What can you get out of a 40-minute brainstorming session with Chat GPT on how to design a future generation of insurance solutions? Read the case study.
By way of introduction, Chat GPT is an advanced language model.
An advanced language model, like Chat GPT, is an AI tool that uses a neural network to analyze large amounts of text data. A neural network is a machine-learning algorithm inspired by the structure of the human brain. It consists of layers of interconnected nodes that process information and learn from patterns in the data. The model can generate coherent and contextually relevant language by learning these patterns and relationships.
How Can Chat GPT Help?
I first asked Chat GPT how it could help design a new generation of life and voluntary benefits solutions and how it could be incorporated into them to create additional value for the customer. Chat GPT responded with the following. “Chat GPT can assist project leaders by analyzing large amounts of text data and generating insights to create personalized and proactive solutions that better meet customers’ needs. By incorporating Chat GPT into solutions, you can create a better user experience by providing natural language interfaces to understand and respond to customer inquiries. This can help customers achieve goals while maintaining work-life balance.”
The Customer Persona
I first asked Chat GPT to develop a persona of a young Gen Z woman in the early stages of her career. Chat GPT produced a persona for a young woman named Sarah. Here’s her persona.
Name: Sarah
Age: 25
Occupation: Entry-level graphic designer
Marital Status: Married
Family Situation: Sarah is the primary caregiver for her mother, who lives with her and her husband in a small apartment.
Lifestyle: Sarah is a busy young professional who spends most of her time at work or caring for her mother. She enjoys spending time outdoors and going to the gym when she can, but finds it difficult to make time for hobbies and other activities outside of work and caregiving responsibilities. However, she has a passion for baking and has started a small side hustle selling cakes and other baked goods to friends and family.
Values: Sarah values family, health, and independence. She is committed to providing the best possible care for her mother while building a successful career, maintaining a healthy work-life balance, and pursuing her passion for baking.
Goals: Sarah’s primary goal is to build a successful career in graphic design and advance to a higher-paying role over time. She is also saving for a down payment on a house and hopes to start a family in the next few years. In addition, she hopes to grow her baking side hustle and eventually turn it into a profitable business.
Financial Situation: Sarah has a steady job as an entry-level graphic designer, but her income is modest, and she still pays off student loans. She is also contributing to her retirement savings and saving for a down payment on a house. She is mindful of her budget and tries to save money where possible. Her baking side hustle brings in some additional income, but it is still in the early stages and not yet a significant source of revenue.
Challenges: Sarah faces several challenges as a young professional and caregiver. She is still adjusting to the demands of her job and balancing her caregiving responsibilities, which can be emotionally and physically taxing. She is also concerned about her mother’s health and well-being and worries about the financial and logistical challenges of providing care over the long term. Finally, she is balancing the competing demands of saving for the future, paying off student loans, covering caregiving costs, and growing her baking side hustle.
Emerging Risks
When I asked Ghat GPT what emerging risks Sarah would face, this was its reply.
Based on current trends and analysis, here are some potential risks that individuals in Sarah’s generation may face:
Economic Uncertainty: Sarah’s generation faces economic uncertainty, including rising student debt, low-wage job opportunities, and limited career growth opportunities. This can make it challenging for individuals to save for retirement, purchase a home, or meet other financial goals.
Climate Change: The effects of climate change, including extreme weather events, rising sea levels, and food and water scarcity, could have serious impacts on Sarah’s generation, including health risks and economic disruption.
Political Instability: Political instability and polarization may create uncertainty for individuals in Sarah’s generation, particularly related to access to healthcare, social safety net programs, and other government support.
Social Isolation: Social isolation, particularly in the wake of the COVID-19 pandemic, can have significant impacts on mental health and well-being for individuals in Sarah’s generation, particularly as many face economic and other challenges.
Technology and Data Risks: The growing dependence on technology and data collection may create privacy and security risks for individuals in Sarah’s generation, particularly as more aspects of daily life are conducted online.
Healthcare Costs: Healthcare costs are a growing concern for individuals in Sarah’s generation, particularly as they face an aging population and increased demand for long-term care and other healthcare services.
Geopolitical Risks: Political tensions and conflicts, particularly between major world powers, may create uncertainty and volatility in global markets and impact individuals’ ability to access goods and services.
First Principles
Next, I asked Chat GPT what first principles project teams should consider when designing solutions for Sarah’s generation. The following is its response.
Applying first principles thinking to the design of Life & Voluntary Benefits Solutions requires a willingness to challenge conventional thinking and consider alternative approaches. It requires a deep understanding of customer needs and preferences and a willingness to experiment and iterate based on feedback. Ultimately, by applying first principles thinking to the design of benefits solutions, companies can create more effective and appealing products and services that better meet the evolving needs of their customers.
