Initial Project 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. >> Read More 

Problem Statement:

Insurers do not know how to show customers that they care about their life, wellness and behavioral changes, therefore they don't retain them.

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Project Participants: 

  • Foresters Financial
  • Hannover Re (Ireland) DAC Canadian Life Branch 
  • IRB Brasil Re
  • KPMG (Canada) 
  • Munich Re Canada

Project Highlights and Milestones: 

The initial project goals that were given to the team were

  • 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

Over the 90 day project period, the project team worked on achieving the above goals focusing on the problem statement.

Developed through various customer centric support activities, based on Design Thinking Methodology, the project team created an insurance focused customer caring app nicknamed "BACON". The team set the focus on creating an app that attracts new and retains existing customers and mitigates risk altogether. To achieve the goals and to address the problem statement, the app provides insurance customers with

  • An "everything in one place" experience where customers have all their insurance info in one place organized by care categories rather than products
  • Positive behavior driven challenges and rewards to further protect the customer's insurance care items using daily used IoT-connected appliances
  • Insurance awareness and knowledge enhancing opportunities

To support the creation of the platform, the team iterated and uncovered insights by leveraging

  • Customer feedback channels (face to face and remote)
  • UX/UI design iterations
  • Customer Behavior Research

Final MVP (Prototype)

The project team developed a high fidelity minimum viaable product (prototype) insurance focused customer caring mobile application nicknamed as "BACON". 

Here are a few sample screen shots of BACON in which our project team members now have the capability to bring this to life within their own organizations. 

 

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