Here is the origin of the first “co-created” insurance product

Another way to develop products. R&D Executive of BNP Paribas Cardif, Simone Macelloni tells us the creation of MyHabit@t: focus on customer

Published on 27 Apr 2016

The typical approach that companies use to develop products is the industrial one, with internal structures that generate a concept to develop an existing product or to create a new one. The way? Market Data, targeted research and analysis, however using internal skills and resources.

Simone Macelloni, Head of Marketing R&D BNP Paribas Cardif
Yet another method is possible, that focuses on the customer. The latter is no longer considered as a mere receiver or user of the product, but rather as a co-creator of the same. It is a reversal of the paradigm followed in companies. The first step is to decide which product needs or is suitable for a development, but the identification of the innovation to be implemented is determined by the end user: customers, experts, influencers who, based on their own experiences and needs, report the features and functionality that would be useful or necessary and not existing yet. That’s how “Teamwork MyHabit@t” has been developed. The project is geared to develop one of the most innovative products of BNP Paribas Cardif – the first home insurance with telematics and connected sensors. Potential developments in terms of home automation, smarthome and Internet of Things took part in the project.

It was a good trial, engaging and very profitable: they (customers / Experts Sector / Bloggers) were not expected to be engaged by a commercial brand for clues&hints on how to develop a product (let alone an insurance brand); on our side, as a company, we were not expected to get such an intense and unselfish involvement, aimed at making a more useful product for everyone. The method? Two meetings in person and the remainder of the debate was carried on via a group on a social network. This has led to interesting ideas and suggestions for the development of 2.0 version of the product

After more than a year of work between internal R&D and Marketing to transform the results of the co-creation experience, in insurance and telecommunication services, we are ready to call back the “Teamwork MyHabit@t”, to share the tests, leading up to the launch of the first co-created insurance product in Italy.

The level of participation registered in the first phase and the quality of the collected insights&cues boosted us to resume this system. Here is the lanch … .BNP Paribas Cardif in Italy is pushing the involvement of external players in developing its business. Proof of this is the strong partnership with many external partners and Cardif Open F@b project, designed to promote cooperation with startups.

New ventures are being explored, some of these will involve the employees of both the company and the Group (main stakeholders of our business), others will continue to increasingly involve customers, top influencer and players virtually interested in sharing the path of innovation and development of insurance product/services.

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