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Designing for future life events – Karolina Kohler

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This is Karolina Kohler’s presentation from Service Experience Camp 2018 on Designing for future life events, held on Day 1.

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Designing for future life events – Karolina Kohler

  1. 1. DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES NOVEMBER 2ND, 2018
  2. 2. 2DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES INSURANCE
  3. 3. 3DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES INSURANCE
  4. 4. 4 DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES CRAFTING DELIGHT TRIGGERS TANGIBILITY VALUE PROPOSITION TARGET GROUPS DELIGHTTOUCH POINTS
  5. 5. 5DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TRIGGERS OFFER THE PRODUCT WHEN AND WHERE CUSTOMERS NEED IT - customers usually react to a trigger - products and services are designed around that
  6. 6. 6DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TRIGGERS OFFER THE PRODUCT WHEN AND WHERE CUSTOMERS NEED IT - customers usually react to a trigger - products and services are designed around that
  7. 7. NOTHING’S GOING TO HAPPEN ANYWAYS TRIGGERS
  8. 8. TRIGGERS GET CUSTOMERS TO BUY INSURANCE BEFORE THEY NEED IT - when people really realize the need for insurance, it’s already too late to buy the product - typical insurance products are “just in case”
  9. 9. TRIGGERS GET CUSTOMERS TO BUY INSURANCE BEFORE THEY NEED IT
  10. 10. TRIGGERS 10 DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES CRAFTING DELIGHT TANGIBILITY VALUE PROPOSITION TARGET GROUPS DELIGHTTOUCH POINTS
  11. 11. 11 GIVE THE CUSTOMER SOMETHING THEY CAN EXPERIENCE - customers enjoy shopping for things they imagine themselves using and look forward to doing so - usually, the customer receives the product or service once paid DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TANGIBILITY
  12. 12. 12 GIVE THE CUSTOMER SOMETHING THEY CAN EXPERIENCE - customers enjoy shopping for things they imagine themselves using and look forward to doing so - usually, the customer receives the product or service once paid DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TANGIBILITY
  13. 13. THE WORST THING ABOUT A CAR IS THE COST YOU DON’T BENEFIT FROM TANGIBILITY
  14. 14. TANGIBILITY SELL A PROMISE THAT THE CUSTOMER HOPES THEY WON’T EVER HAVE TO MAKE USE OF - insurance is not a tangible thing you can own - its service is experienced only very rarely, if ever - you don’t want to be in the situation when you need it
  15. 15. TANGIBILITY SELL A PROMISE THAT THE CUSTOMER HOPES THEY WON’T EVER HAVE TO MAKE USE OF
  16. 16. TRIGGERS 16 DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TANGIBILITY CRAFTING DELIGHT VALUE PROPOSITION TARGET GROUPS DELIGHTTOUCH POINTS
  17. 17. 17 STIMULATE INDULGENCE IN THE MOMENT - most products and services solve problems and address wishes the customer has right now DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES VALUE PROPOSITION
  18. 18. 18 STIMULATE INDULGENCE IN THE MOMENT - most products and services solve problems and address wishes the customer has right now DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES VALUE PROPOSITION
  19. 19. MY PENSION IS SO FAR AWAY, THAT I’D RATHER SPEND ON MY LIFE TODAY VALUE PROPOSITION
  20. 20. VALUE PROPOSITION CREATE SYMPATHY FOR THE FUTURE ‘YOU’ - many insurance products are long-term - you’re not buying insurance for yourself but for a “future you”
  21. 21. VALUE PROPOSITION CREATE SYMPATHY FOR THE FUTURE ‘YOU’
  22. 22. TRIGGERS 22 DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TANGIBILITY CRAFTING DELIGHT TARGET GROUPS DELIGHTTOUCH POINTSVALUE PROPOSITION
  23. 23. - design methods deliver the best output if the target group is clearly defined - even better: fully customized offerings 23 CUSTOMIZE THE OFFERING TO A CLEARLY DEFINED TARGET GROUP DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TARGET GROUPS
  24. 24. - design methods deliver the best output if the target group is clearly defined - even better: fully customized offerings 24 CUSTOMIZE THE OFFERING TO A CLEARLY DEFINED TARGET GROUP DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TARGET GROUPS
  25. 25. I REALLY DON’T WANT ANYTHING I DON’T NEED TARGET GROUPS
  26. 26. VALUE PROPOSITION BALANCE THE NEEDS OF THE INDIVIDUAL WITH THOSE OF THE GROUP - customization and personalization contradict the very nature of insurance. - insurance can only work if risk is distributed over a large and diverse group of people - insurance is about a community
  27. 27. VALUE PROPOSITION BALANCE THE NEEDS OF THE INDIVIDUAL WITH THOSE OF THE GROUP
  28. 28. TRIGGERS 28 DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TANGIBILITY CRAFTING DELIGHT DELIGHTTOUCH POINTSVALUE PROPOSITION TARGET GROUPS
  29. 29. 29 ENGAGE THE CUSTOMER ON A REGULAR BASIS - the more touch points an insurer has with their customers, the higher the customer loyalty scores (Bain & Company) - the solution: increase the frequency of interaction DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TOUCH POINTS
  30. 30. 30 ENGAGE THE CUSTOMER ON A REGULAR BASIS - the more touch points an insurer has with their customers, the higher the customer loyalty scores (Bain & Company) - the solution: increase the frequency of interaction DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TOUCH POINTS
  31. 31. I CAN’T AND DON’T WANT TO THINK ABOUT THE EVENT OF DAMAGE TOUCH POINTS
  32. 32. TOUCH POINTS - increasing the frequency of interaction with the insurance won’t solve the loyalty problem - any interaction with the insurer becomes a reminder of the things customers are trying to avoid CREATE LOYALTY IN THE SINGLE MOMENT THAT COUNTS
  33. 33. TOUCH POINTS CREATE LOYALTY IN THE SINGLE MOMENT THAT COUNTS
  34. 34. TRIGGERS 34 DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TANGIBILITY CRAFTING DELIGHT DELIGHTVALUE PROPOSITION TARGET GROUPS TOUCH POINTS
  35. 35. 35 CREATE A DELIGHTFUL EXPERIENCE DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES CAN YOU MAKE INSURANCE AS “COOL” AS THESE? DELIGHT
  36. 36. INSURANCES SHOULD BE SERIOUS AND HELP ME DELIGHT
  37. 37. 37 PRIORITIZE HELP OVER DELIGHT. DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES DELIVERING VALUE MEANS TO COMMUNICATE AT EYE LEVEL, HAVE A PLAN, AND GET OUR HANDS DIRTY. DELIGHT
  38. 38. TRIGGERS 38 DESIGNING FOR FUTURE LIFE EVENTS – INSURANCE AND PENSION SERVICES TANGIBILITY CRAFTING DELIGHT VALUE PROPOSITION TARGET GROUPS TOUCH POINTS DELIGHT
  39. 39. INSURANCE – A FIELD WITH ITS OWN RULES INSURANCE
  40. 40. IT’S MORE WHAT YOU'D CALL ‘GUIDELINES’ THAN ACTUAL RULES. – CAPTAIN BARBOSSA IN PIRATES OF THE CARIBBEAN: THE CURSE OF THE BLACK PEARL INSURANCE
  41. 41. FOLLOW US: kxlabs Kaiser X Labs Kaiser X Labs

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