Business Challenge

How might this client, primarily known for life insurance, increase financial planning customer retention, growth, and NPS through their annual policy statement (APS)?

Project Goals

Understand and capture the components of great annual statement experience through understanding current and future customer needs and pains.

Envision and design prototypes that reinforce business and product value proposition while acknowledging the needs and expectations of customers.

Project Summary

Approach

Generative and evaluative research

Structure and conduct moderated interviews with multiple client segments in 2+ geographies to understand underlying drivers, expectations, and motivations

Synthesis

Identify and prioritize key findings to design to best serve needs of customers and those of the business.

Prototype

Envision the ideal experience of APS and its benefits through 3 formats that speak to the needs of customer segments: paper, digital, hybrid. 

Key Findings

An outdated reflection of a static product not a dynamic plan. APS presents products without a past, present, or future that connects with people’s lives.

Not evaluating the promise, not proving value over time. Customers create their own metrics to see if the product is still on track and providing promised value. Current APS only shows policy value in a way business, not people, define it.

Outcome

Unfortunately, the client went through a re-organization and funding to pursue our recommendations was prioritized elsewhere.

Deliverables:

• Customer insights and tools developed to depict these (journey maps, frameworks)

• Opportunity areas to improve and further the value of business in customers’ financial lives

• Recommended experience and design criteria to articulate the attributes and requirements for a client-centric APS, detailed requirements for each channel involved 

• High level recommendations and prototype for mid, long term releases