Product Brief:

A new microinsurance product that provides renters with a simple, relevant and low-cost way to protect what matters most to them. This product will focus on improving the pain points that customer expierence with traditional renters insurance  (overly complicated, not available where/when customers desire, and too expensive for the target audience) After the introduction of the renters insurance product, additional products will launch (potentially home, auto)

Our Target Customer:
High Earner Not Rich Yet (HENRY) consumer (age 25-40, Income $100k+, 4 year degree or greater, urban dweller.

Problem:

Getting an insurance quote takes a long time and a ton of questions.  It’s difficult to understand insurance terminology, what you are buying, and if the amount of coverage is appropriate.  What’s a deductible?

Business Goals:

  • Remove the pain points of traditionally long and clunky insurance quote process to increase conversion.
  • Target the H.E.N.R.Y. (High Earner Not Rich Yet) market segment with a Liberty Mutal sub-brand in order to compete with the rise of P2P insurance providers.
  • Test 3 question quote process; for possible use with Liberty Mutual traditional offerings.

Process:

Here I’m making the first pass at the user flow for purchasing insurance
Low-res sketches of the “pick a coverage level” component.
Whiteboard of product challenges
Vetting the pros and cons of a coverage level component. (More details in the design exercise link below)
Before the release of Lulo to a few select markets to conducted a user testing for a group of 8 HENRY’s.  I had the opportunity to create the script, proctored the test,  and prepare my team for gathering feedback in the observation room.
User research room
Vetting the pros and cons of a coverage level component. (More details in the design exercise link below)
Vetting the pros and cons of a coverage level component. (More details in the design exercise link below)
Group of people talking about user interviews
Vetting the pros and cons of a coverage level component. (More details in the design exercise link below)

Results:

Looking for more?  Check out a full breakdown of the Lulo pricing strategy.

See the Design Exercise