Shifting perspective of life insurance from 'death benefit' to a 'gift of love'.
The innovation accelerator of one of the largest insurance firms in the world wanted to better understand how to engage with potential customers and reframe the benefit of life insurance from its current positioning as a 'death benefit'. The proposed solution would maximize demand for life insurance and ensure demand fulfillment for the target segment of newly married couples and new parents.
What we did
We tackled the business challenge by first mapping and understanding the key milestones that would trigger the need for life insurance. Within these life milestones, the team mapped the micro-moments and pain points, the resolution of which would enhance customer receptivity and likelihood of committing to life insurance. We also gained a thorough understanding of the insurance landscape through the customers' lens which aided in reframing life insurance in a more positive light - from a 'death benefit' to a form of financial planning (a gift of love towards your family/loved ones).
Following the testing of several prototypes, we provided the insurance provider with design guidelines to better engage with their customers. The insurance company repositioned its core products around the key life milestones of potential customers and over the course of 4-6 months, drove higher engagement and demand for the firm’s insurance products amongst its target audience.