During our Masterthesis we examine the way people interact and deal with life insurance. In particular we take a deeper look at what does safety mean to the individual and what potential this has for designing an ecosystem for safety and security in life.

Challenge

Digitalization, globalization and demographic shift are driving a change in social values. This change in values presents new challenges for insurance companys. Customers expecting the same intuitive and personalized experience with insurance products and services as known from other digital services. Safety is not a static state that can be generalized, but should be seen as a structure of individual risks and needs.

Question Zero

How might we design safety for the individual?

Throughout our research we gathered a huge amount on insights regarding safety during lifetime. Regardless of age, gender, situation, responsibility and income it was described as a lot of things.

A summarize of what we have learned

Our research on what safety means to the individual, what or who makes people feel save and what makes them to not feel save, led us to our final hypothesis on how safety can be described (in the context of insurance) and what insurance should feel like. We call it:

Proof of Concept

We believe, that creating an ecosystem containing all three dimensions give insurance companies the potential to become life companions and trusted partners. In order to evaluate the model in its usability for the design process, we tested an application example.

How is the model used?

In an application example we used the model to develop a service for pensions in Germany. Due to our research and the fact that pension provision is becoming an increasingly important topic and private pension provision is becoming even more important, we are concentrating on the generation of today's students and career starters as an example. This group is currently a difficult to reach group on the subject of pensions. We have applied our model to fictitious personas, which we have developed from our primary research. The model gave us information about what and who represents safety for this group in each of the three dimensions and what creates uncertainty within the dimensions. Based on this, we used the tool in the next step to define opportunity areas and possible strategic partners.

What we learned so far

Designing for a fluid life, means we can't design static systems. We have to build ecosystems which contains adaptive tools and situative advice, based on the individual needs. The model helped us to evaluate user needs, pains and gains in order to design for safety. This led us to a user centred way of interacting with insurance.

The bigger Picture

The examination of the model in the first example gave us information about the usability of the model. Our goal is to rethink other areas of safety in life and to create an ecosystem with the help of the model. A service that offers people a new experience of safety through insurance and partners.

Together with Steffen Bendel and Kaiser X Labs, Stuttgart.