Project｜New Insurance Service Design for Retirement Market
Category｜ Brand Experiences and New Business Model Design
Clients｜Prudential International Life Insurance
Year｜2016 - 2017
By 2025, the population over the age of 65 will be as high as 20%, and Taiwan will officially become a hyper-aged society. Are we ready to face our lives in retirement? In the past, people’s financial needs and plans were mostly concerned with preparing for disability, dementia, and loss of life. However, as life expectancy continues to grow, this traditional approach to financial planning is no longer effective.
Therefore, we worked with Prudential Life Insurance to collect official statistics from the Directorate General of Budget, Accounting, and Statistics, foreign trend reports, and customer segmentation experience analysis. We discovered that retirees are hopeful and confident about their retirement life not only because of abstract figures, but also because they have actual plans for their future lives and have the ability to achieve them.
Therefore, after 10 months, we determined the “9 lifestyles” of retirement life for the 50⁺ group in Taiwan as well as developing a “Retirement Life Design Toolkit.” Through this analysis tool, 50⁺ groups could become designers of their future lives and plan their lives systematically using the same methods used for designing new products. This also is related to Prudential Life Insurance’s new approaches of customer service, system construction planning, and internal training. Furthermore, this project extends to creating innovative services and products for the future retirement market.