Designing financial services

Following a previous project form Norwich union, Innovation in insurance services, we were invited to develop one of the propositions - targeting a more specific market segment - in greater detail.

In the project’s first phase we gathered insight on the target group from government and academic sources, and from qualitative research commissioned by the client. This helped us begin to build a firm understanding of the exact cirumstances, activities, and issues experienced by the target audience.

Using insight from the initial research, we designed a comprehensive online questionnaire (completed by 500 respondants) for quantitative research into the needs, priorities, and behaviours of the target group.

We used initial qualitative research and desk research to develp a quantitative research questionnarie for the target audience

We boiled down the quantitative research results into principles summarising how to cater specifically to the target market.

Then we translated the principles into ideas - potential components of propositions. Through a workshop we sorted these and ranked them according to feasibility, desirability, and importance to the target market.

Ideas from a creative workshop with a range of NU experts were mapped on an ideas and criteria matrix

We sorted and built upon the ideas, and combined them to form potential propositions. Working with NU, we arranged the propositions’ workings and benefits in frameworks designed to facilitate initial business analysis.

The propositions were studied and evaluated from business analysis and underwriting perspectives. Based on this analysis a proposition was chosen and refined for putting forward.

We built potential propositions and structured them into initial frameworks for analysis.

We visualised the chosen proposition as a user journey, bringing to life its touchpoints and stakeholder benefits.

Following this work, the proposition was put to the test with focus groups consisting of the target audience. The participants responded well, and the proposition continues to be moved forward within NU.