Truly Human approach
Developing meaningful services, experiences and brand. A financial mindset model guides LähiTapiola customers toward lifelong security.
How do financial institutions stay relevant in a rapidly changing, increasingly competitive industry where customer loyalty seems to be moving further out of reach?
LähiTapiola used to define customers based on various demographics: age, income, occupation and residency. But even within these groups, financial security can mean very different things. That is what LähiTapiola set out to discover. It wanted to better understand customers’ goals around saving and investing and to answer the question: "What creates lifelong financial security?"
Armed with this understanding, it could start addressing customers as individuals and position itself as a leader in customer experience for personal insurance. But to succeed, it needed a new approach.
A cross-disciplinary team consisting of LähiTapiola managers, local Accenture Interactive, Fjord, Accenture Strategy and subject-matter experts from the US and UK came together to reimagine the customer experience through understanding human needs and behavior, combined with quantitative insights created from market data analysis.
Starting with a diary study, we used a remote mobile tool to collect hundreds of in-context observations of people across Finland. We then went deeper, visiting their homes, conducting face-to-face interviews and observing them in their own surroundings to get a better understanding of what's important in their lives.
Finally, we validated our hypothesis using a quantitative survey and used these new insights to build a model that LähiTapiola can use for strategic planning, product development and marketing.
Expressive Segmentation - a way of combining Mindsets with more traditional market segmentation - emerged from an Accenture initiative to bring together the worlds of Business Strategy and Design. It creates richer, deeper insights about customer behavior to increase confidence in strategic decision making.
LähiTapiola wanted to use this approach to evolve their thinking and future ways of working. For this reason, we collaborated closely with the company, hosting multiple workshops and learning sessions on how to use this human-centric approach to design and build services that better engage customers. This active, hands-on approach is premised on the idea that learning by doing is one of the greatest ways to digest, understand and adapt new behaviors.
In this project, the main goal was to understand what guides people’s behavior and decisions in a given context – the key factors that may spark action.
Once applied, the impact is immediate. When a customer approaches LähiTapiola – or perhaps even before they make a request – and the customer representative is aware of the individual’s mindset, they can tailor services to meet their needs and wants.
With this truly human-centered design, LähiTapiola is redefining what it means to be a personalized financial services provider that can effectively guide people toward lifelong security.
All too often projects start with trying to find the right product for customers’ needs. This solution, however, was a major shift in focus. By starting with people, LähiTapiola gained a clear understanding of their thoughts and needs. They use this knowledge and insight to create meaningful, personalized and progressive financial services and experiences.