The “Millennials Are Not Interested In Life Insurance?!” project took place over four weeks at the Cookhouse Lab, Toronto. This blog details the final two weeks of the project.
At the beginning of Week 3, the team ran a second workshop to test their problem statement, and help prioritize the needs of their customers. Millennial workshop participants stated that they did not like the idea of protecting their current lifestyle, as they expected their life to be constantly changing over the next several years. They also rejected the idea of wanting “immediate” value, instead preferring value generally. Based on this feedback, a third problem statement was developed, and subsequently validated in a workshop during Week 4:
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.
Throughout the project, the team focused on millennials receiving some form of post-secondary education. The team identified that these millennials are not reaching events that would trigger the purchase of traditional life insurance products until they are 30 years old (note that this changes for Millennials not completing post-secondary education, and Millennial immigrants). As such, the team focused their solutioning efforts on developing an Engagement Framework, including a series of initiatives that could enable insurers to build a relationship with millennials during key life events by meeting their immediate needs, including financial planning assistance. The goal of this Framework is to ensure that when Millennials do reach 30, they have gained a sense of trust and brand awareness, increasing their propensity to purchase life insurance from participating organisations.
Accomplishments to date (final 2 weeks)
- 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 of Millennials receiving post-secondary education.
- Developed an Engagement Framework, including 23 tested and ranked initiatives on how to engage will target millennials throughout key life events.
- Completed the Innovation Report and Final Presentation.
- The Cooperators
- IRB Brasil Re
- 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).
Still hungry? Check out our Management Report for this project here!