Innovation Project Summary Glimpse

Insurance Loyalty & Rewards

A loyalty program creates a relationship between a consumer and a brand. Companies oer their customers promotions, exclusive products or pricing in return for their loyalty.

12
WEEKS
5
MEMBERS

Toronto
2017
FEB - APR
1
MVP
logo-cycle

PROBLEM

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

Building an insurance customer relationship

WHY?

Insurance companies need customer loyalty otherwise they become a commodity

CUSTOMER
  • Insurance made easy
  • All insurance products in one place
  • Increase awareness
  • Insurance tips
  • Rewards on insurance
  • Updates on insurance
CUSTOMER’s family
  • All family members in one place
  • All policies in one place
  • Avoid buying the same insurance product twice
  • Identify gaps in coverage
INSURER
  • Communication channel
  • Show awareness to customers
  • Increase retention
  • Accumulate customer data in one place
  • Update on customers’ life events
  • Risk assess easier
REINSURER
  • Increase customer retention
  • Helps to develop new product portfolio
  • Referral networks
  • Easier to access customer data
  • Tailored offers for customers
  • Push notifications
Flexible membership optons
icon-4
LEARN MORE

DISCOVERY

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

Insurance Loyalty & Rewards - Discovery

SOLUTION

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

Insurance Loyalty & Rewards - Bacon

 

Single place to easily manage your insurance. New communication channel and data sources (IoT) to enable a better understanding of end customers.

loyalty_insurance_rewards_1

A digital experience to engage users through gamification providing challenges that incentivize risk mitigating behavior. Motivate and reward customers for risk mitigating activities

loyalty_insurance_rewards_2

Loyalty and Rewards platform that focuses on caring. Overall view of customers life and the areas they care about. Place to store all insurance information. Channel of communication with the customer.

loyalty_insurance_rewards_3
Ready to innovate?
Join industry colleagues and peers around the globe and begin your collaboration and co-creation journey today!
Icon1
LEARN MORE

ESTIMATED IMPACT

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.

Loy5

Customer Engagement

increase

with insurance literacy and a gamication approach for motivation

Loy6

Customer Loyalty

increase

through a personalized insurance experience rewarding positive behavior challenges

Loy7

Customer Data Collection

increase

allowing a better risk assessment understanding and tailored product offerings

RESULTS

Over 3 months an insurance focused customer caring app was created to attract new and retain existing customers focused on mitigating risk altogether

6
Empathy Maps
93
User Interviews
67
Surveys
52
Wireframes
160
MVP Screens
7
Prototype Iterations
1
Innovation Report
6
Project Presentations
Become an annual member today
Gain access to full innovation reports, research papers, and more
LEARN MORE