It provided these as examples of the core design principles: Personalization, Accessibility, Transparency, Innovation, and Sustainability.
This is an example of how it suggested applying a First Principle approach to those design principles:
Personalization Example:
- Start by questioning assumptions about what types of benefits and coverage options are most important to the new generation of buyers. Rather than assuming that traditional benefits packages are sufficient, start with a blank slate and ask what benefits would be most valuable to this group.
- Consider that different segments of the new generation of buyers may have different needs and preferences. Rather than assuming that a one-size-fits-all approach is sufficient, build solutions tailored to specific subgroups based on their unique needs and preferences.
- Rethink how benefits are communicated and marketed to customers. Rather than assuming that traditional marketing approaches are effective, explore new and innovative ways to engage with customers and build trust.
- Consider how technology can be used to deliver personalized benefits solutions. Rather than assuming that benefits solutions must be delivered through traditional channels, explore how technologies like artificial intelligence and machine learning can be used to create highly customized solutions.
- Focus on creating an emotional connection with customers. Rather than assuming that benefits are purely functional, explore how they can be designed to appeal to customers’ values and aspirations.
- Reconsider the role of the employer in delivering benefits. Rather than assuming that employers must be the primary providers of benefits, explore how benefits solutions can be delivered directly to customers.
- Think beyond traditional benefit offerings. Rather than assuming that benefits must be limited to health insurance, retirement savings, and other traditional offerings, explore new and innovative benefit options that align with the needs and preferences of the new generation of buyers.
Getting Personal
Then, I asked it to define high-probability conclusions to the First Principle Questions for Sarah’s persona.
Here’s the answer it provided for Personalization:
Personalization:
- Sarah’s caregiving responsibilities are likely to impact her benefit needs and preferences. She may be more interested in benefits like long-term care insurance and flexible work arrangements that allow her to balance her caregiving responsibilities with her job.
- Given her passion for baking, Sarah may be interested in benefits that support small business owners and entrepreneurs, such as business coaching or tax advice.
- As a busy young professional, Sarah may value benefits that are easy to access and use, such as a mobile app that allows her to manage her benefits on the go.
- Sarah’s interest in maintaining a healthy work-life balance suggests that she may be interested in benefits that promote wellness and stress reduction, such as telemedicine services or mental health support.
- Sarah’s desire to eventually start a family suggests that she may be interested in benefits that support new parents, such as paid parental leave and childcare subsidies.
- Given her modest income and desire to save for the future, Sarah may be interested in benefits that offer flexible savings and investment options, such as a 401(k) plan or health savings account.
- Sarah’s values around family and independence suggest that she may be interested in benefits that support work-family balance and promote independence, such as flexible work arrangements and employee assistance programs.
Insurance and Voluntary Benefits for Sarah
I asked Chat GPT to recommend LIfe and Voluntary Benefits Solutions for Sarah. It replied with the following:
“Here are some solutions to help Sarah manage life, address the types of risks she and her family will face, and support and motivate her to achieve her goals while living a balanced life:”
Term Life Insurance: This type of life insurance provides coverage for a set period of time (e.g., 10, 20, or 30 years) and can be a good option for Sarah to provide financial protection for her husband and mother in case something happens to her.
Long-Term Care Insurance: Given Sarah’s role as a primary caregiver for her mother, long-term care insurance could be a valuable benefit to help her manage the costs of care and ensure her mother receives high-quality care.
Disability Insurance: Disability insurance can provide a source of income for Sarah if she becomes unable to work due to illness or injury, which could be critical for her financial stability and ability to support her family.
Flexible Work Arrangements: Benefits that support flexible work arrangements, such as telecommuting or flexible scheduling, can help Sarah balance her caregiving responsibilities with her work responsibilities, which can be critical for her overall well-being.
Mental Health Support: Benefits that provide mental health support, such as counseling or therapy services, can help Sarah manage the stress and emotional toll of being a caregiver and juggling multiple responsibilities.
Financial Wellness: Benefits that support financial wellness, such as financial counseling or access to tools and resources for budgeting and saving, can help Sarah manage her limited income and achieve her financial goals, such as saving for a down payment on a house or paying off student loans.
Employee Assistance Programs (EAPs): EAPs provide a range of support services for employees, such as legal or financial counseling, which can help Sarah address a range of personal and family-related issues that may impact her ability to balance her caregiving responsibilities with her work responsibilities.
Paid Time Off (PTO): Paid time off benefits can help Sarah take time off to care for her mother or spend time with her family without worrying about losing income or job security.
Wellness Programs: Wellness programs, such as fitness classes or gym memberships, can help Sarah maintain her physical health and manage stress, which can be critical for her overall well-being.
