In July 2017, Firemark Labs launched Poncho Insurance, a new product targeting the Gen-Rent (another term for Millennials) market. It is a Motor and Contents combined product where customers can build their own policy based on their individual needs.
This is particularly relevant for young renters, who don’t usually have thousands of dollars’ worth of stuff, and are often deterred by traditional Contents insurance products due to their extensive nature.
Through Poncho Insurance, customers can insure themselves for their car, and multiple contents needs.
If you wanted to insure yourself for:
You can with Poncho Insurance!
That young people find insurance confusing, complex, and often difficult to engage with. In today’s insurance landscape, products in the market don’t allow customers to tailor insurance products to their needs, and there’s limited choice around customisation in products. From a management perspective, customers often have multiple policies, with different renewal dates which can make insurance simply hard to manage.
The Poncho Insurance team undertook several rounds of customer testing to determine whether an all-in-one, fully customisable insurance proposition would make purchasing insurance compelling, and provide total control for millennials. Two initial rounds of customer testing were undertaken, with 20 one-on-one interviews to gather customers thoughts, sentiments, and pain points. We used these to iterate and do more detailed prototype customer testing. Participants perceived the value proposition of the initial concepts, and validated the hypothesis that insurance customers crave greater customisation from products.
As part of our strategic roadmap, we’re hoping to explore emerging technology solutions which will drastically improve the customer experience, and use Poncho as a platform to experiment new technologies and innovations. The team will explore Artificial Intelligence solutions which transform customer interactions across touch points, along with examining how we might better utilise data to attract and retain customers.
Now built and launched, Poncho insurance can be bought in Australia and for more information on buying the product you can check it out at ponchoinsurance.com.au.