Life insurance: The tension between monetary value and value of human beings
The United States has over 600 companies that offer life insurance coming in at a total value of $552.51 billion in life insurance premiums. It is a very lucrative market. However, younger generations are rethinking their values and are less inclined to buy life insurance as we know it from a traditional standpoint. We live in a time in which social and cultural norms as well as geographical differences define how society values life in itself. While there are many angles on life insurance one remains the same: The obscure relationship between humans and monetary value in a society defined by pure capitalism.
Research is a crucial part of every project. It was very important for us to understand the insurance ecosystem, trends, and also the customers. While defining the idea we talked to industry experts, adults across different age groups and life stages. We looked at different opportunity spaces to drive innovation while not loosing sight of the familiar.
Throughout the research phase we came across interesting findings. Mapping out customer journeys, stakeholder maps, and service blueprints helped me understand relationships, processes and the importance of digital and physical touch-points. The outcome was the definition of our opportunity space and the creation of our value proposition.
Finally, while putting piece by piece together we started to gather feedback on our service. By using different ways testing methods we let the audience define the "roadmap". One example was trying to leverage user memory structures to increase awareness of the service and brand while also making it easier for users to adopt it into their current lifestyle.
In the society we live in people often feel pressured, confined and live under social pressure. Some start feeling the pressure of following a plan, looking at other people's life and defining their value or human worth based on that. This misperception can be misleading, transforming them into living puppets losing their self-worth, decision making, and spontaneity. Part of this concept explores the idea to augment peoples spontaneity by giving them the peace of mind when trying new and exciting things.
Service offerings feel outdated and invasive. While an obvious friction is that it's a burden to buy life insurance there is also a massive concern about privacy. Many traditional companies have brokers or agents who advise and help people buy life insurance that fills their need.
Long-term vs. short-term life insurance. Trends have shown that younger generations are less inclined to buy long-term life insurance, rather buying it for specific phase of life.
Its a huge and lucrative industry. The United States has over 600 companies that offer life insurance coming in at a total value of $552.51 billion in life insurance premiums.
Perceived as to expensive. Adults admit to not buying a life insurance policy because they find it too costly, and not a priority among other financial obligations. However, they tend to overestimate the cost, especially Millennials.
.. we made life insurance more accessible?
.. we helped people to find the right insurance at the right time?
.. enable people define their own human value?
Sure ties the experience that we have in everyday life to a quicker and more meaningful purchase of life insurance.
Sure is a service placed at different locations across the country. It embraces spontaneity, removes the stereotype and gives peace of mind while making sure you're covered whatever you decide to do. Rather than requiring someone to buy a years-long life-insurance plan, Sure enables people to buy a temporary policy for as short as one day for when they embark on a risky trip, such as skydiving. Sure introduces a fun, almost playful approach to a something that people may take too serious, life.
This is in illustration of how you would get your peace of mind.
The first step is filling out basic information about yourself and your activity at one of many sure kiosks placed in different areas.
The second and third steps is about calculating the payout. This is based on your history, the odds and other circumstances just like weather.
Review all the information, agree to the terms and your bet, and most importantly inform your beneficiary.
It's a double edged sword.
If you win the bet it means you've lost your life. However, if you've lost your bet, you can say you have won because you're still alive.
Sure kiosks are located at any kind of place where people are traveling, commuting and passing by to start adventures. We thought it was important to have a physical place where you can make your bet and receive your ticket - just like purchasing a lottery ticket you can hold on too.
Check out some of the work that has been put into this project. The outcome was a pitch deck for the final showcase of the Service Design degree.
