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.
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
Insurance companies need customer loyalty otherwise they become a commodity
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.
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.
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.