Innovating in the
Case Study
Innovating in the insurance sector
Added value services
Insurance products
Segmentation
Max Diff
TURF
Client Context:
In the insurance sector there is growing pressure for innovating and developing new service proposals. Deciding which proposals have the greatest potential requires a rigorous process of evaluation and validation, which puts the demands and needs of customers at the center.
The Challenge:
Generate a repertoire of innovative proposals to reformulate home insurance products and design a coherent set of products that cover the needs of different customer profiles.
– What new guarantees can be attractive to customer?
– Which are priorities, which ones are nice to have?
– What set of guarantees would maximize the recruitment in the different customer targets?
The solution – how we did it:
We designed a screening process in 3 phases
Co-creation
- Focus Groups with clients for the generation of proposals
- Conecta-Client Workshop for the pre-selection and adjustment of the different proposals before evaluating them in a quantitative test
Quantitative Screening of the proposals arising from the previous phase using the MaxDiff methodology
Design of optimal solutions
- Customer segmentation (Cluster analysis) based on service demands and spending capacity
- Design of the service bundles that optimize recruitment in all client segments (TURF analysis)
The outcome:
– Generation of an extensive list of innovation proposals
– Ranking of the attractiveness and mobilization capacity of the different proposals
– Set of optimized solutions per target
– Implementation guide and communication keys
