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:
Goal of this innovation project is the design a loyalty & reward program based on a holistic behavior-based experience focusing amongst others on the following topics: