Loyalty & Rewards Project (Week 8): Creating a Digital Experience to Humanize Insurance

“The needs of insurers are not aligned to the needs of customers”

Often times, driven by profitability and shareholder return, corporations continue to find it a challenge to align their financial goals with customer needs. This opportunity, although identified early on in the project, continues to be a key theme for the project. The common situation that seemed to arise when comparing customer feedback to insurer feedback, was that insurers tend towards communicating by their products while customers tend to only understand insurance within their own context. 

In Week 8, the team created a concept that maps what matters to customers to an insurer’s existing products. A number of “care items” were identified during this exercise and we worked ensuring these components were integrated into our solution. 

Screenshot of the current insurance loyalty and rewards prototype, representing some examples of “care items”. 

The mobile app, codenamed “BACON”, centers a digital experience around care items to represent what customers are really protecting when they invest in insurance. However, with any mobile app, stakeholder motivation is key to success. The team sought answers to some very important questions through feedback, research, and observing market trends. 

What’s in it for customers? (Based on feedback and research)

  • A way to have all their insurance coverage in one place
  • A new way to share “positive and negative stories” with their insurers to earn rewards
  • A new place for them to leverage their wearables and IoT data

What’s in it for insurers? (Based on feedback and expert trends)

  • A new way to better understand their customers via personalization and technology (eg. IoT)
  • A new way to engage their customers by rewarding
  • A new way to incent and motivate risk mitigating behaviour (supported by research conducted)

After the needs of the stakeholders (insurers) were identified, the team focused on the commonalities between them.  Addressing these common overlapping desires is the secret sauce towards an optimal digital experience.  Follow up interviews were conducted to dig deeper in order to identify the following common opportunities. 

Common insurer opportunities:

  • Direct communication possibilities via notifications 
  • Engagement and retention via challenges 
  • Connecting Internet of Things devices to the app 
  • Behaviour changes possibilities 
  • Point conversion model 
  • Data scraping and obtaining personal info 

Although we are in the delivery phase of the project, the team remains true to the iterative feedback methodology as we continue to collect feedback on a weekly basis.

Next week, the team will continue on delivering the final MVP with a focus on some customer behavior based challenges and the development of a points to rewards financial model.

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