Insurance Experience

Berlin, 2018 | personal project

 
 

Opportunity

Insurance companies today have few touch-points with their customers. Typically, the relationship is based on negative touch-points in case of an incident, with no positive ones. Brand loyalty can be improved if we introduce positive touch-points.

 

    Objective

    We want to encourage positive lifestyle choices through a new feature on our current health insurance mobile app. Positive behavior and actions should be rewarded in some way, either financially or through other kinds of perks. The data generated by this feature can be used to improve insurance risk assessments allowing us to better tailor our service to customer needs.

     

    Hypothesis

    1. Health insurance users who maintain a healthy lifestyle are less likely to have an insurable event and therefore will be more profitable in the long-run. 

    2. Actively engaging users with positive touchpoints will reduce price-sensitivity around renewal time which will result in decreased churn and therefore increased customer lifetime value.

    3. Introducing a lifestyle feature into our app will increase product differentiation in the marketplace and will reduce our reliance on pricing to attract new customers and to remain competitive.

     

    Success Criteria

    To ensure this feature is performing, we will track the following metrics:

    1. Leading metrics

    • Clicks on new feature link
    • Completion of onboarding tutorial
    • Connection of at least one third-party service

    2. Trailing metrics

    • Percentage of new users still using feature after 30 days
    • Increase in the percentage of friend referrals to the app
    • Increasing customer lifetime value

     

    Approach

    In order to understand the full life-cycle of the user journey, I interviewed some people and created a user journey map. I realized there were no positive touch-points in the user journey.

     

    User Research

    Click on the image to see the details!

     

    User Research Key Points:

    Pains

    1. Have to manually enter a lot of information
    2. Lots of paperwork to provide
    3. Long contracts to read
    4. Never clear what’s covered by the insurance
    5. Have no control over the payments
    6. Every insurance company has their own processes, inconvenient to manage all of them

    Needs

    1. Manage all insurance documents after purchase in a convenient way
    2. The application process could be faster and easier
    3. Suggest new insurance policies that might be important
    4. Understand what they are signing and what the insurance cover includes and, importantly, what is excluded
    5. Make it easier to make meaningful comparisons between different insurances companies and policies. For example, how easy is the claim process
     
     

    Prototype for onboarding journey

     
     

     

    Future opportunities

    1. Bigger marketplace of connected apps. e.g: 

    • Mental health apps
    • Supermarket apps
    • Diet apps

    2. Bonus points for exercising with your friends

    3. Introduce reward mechanism for other types of insurance

    4. Allow points to be used at greater range of services

    5. Provide reminders to do exercise within app

    6. Provide daily life-style tips 

     

     

    Thank you for reading.

    ・・・