Loyalty & Rewards Project (Week 7): Reflection

We have now passed the halfway mark of our project journey. The team has made fantastic progress so far, iterating through the design thinking journey. Combining design thinking and lean startup methodologies, the team has completed version one of the insurance loyalty and rewards MVP based on end-user feedback.

As we continue through our unique Cookhouse Lab experience that combines co-creation, open innovation, and insurance expertise, the team now moves on to another customer segment: The potential investors. 

As part of this reflection exercise, the team spent the week preparing and connecting with stakeholders at each of our (re)insurance member companies,  IRB Brasil, Munich Re, Hannover Re (Ireland) DAC Canadian Life Branch and Forester Financial to identify their needs. 

Although everyone was interested in retention, it was very interesting to experience the feedback each of the companies provided as each had their own perspective. While one focused their interest around the IoT and wearable integration technology of the project, another focused on our gamification experience. 

The team found it valuable that this reflection exercise was done at the half waypoint. It not only kept us aligned with the needs of potential customers, but also reinforced our focus on overlapping the value between end-users and the companies.

To support the retention of customers, our loyalty and rewards MVP will:

  • Provide a new channel of end-customer engagement through positive behaviour challenges
  • Earn end customers valuable points that they can use to redeem for extended insurance
  • Offer a personalized experience for end customers as the MVP will allow them to store and update (through IoT & wearables) all of their insurance information

In Week 8, the team will deep dive into each of the values stated above and prepare for our second pitch breakfast to internal stakeholders of each member company. 

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