Giving Life to Life Insurance
FEBURARY 2018
Goal Reimagine the annual policy statement to engage clients throughout their lives
Role Research and Strategy Lead
Client Top financial services and product provider
Scope 5 months, $500K, 4-person team
In-context research with life insurance policy holders
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
In-home interviews with supporting stimuli
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.
Client ideation and work sessions at headquarters
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An outdated reflection of a static product not a dynamic plan.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.
Resonance testing stimulus with policy holders
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