Initial Project Description:
Insurance companies are currently struggling to engage with millennials on the topic of life insurance. According to the 2016 Insurance Barometer report, only 51% of Millennials (aged 18-35) in the United States own a life insurance policy. The question “why aren’t millennials interested in life insurance?” is not new to the industry. The lack of interest has been analysed and attributed to a range of reasons, including: >> Read More
The team developed a total of three problem statements throughout the project. The first two statements were revised, following a decision to focus on the customer, and subsequent customer testing. The final problem statement which the team worked to address was as follows:
As a Millennial, aged 18-29, the problem is how to be smart with my money to be able to afford my current needs, support my changing lifestyle, and achieve my future goals.
Duration of Project:
- 4 weeks
- Wawanesa (Michael Janciw)
- The Co-operators (Julia Budahazy, Patrick Lister, Susan Stuebing, Stacey Polonicoff)
- IRB Brasil Re (Gabriella Pacca)
- Manulife (Alanna Rand, Billy Chan, Denise Macharacek, Monique Kavanagh)
We would like to extend our gratitude to those who shared their knowledge with the team, and helped the team achieve their project goals:
- Hybris (SAP)
- BEAR (Behavioural Economics in Action at Rotman) featuring Vanessa Lu, Jane Hiu Man Poon, and Temujen Banerji (MBA Candidates at Rotman), Melanie Kim (Research Associate and Coordinator)
Project Highlights and Milestones:
During this four-week sprint, the team achieved the following:
- Developed assumptions and customer personas.
- Conducted three workshops and two surveys, engaging with a total of over 100 customers.
- Conducted secondary market research.
- Defined, tested and re-defined the project problem statement.
- Developed and validated the millennials life journey map, based on key life events.
- Developed an Engagement Framework, including 23 tested and ranked initiatives on how to engage will millennials throughout key life events.
- Completed the Innovation Report and Final Presentation.
FINAL OUTPUTS (JOURNEY MAP):
The following Journey Map was developed by the project team. For access to the second part of the Journey Map as well as the Engagement Framework, check out how to join Cookhouse Lab!