Project: Create an Insurance Loyalty & Reward Program
Starts: Feb 2, 2017 / Apply By: Jan 15, 2017
A loyalty program creates a relationship between a consumer and a brand. Companies offer their loyal customers promotions, exclusive products or pricing in return for their loyalty.
Nowadays insurers are facing the problems that people show a lack of interest in financial products mainly resulting from a limited understanding and awareness. Other than banks, insurers mostly only have a few opportunities to interact with their customers.
In addition, the majority of insurers does not offer any incentive to their customers for active risk mitigation, especially since their risk calculation is based on fixed attributes and not on the behavior of their customers. A loyalty program for insurers opens a range of possibility to:
- Attract new customers
- Retain and strengthen the relationship with customers
- Raise awareness to customers about their lifestyle to mitigate risks
- Create new business and service models
Goal of our first innovation project is the design of a loyalty & reward program based on a holistic behavior-based experience focusing amongst others on the following topics:
- 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
How Do I Apply?
If you are a Cookhouse Lab member and interested in participating in this project please get in touch with us by January 15, 2017.
Not Yet a Member?
Contact us at [email protected] to pricing and options.
Questions or suggestions?