Defining a New Insurance Product for SMEs Through User Research
Defining a New Insurance Product for SMEs Through User Research
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🏁 The challenge
🏁 The challenge
A large global insurance company wanted to explore new ways to provide value to SMEs – Small and Medium-sized food businesses (such as restaurants and bakeries) considering the low client rates in this sector, compared to other business sectors already well covered by the company.
How might a new insurance product be tailored to deliver real value to SMEs – Small and medium-sized food businesses?
How might a new insurance product be tailored to deliver real value to SMEs – Small and medium-sized food businesses?
To answer this question, the team set up a 10-week action plan to investigate, frame problems, and co-create ideas with stakeholders to address those framed problems.
🧠 My role
🧠 My role
As a member of the research team, I supported the conception of the research plan and its execution. My responsibilities included recruiting and conducting interviews with users and stakeholders, analyzing data, facilitating co-creation workshops, and regularly reporting research findings to stakeholders.
⚙️ Design Approach
⚙️ Design Approach
The project was designed to be conclude in 10-weeks, during those weeks, the team was in charge to execute the project in 3 main parts:
Empathizing
Analizing and framing the problem
Co-creating with stakeholders
1- Empathizing
1- Empathizing
The project was designed to be conclude in 10-weeks, during those weeks, the team was in charge to execute the project in 3 main parts:
+15
+15
Interviews with restaurant owners/ managers
+10
+10
Interviews with insurance agents
+8h
+8h
Hours of client shadowing in restaurants.
2- Framing the right problem:
2- Framing the right problem:
By analyzing the data gathered from the empathizing process, the team was able to frame many problems and opportunities to be addressed in later stages of the project.
The core insight is the difference in how clients perceive value in an insurance product compared to how the insurance company views delivering value to SMEs.
🤯 Client expectations
🤯 Client expectations
Clients would perceive more value in an insurance product for SMEs by receiving support for everyday issues to keep their business running, by receiving a professional for fixing a broken fridge or easily getting a plumber or a electrician provided by the insurance.
💊 Company expectations
💊 Company expectations
Insurance companies see value in providing support for major issues or catastrophes in order to protect assets. Examples include wildfires, floods, or explosions.
2.A- User Personas
2.A- User Personas
By analyzing specific client characteristics and behaviors gathered from user interviews, the team developed five distinct User Personas. These User Personas became a valuable tool for enhancing communication with stakeholders, fostering empathy by providing a clear understanding of the clients’ goals and needs.
The process of defining the User Personas was grounded in identifying and clustering similar behaviors observed in the user interviews. Through this clustering of insights, the team was able to define key user behaviors related to insurance. This led to the creation of a matrix of extreme behaviors, where each axis represented a behavioral spectrum with opposing extremes, allowing the team to better capture the diverse range of client interactions with insurance products.
We established two key behavioral dimensions, which enabled the team to position each persona within the matrix according to their specific goals and needs.
Horizontal: Does not understand about business insurance VS Understand a lot about business insurance.
Vertical: Very willing to get a SME insurance VS Not willing to get a SME insurance.
3- Co-creating with stakeholders
3- Co-creating with stakeholders
During the project, the team conducted a two-day workshop involving stakeholders from various departments. The goal was to co-create and prioritize ideas based on the problems identified in the previous stage of the project. The ideas were categorized into four main parameters: Quick Wins, Must Haves, Should Haves, and Would Haves.
After classifying the ideas, the participants were invited to select some of the Quick Win and Must Have ideas. They were then asked to provide more detailed insights on how to implement and foster these ideas, leveraging their understanding of the company’s internal processes.
✅ Results
✅ Results
Strategy for launching
Strategy for launching
The strategy for launching a new insurance product targeted at the SME market includes key drivers for marketing and distribution channels. This strategy is based on evidence gathered from real users and insurance agents.
A User Journey with a list of Quick-wins and Long-term ideas
A User Journey with a list of Quick-wins and Long-term ideas
A list of +40 ideas based on pain points and opportunities to enhance current products or increase the new product. The list were classified into 4 main parameters: Quick Wins (feasible in short term), Must Haves, Should Haves, and Would Haves, according to the moment of the user journey and user personas.
📜 Conclusions and Learnings
📜 Conclusions and Learnings
User Personas for Databases
User Personas for Databases
User Personas become even more useful when they define the measurable characteristics and behaviours to be identified in databases.
Show, don’t tell
Show, don’t tell
The power of visual thinking by writing down anywhere possible (whiteboards, post-its, papers on walls, windows) to foster communication and make agreements between the team members during internal conversation for establish the strategy and analysing data.
So, dive in and have fun!
So, dive in and have fun!
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