September 24, 2020
TABLE OF CONTENTS
Headquartered in New York City, this insurance giant wanted to create a custom insurance product to better serve its high net worth customer segment. The client was missing out on providing additional services to this customer demographic, needing a custom experience aligned to their unique set of needs. Customers were looking elsewhere to cover certain assets, making it difficult to attract and retain this clientele.
As Insurtech startups rapidly claim their stake in market share, insurance giants are feeling the pressure to modernize and innovate. This report highlights the symptoms of outdated legacy systems for insurance organizations, and offers vital business solutions and strategies on legacy modernization to improve business success.
Customers with such a large net worth need all of their assets insured—boats, cars, houses, etc. It was challenging for the customer to manage their various policies, including claims processing and insurance coverage options for these valuable assets. Because the high net worth customers were unsatisfied with the CX, the client wanted to implement a new design process and establish a new user experience team. The challenges included:
Levvel’s mission was to help develop a new product for this clientele from the ground up. With customer retention in mind, the insurer’s digital team was responsible for net new product development. With the newly established user experience team, the insurer was able to start product construction in an effort to modernize, continually create better customer experiences, and retain their high-value customers.
Levvel’s approach included:
This was in an effort to modernize, continually create better customer experiences, and retain their high-value customers.
The high net worth client portal project paved the way for the creation of a digital payment utility. In addition, the deliverable became a reusable platform to collect payments through the customer web experience. The client was able to engineer additional value to use on other insurance products for a better consumer experience.
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