Blog & News

Loyalty & Rewards Project (Series Finale): Delivering Business Value

[fa icon="calendar"] May 12, 2017 4:00:00 PM / by Jason Yu, Innovation Chef

Jason Yu, Innovation Chef

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"Coming up with an idea is the easy part. Bringing that idea to life is the difficult part"  

This advice was given to me very early on in my career but still rings true every time I embark on a new innovation project.  As innovation professionals can attest to, it is the vetted business value of an innovation that is one of the most difficult elements to overcome when applying for budget or devising a go-to-market strategy. 

As the team worked towards the end of the project, the focus was on business casing, and the due diligence supporting the features of the newly created digital experience.  All of which were in an attempt to deliver business value planned from the beginning of the project. Some examples of these can be seen below. 

INVESTIGATED BUSINESS MODELS 

A key component of the delivery is the go-to-market business model. Given the diverse insurance and reinsurance Cookhouse Lab members and the geographies they represent, multiple models were considered to support the post project launch of the application. Additional details were provided in an innovation report to the project member insurance companies. 

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Considered Loyalty & Rewards Business Models  

Working with actuary project members, the team also produced several financial models that defined the on-going budget available to engage and retain a high lapse probability customer. Several versions were produced along with sensitivity along various lapse rates. The models were also delivered in the innovation report as a due diligence data source and analysis. 

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Sensitivity testing the model based on lapse rates 

CUSTOMER FEEDBACK 

Finally, customer engagement is key to the unique value proposition of the MVP. Hence additional rounds of end customer interviews were performed to identify the challenges that would be most interesting. All customer feedback, surveys and interviews were collected and shared in the customer insight section of the innovation report. 

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Insurance Challenge testing with end customers 

Bacon Reward Challenge within the Application

From this customer feedback and testing, the team defined several high interest challenges that would target motivations of several types of customers. As we know, adoption and engagement are key to any digital experience which the team delivered in a gamified challenge feature. This is one of many features that were included based on customer insights.

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MVP Challenge example 

It was an intense project timeline of ideating, designing, iterating and developing the business elements of the MVP.  Captured in details in the innovation report, the deliverable was refined iteratively with customer feedback throughout the entire experienceAlthough it was a short 90-day journey, it was a fruitful one, as the team was successful in delivering the MVP and report to stakeholders on the final day! 

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The Loyalty & Rewards Team 

It is truly incredible to see the collaboration efforts and speed that our first project team delivered! The entire Cookhouse Lab team is thrilled to embark our next set of projects! One MVP down and many more on the way! 

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Topics: insurtec, news, innovation project progress

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