Creating a new value proposition for insurance products
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Insurance provides people with protection and peace of mind.
A leading European bank aimed to strengthen its bancassurance component.
Although the bank had a history of selling insurance products, its role was confined to intermediation between customers and insurance providers. This led to inconsistent client experiences.
The bank had two pivotal objectives:
Craft a new value proposition for its insurance products,
Envisione a future digital solution that would provide coherent experiences for both clients and bank tellers.
The project team consisted of two Service Designers / UX researchers, including myself, and a Project Manager.
Exploration
Qualitative research
At the project's onset, we engaged in interviews with key stakeholders to grasp their insights and expectations.
Drawing from the bank's prior research, we also conducted a benchmark analysis of competing bancassurance and insurance services.
Moreover, we facilitated a service blueprint workshop, to gather a preliminary view of the bancassurance services and their interactions.
To enrich the service blueprint, we engaged in exploratory interviews with clients, bank tellers, external brokers, and contact center staff. These interviews, combined with prior research, unveiled key findings:
Clients needed support from trusted sources like their bank teller or broker throughout their journey.
During claims, clients often contacted the seller who acted as an intermediary, raising trust issues.
Bank tellers needed better training and access to information to assist their clients.
Quantitative research
Our research strategy extended to quantitative analysis to complement interview findings and enrich our insights.
Initially, we conducted a survey to quantify and amplify the insights garnered from interviews.
As our project progressed and ideation crystallized the service's core features, we embarked on a second survey, in order to conduct a Kano analysis on these ideas. This allowed for the strategic prioritization of their implementation based on their potential to deliver user satisfaction.
Ideation
Co-creation workshops
We facilitated collaborative sessions with the main stakeholders of the project to co-create the value proposition for the bancassurance service.
A groundbreaking decision emerged from these sessions: the bank's active involvement throughout the entire insurance process, covering claim reporting and issue resolution.
This significant departure disrupted the traditional model of only selling insurance.
The new value proposition is set on the promise that the bank will accompany and assist clients at each step of their journey with insurance.
Future service blueprint
To ensure a harmonious experience for every actor in the system and best serve the needs of the bank's clients and employees, we created a blueprint of the future bancassurance service.
This blueprint mapped connections between current and future processes, providing a roadmap for the service's growth. By considering the needs of clients and employees, it paved the way for the service's upcoming evolution.
The low-fidelity prototypes established design principles and acted as a roadmap for later development.
Conclusion
In around three months, this project covered extensive ground. Given its complexity and the numerous elements at play, the resulting solution is a preliminary iteration, prompting further exploration.
As our engagement concluded, we offered strategic recommendations to our clients for potential next steps:
Further research to understand the experiences of other stakeholders and processes within the system, ensuring the bancassurance service's robustness and efficiency.
In-depth analysis for each insurance type, exploring users' journeys, needs, and expectations, which may vary by insurance category.
Collaboration with UX writers to improve product documentation, recognizing the impact of complex information on user experiences.
User testing the existing prototype before progressing with system development.
This innovative bancassurance service, marked by its human value proposition and enriched digital journey, aims to deliver a unified and user-centered insurance experience.
Let’s discuss how this strategic design project can inspire your innovative solutions.
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