoming the recommended car, home and breakdown insurance provider by Which? in 2021.
About the project:
As a business, LV= GI wanted to become more environmentally responsible, aiming to reducing any negative impact they made to the environment. They had already launched several initiatives to achieve their net-zero goals such as the Green Heart Standard for the Building Contractor Network and Green Heart Supplier Promise. As a part of their ambitious environmental, social, and corporate governance agenda, they wanted to investigate the customer perception and level of acceptance of green products and the driving factors that lead to purchases, aiming to produce greener products for their customers.
Project Objectives:
LV=General Insurance Rising Statement
What do you think the students brought to the business? Were their ideas different from what you could have achieved if you have conducted this project in-house?
The students brought a different perspective to what is a complex issue. This perspective from a younger group allowed us to explore some alternative options, confirm some initial thoughts and have a wider discussion and debate surrounding our current approach.
The students were really engaged throughout the whole process, bringing a professional attitude, and providing challenging questions to discover solutions and answers. We were really impressed with their collective attitude and the outputs.
How do you think the Business Projects have helped your business?
The students provided an alternative perspective for us on an issue that has a myriad of approaches. This perspective allowed us to challenge some of our thinking and have a broader internal discussion, particularly around marketing, customer communication and our overall approach to developing greener products.
How would you use the outcomes in your business going forward?
The student’s outputs will be used to inform our wider discussions and approach to engaging with our customers, opening up a discussion about how to approach new customer demographics. 