Our Young Digital Innovators work in various industries and organisations. During one of our innovation projects, we worked in the Innovation Centre of one of the largest insurance companies in the Netherlands for a period of 9 months. In this Innovation Centre, new insurance-related ideas were being tested and validated using the Lean Startup methodology. The Innovation Centre was both physically and functionally separated from the ‘mothership’ in order to ensure maximum autonomy and the freedom to experiment.
The Challenge at hand
Our client was struggling with growing an already validated on-demand insurance proposition that allows you to ensure your personal belongings at any time for any period you require via an app. Furthermore, they struggled with validating and launching new products via this channel.
Our Young Digital Innovator joined the team in the role of Growth Lead. We had 2 goals:
- Increase traffic and conversion to the already existing proposition and
- Validate and launch a new proposition via the already existing channel.
For the first goal, we were responsible for improving and discovering new opportunities for the customer journey, ranging from the acquisition to the retention phase. For the second goal, our Young Digital Innovator created a go-to-market plan and executed the first steps of this plan.
We implemented a structured way of working around experimenting. To do so, we set up an Experiment Growth Framework. This framework entails assumption mapping, experiment backlog and an experiment pipeline. After setting up the framework, we started the execution phase by creating and executing experiments, for instance via social advertisements, tracking
data and reporting on the results. After implementing the framework we made sure to transfer the way of working and knowledge to the internal team to guarantee continuity.
- Developed and implemented Experiment Growth Framework
- Tested and optimized social advertisements, which resulted in:
- The average cost per download reduction of 30%
- Advertisement to user activation ratio of more than 12%
- Increased overall app activation ratio with 2%
- Ran multiple successful pilots with potential business partners
- Acquired first 100 customers in 1 month with the market introduction of the new insurance product