Posted on

Insurance Loyalty & Rewards

Innovation Project Loyalty and Rewards

Innovation Project Summary Cookhouse Lab

Insurance Loyalty & Rewards

A loyalty program creates a relationship between a consumer and a brand. Companies oer their customers promotions, exclusive products or pricing in return for their loyalty.

12

WEEKS

TORONTO

2017

5

MEMBERS

1

MVP

Problem

Insurers do not know how to show customers that they care about their life, wellness and behavioral changes, therefore they don’t retain them.

Building an insurance customer relationship

WHY?

Insurance companies need customer loyalty otherwise they become a commodity

CUSTOMER

  • Insurance made easy
  • All insurance products in one place
  • Increase awareness
  • Insurance tips
  • Rewards on insurance
  • Updates on insurance

CUSTOMER'S FAMILY

  • All family members in one place
  • All policies in one place
  • Avoid buying the same insurance product twice
  • Identify gaps in coverage

INSURER

  • Communication channel
  • Show awareness to customers
  • Increase retention
  • Accumulate customer data in one place
  • Update on customers’ life events
  • Risk assess easier

REINSURER

  • Increase customer retention
  • Helps to develop new product portfolio
  • Referral networks
  • Easier to access customer data
  • Tailored offers for customers
  • Push notifications

Flexible membership options

See Options

DISCOVERY

Connect insurance to daily used appliances via Internet of Things

Create an online environment and communities for users with gamification and social media integration

Collect, analyze and provide data and information

Motivate and reward customers to engage and mitigate risks

Nowadays people show a lack of interest in financial products mainly resulting from a limited understanding and awareness.

SOLUTION

The project team developed a high fidelity minimum viable product (prototype) insurance focused customer caring mobile application nicknamed as “BACON”.

Single place to easily manage your insurance. New communication channel and data sources (IoT) to enable a better understanding of end customers.

A digital experience to engage users through gamification providing challenges that incentivize risk mitigating behavior. Motivate and reward customers for risk mitigating activities.

Loyalty and Rewards platform that focuses on caring. Overall view of customers life and the areas they care about. Place to store all insurance information. Channel of communication with the customer.

ESTIMATED IMPACT

An “everything in one place” experience where customers have all their insurance info in one place organized by care categories rather than products.

Positive behavior driven challenges and rewards to further protect the customer’s insurance care items using daily used IoT-connected appliances.

Customer Engagement

increase
with insurance literacy and a gamification approach for motivation

Customer Loyalty

increase
through a personalized insurance experience rewarding positive behavior challenges

Customer Data Collection

increase
allowing a better risk assessment understanding and tailored product offerings

Ready to innovate?

Search Events

RESULTS

Over 3 months an insurance focused customer caring app was created to attract new and retain existing customers focused on mitigating risk altogether.

6

Empathy Maps

93

User Interviews

67

Surveys

52

Wireframes

160

MVP Screens

7

Prototype iterations

1

Innovation Report

6

Project Presentations

PARTICIPANTS

Explore other innovation projects