INVL Life is a life insurance company which just launched a branch in Estonia. I had the opportunity to research and design a concept helping them acquire new young clients and stand out on the market. This is a project from my MA Service Design course.
individual:
problem analysis,
concept development
with a team:
research, persona development, user journey mapping
Nov - Dec 2022 (2 months)
Watch me pitch this project at my faculty's design showcase
We started the research by doing user interviews with extremes. We found out Young people are not educated about insurance and think it is something for older adults. Statistics confirm this as only % of young people have life insurance.
They also claim that it's too expensive for them, meanwhile insurance costs monthly the same as two beers.
The most interesting quotes from interviewed young people:
Young people don't need much coverage, as there is usually no-one financially dependent on them. However, if they or their close ones do not have enough savings, they would have financial difficulties paying for funeral, or covering inability to work after an accident or illness. Having insurance provides them with the peace of mind, that they are covered.
We summarized our research by creating customer segments represented by personas. My team focused on Iiris, a young procrastinator, and my job was to tackle the very first drop-off point in her journey with INVL- she becomes interested in insurance but is too busy to get it.
I dived deeper into this problem and through interviews and desk research learned the problem wasn’t with the lack of time, but people not being sure they need life insurance.
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I framed the challenge as:
I decided to focus on a website as a touchpoint, because if we create an interesting solution here, other points can refer to it. Current website focuses exclusively on young families. In my concept I generalised it and presented all the information young people need to understand whether life insurance is for them.
Main part of my idea were interactive short films. Young people love Netflix and stories, and to make it more engaging they can decide how the story continues. This would allow them to see different endings based on whether the characters had or didn’t have life insurance and make them think if they would be prepared for these different tragic situations.
Have a look at the prototype of my concept for the insurance product page
You can the volume up and watch Markus' interactive story
INVL currently sells only life insurance as a base and provides the option to add additional covers later on. Talking to sales, analysing competitors and interviewing young people, we learned they are more interested in additional covers. Customers currently also have to choose how high money coverage they want without any guidance.
I suggested to modify the product so that one can buy packages of additional covers bundled with insurance base, which have preconfigured coverage amount.
As all 12 of my classmates proposed different ideas, INVL will discuss internally which ones they will implement. If they decided to cooperate with me further, I would proceed with testing and preparing legitimate content for every product.
We used a creative way to create customer segments. We affinity mapped all of the important research outcomes and then regrouped them more time. On this project it was actually my first time getting hands on experience on analyzing customer journey.
