Written by Jason Yu
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 the success. The team sought for 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 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, a focus on customer challenges, behaviour models and how much of a reward budget can operators of BACON spend.