Innovation Project Summary Cookhouse Lab
Insurance Loyalty & Rewards
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
DISCOVERY
Nowadays people show a lack of interest in financial products mainly resulting from a limited understanding and awareness.
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
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.
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.
RESULTS
PARTICIPANTS
More Co-creation Sprints
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