How Capco Designed An All-In-One Digital Insurance Solution

INTRODUCTION

Major insurance providers are predominantly focused on new customer acquisitions to generate revenue. This has led to existing customers being overlooked from a post-sale servicing point of view, impacting customer satisfaction, and decreasing brand loyalty. Capco responded to this industry need by creating a mobile app prototype which provides policyholders with convenient access to their policy, its features, and their insurer.

WHAT WE DID:

Capco used the double-diamond design thinking methodology to develop an empathetic viewpoint of the insurance landscape, define targeted problem areas and isolate the opportunity areas for growth and differentiation. 

We also conducted extensive user research and developed hypotheses and personas to help get to the crux of this market issue. 

The team focused on young families who had recently considered purchasing a life insurance policy; and found that post-sale servicing was a pain-point experienced unanimously from all individuals who were interviewed. 

Common complaints included: 

  • Communication via letter is slow and at odds with an increasingly digitalized world 
  • Customers often have more than one policy (work plans, joint accounts, separate illness or income protection products) 
  • Customers do not always know how to get in contact with their insurer, hence do little to manage or engage with their policies.
  • Capco sought to create a mobile app prototype that would allow policyholders to have easier access to their policy, its features, and their insurer. 

 WHAT WAS DELIVERED:

In the prototype phase of the process, we iterated and subsequently developed a mobile app called Family Life.

The app provides insurance firms with an invaluable tool which enables policyholders to have a seamless and comprehensive post-sale service. 

Family Life app features include:

  • Family profile: users can review information such as their contact details, beneficiaries, guardians allowing them to access information quickly
  • Real-time quotes: instant quotes available based on policy details and family profile
  • Policy management: seamless management of multiple policies
  • Share with family feature: policy detail sharing and a ‘when I’m gone’ checklist
  • Life event planner: scenario modelling to understand protection gap and advisory content
  • When I’m gone: organization of personal finances and final wishes in advance.
  • The development of the prototype app does not solely benefit the customer, however, insurers can benefit from providing customer-centric tools, such as:
  • Capturing greater insights and data on their customers to identify up- and cross-selling opportunities
  • Drive towards automation, self-service and use of data to create personalized experiences and campaigns
  • Reduce the cost to serve existing customers, less need for customers to contact the insurer directly with increased self-sufficiency via the app. 

WHAT NEXT?:

We are now working on integrating a number of new app features to Family Life, including live chat, push notifications, documents upload, future value projections and lifestyle rewards and offers.

For more information about Family Life or Capco’s Innovation Labs, contact Radhika Patel.