InsurTech Innovation Projects

Project: Create an Insurance Loyalty & Reward Program 

Starts: Feb 2, 2017 / Apply By: Jan 15, 2017

 


Description:

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? 

Interested?

If you are a Cookhouse Lab member and interested in participating in this project please get in touch with us by January 15, 2017.

Apply Now!

Not Yet a Member? 

Contact us at hello@cookhouselab.com to pricing and options. 

Become a Member!

Questions or suggestions?

We are happy to hear your feedback or answer any questions you have. Please get in touch with us anytime. 

Let's Chat

 

 

 

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Project type:

  • Open Innovation Project for Cookhouse Lab members 
  • Project team will consist of members from different insurers from different regions worldwide

Duration:

  • 3 months
  • Start: 2 February 2017
  • End: 28 April 2017

Insurance Business:

  • Insurance & Reinsurance
  • P&C & Life insurance

Ideal Target group:

  • Marketing & Sales
  • Business & IT

Project Phases: 

During the innovation project we will run through the different Design Thinking phases with the goal to create a business case and a Minimum Viable Product (MVP):

  • Empathize: Learn to understand your target group
  • Define: Construct point of view based on user needs
  • Design: Collaborate to design a business case and idea
  • Create: Build a representation of the idea (MVP)
  • Test: Test & retest the idea with different users

Cookhouse Lab will provide innovation experts, research staff, UX/UI designer and technical experts as well as full access to a loyalty a reward system and an IoT platform for testing and development. The project will be supported by our lab partners to provide relevant legal, technical, entrepreneur and innovation coaching support.

 

 

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