(re)defining the value proposition of business insurance in a customer-centric way
CONTEXT
Scope: Service Design, Value Proposition Generation
Client: Regional Insurance Company (Commercial Division)
Partner: SuperDeep Studio
Our client, the commercial division of a regional insurance company, wanted to identify new ways of providing value to their customers- small business owners. Our client operated in a complex ecosystem of agents, regulatory requirements, and customers, all with different interests, roles, and incentives. To help our client deliver new value to their target customers, we conducted research with both small business owners and insurance agents. We synthesized findings to identify three key areas of core value for small business owners, along with new service value propositions.
I completed this work as a supporting member of the SuperDeep Studio team. For this project, I had a hand in each step of the process, from building the research plan to delivery of the service value propositions. I moderated interviews, facilitated/participated in both internal and client facing working sessions, and crafted deliverables.
Today, we understand and describe small business owners in ways that work for the insurance industry. But if we want to better connect with prospective customers,
how might we understand and describe them in the future?
classificationrisk category
conservative & personabledriven & optimisticorganized, funny, & generousanalytical & family oriented
we say customers are…
they say they are…
PROCESS
For this work, we moved through multiple cycles of divergent and convergent exploration. In the research phase of the project, we spoke to 14 small business owners and 5 independent commercial insurance agents. In our interviews, we wanted to understand how small business owners started their businesses, their joys and wins, and worries for the future. By understanding their motivations and goals for their business, we were able to paint a more holistic and customer-centric picture of how business insurance fits into small business owners’ aspirations.
As we moved towards synthesis, we crafted customer profiles to build empathy and understanding at the individual level. We also created a customer persona, to build a tangible picture of our customers wants, needs, and worries.
To help bring clarity to the complex challenges faced by our client, we turned to ecosystem maps and service blueprints to help illustrate where our client was located in their customers' network of partners, and where they could potentially show up in the future. Throughout the research and synthesis phase, we conducted multiple immersion and alignment sessions, intended to build empathy for the customer, and validate and iterate on key value areas and matching service value propositions.
CUSTOMER LEARNING GRID
EQUITY FOCUSED RECRUIT CRITERIA
INSIGHTS & OUTPUTS
EXAMPLE CUSTOMER PROFILES
Small business owners have a wide range of motivations, backgrounds, and perspectives, but one unifying theme is their drive and commitment to build the future they want to see. Most small business owners don't want to think about property and casualty insurance. What they do care about is 1) focus space to take care of what only they can do 2) partners that provide services that suit their needs and 3) partners that help them grow and future-proof their business.
KEY AREAS OF VALUE FOR SMALL BUSINESS OWNERS
SERVICE VALUE PROPOSITIONS
-
Small business owners have endless demands on their time, often committing to more than they should. Insurance is a required partnership - but most business owners feel that benefits will only be realized in worst case (claims) scenarios. A partnership that gives focus space back to owners is ideal.
-
Business owners know their businesses are unique because they were born out of a specific gap they identified in the market. Current insurance processes and offerings are one-size-fits all, ignoring the nuances of small businesses.
-
Business owners are familiar with constantly managing risk of all kinds. In today’s environment, they have to make quick pivots to adjust to changing externalities. They look for service partners that can support them in change. Current insurance partnerships do not reflect this need for dynamic relationships.
OUTPUTS / DELIVERABLES:
customer personacustomer profilesecosystem mapservice blueprintkey value areasservice value propositions
