Collaborate on insurance product design and development

At iptiQ, we believe in the power of partnerships – working together to create impactful insurance solutions for your customers. Our insurance product design and development processes create solutions that make it easier for your audience to buy the kind of protection they really need, from brands they know and trust. And we do this in three key ways:

• Using your customers’ behaviour to gather insight
• Using the latest technology to make your product solutions more efficient
• Making your customers’ experiences as engaging and seamless as possible

For us, collaboration and innovation go hand in hand when we’re developing insurance products – it’s what makes partnering with us so powerful, and what leads to success for you and your customers. We’re always looking for ways to innovate and improve our product propositions and customer journeys. We co-create distinctive, easy-to-understand propositions that meet customers’ individual needs, and support them to buy through relevant guidance and signals. It’s this approach to insurance product design that makes us stand out in our field. 

There are also many ways of gauging customer appetite along the way, from fake-door testing to pilots or 'soft' launches – all these help to understand customer reaction and pinpoint any improvements before a full launch.

Whichever insurance product development process you choose to follow, collaboration is always at the core. We share anonymised customer insights with you to inform decisions around insurance product design, customer journeys and product literature. This ensures the best possible return on investment for new product launches, or sensible changes to existing propositions.

While predicting the impact of changes to product design may not always be an exact science, we aim to minimise any adverse effects on existing processes and customers when piloting new ideas.

The stages of this process and their deliverables ensure that any changes are considered together, and that we provide a proposition you’ll be proud of, and your customers will be interested in.

But we don’t just look at the rational product needs. We also incorporate insights from marketing and behavioural science to make sure the product is clearly presented and appealing to customers. New product development in the insurance industry is complex, but our processes and expertise are designed to help you navigate challenges. 

We share insights with you at every stage of the process, working together to help shape and define your product. Stages include:

Global research studies

We use qualitative and quantitative research to validate these trends in a local environment. For example:

• Do your customers value these products?
• What are their expectations on price/cover/benefits?
• What channel(s) are they likely to buy through?
• Where do they need help?

Co-creation workshops

Working together to explore how we can enhance the proposition to be successful in the market.
 

‘Prototyping’ enables us to build an example marketing campaign – from an email through to website visits and application. We can then test the product’s appeal with users on a research panel. Feedback can be both qualitative and quantitative, and can be benchmarked against existing product propositions.

‘Fake door’ testing takes place in an ‘as live’ environment. At the end of the process the user is presented with a message, explaining that the product is currently still in development and they were taking part in a live test. ‘Fake door’ testing gives actual conversion metrics that are as close as possible to the live environment.

Alpha/beta (a/b) testing also allows us to gather real-time feedback and optimise on-the-go, once the product is actually live in market.

Our marketing team leads an online conversion rate optimisation programme, working with you to make continuous improvements in the customers’ online journey and drive up funnel conversion rates.

The programme is made up of a pre-defined, five-step process:

This is just a flavour of what’s possible when we work together to meet the challenges presented by insurance product development. A partnership with the power to unlock growth opportunities; to drive brand loyalty and retention through engaging experiences, and to better understand your customers to deliver precise insurance solutions.