Shriram Life insurance is one of the leading insurers operating in the life insurance industry. They wanted to develop a new product in this industry but before that they preferred to experiment with a smaller product to understand the market and user’s response for the product. They created a framework to run this experiment at the ground level and validate the product. Our team contributed in this product validation for the insurance industry.
The purpose of the whole process is to recommend different plans of ShriRam Insurance to its customers in a step wise manner. The whole process can be divided into two parts one is the user persona identification and the other is the determining the goals of the user. And using both of these steps we will recommend the plans to the customers.
USER PERSONA IDENTIFICATION
To identify the user persona first we will identify the lifestage of the customer. To do so we will ask the dependent’s details like family members and their age.
Once the lifestage is known we can run jobs at the backend to filter out the applicable set of plans. Each and every step in this process is cumulative and help us to come to a final list of plans to be recommended to the customer.
The next step in this process is analysis of financial needs which consists of income pattern and type of savings the customer is willing to make for longer period of time. Based upon these financial info we will filter out more plans for the customer
All these steps lead to the identification of the user persona and knowing the quadrant of the customer.
The second phase consists of identification of the goals of the customer. In this process we will know the important milestones the customer want to achieve using his money. We will take a ranking of priorities of the goals of the customer. This data will help us make better recommendations of the plans on the basis of which plan can help the customer to achieve his priorities.
Based upon all these information we will recommend a list of plans which will best suits the customers needs and to fulfil his priorities.
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