Retirement Savings Plans: Retirement savings plans, such as 401(k)s or IRAs, can help Sarah save for her future and achieve her long-term financial goals, such as retirement or starting her own business.
Introducing “Wellthy” The Next-Gen Life and Voluntary Benefits Platform
When asked to define a platform-based solution, Chat GPT responded with this:
Here’s a description of a multichannel platform-based app that leverages emerging technologies to support Sarah in selecting, installing, and using the solutions we discussed and proactively guide and support her to take the next best course of action:
The app, which we will call “Wellthy,” is a multi-channel platform accessed via the web or mobile apps. The app is designed to provide a seamless and personalized experience for Sarah, guiding her in selecting and installing the solutions that best meet her needs and providing ongoing support and guidance to help her manage her caregiving responsibilities while achieving her financial and personal goals.
The app leverages a range of emerging technologies to provide personalized guidance and support to Sarah, including AI and machine learning, chatbots and virtual assistants, wearable technology, blockchain, augmented and virtual reality, biometric authentication, predictive analytics, robotic process automation, cloud computing, and mobile applications.
Through the app, Sarah can access a range of benefits solutions and value-added services that have been tailored to her needs and preferences, including:
Benefits Enrollment: The app guides Sarah through the process of selecting and enrolling in benefits solutions that meet her needs, including term life insurance, long-term care insurance, disability insurance, and retirement savings plans. The app provides personalized recommendations based on her data and preferences and allows her to easily compare costs and coverage options.
Caregiving Support: The app provides a range of resources and support services to help Sarah manage her caregiving responsibilities, including elder care resources, counseling services, and virtual support groups.
Financial Wellness: The app provides personalized financial guidance and resources to help Sarah achieve her financial goals, such as saving for a down payment on a house or paying off student loans. This includes access to financial counseling, tools for budgeting and saving, and investment advice.
Mental Health Support: The app provides access to mental health support services, such as counseling and therapy, to help Sarah manage the stress and emotional toll of being a caregiver.
Work-Life Balance Support: The app provides support and resources to help Sarah balance her caregiving responsibilities with her work responsibilities, including access to flexible work arrangements and paid time off benefits.
Wellness Programs: The app provides access to wellness programs, such as fitness classes and gym memberships, to help Sarah maintain her physical health and manage stress.
The app captures data from Sarah’s life and caregiving responsibilities, including her health and wellness data, financial data, and other relevant data points. This data is securely stored using blockchain technology to provide personalized recommendations and guidance to Sarah in real time.
The app’s AI and machine learning capabilities allow it to anticipate Sarah’s future needs and preferences, providing proactive guidance and support to help her achieve her goals while living a balanced life. The app’s chatbot and virtual assistant features provide Sarah with 24/7 support and guidance, and its augmented and virtual reality capabilities provide an immersive and engaging experience that makes it easy for her to understand and engage with her benefits solutions.
A Week In The Life Of Sarah and Wellthy
Finally, I asked Chat GPT to describe a week in Sarah’s life and how Wellthy supported her. Here’s her week.
Monday:
Sarah wakes up early and checks her phone to see the personalized notifications from her Caregiving Companion app. The app reminds her of her schedule for the day, including appointments with her mother’s doctors and an important work meeting. She checks the app for the latest health updates on her mother and receives personalized guidance on how better to manage her mother’s medication and health issues.
Tuesday:
Sarah uses the app to enroll in a new wellness program that includes virtual yoga classes and gym membership discounts. The app also provides Sarah with personalized financial advice on saving money on her monthly bills and creating a budget.
Wednesday:
Sarah’s mother has a doctor’s appointment, and Sarah uses the app to access the virtual support group for caregivers. The app provides a virtual assistant that connects her with other caregivers who can share their experiences and provide advice. Sarah also uses the app to check her mother’s medication schedule and receives reminders on when to administer the medication.
Thursday:
Sarah receives a notification from the app regarding her long-term care insurance policy, reminding her of her coverage and offering personalized recommendations for potential changes to her policy based on her current situation.
Friday:
Sarah uses the app to schedule a counseling session to help her manage the stress of caregiving. The app provides her with personalized therapist recommendations based on her location and insurance coverage. She also checks the app for updates on her retirement savings plan and receives personalized investment advice.
Saturday:
Sarah spends the day with her family, and they use the app to plan a trip to a nearby park for outdoor activities. The app provides personalized recommendations for activities based on their interests and location.
Sunday:
Sarah spends the day catching up on some work and uses the app to access her flexible work arrangements. The app provides her with a virtual assistant that helps her schedule her work hours around her caregiving responsibilities.
How Can Chat GPT Help Design and Deliver Next Gen Life and Benefits Solutions?
Closing out our session, I asked Chat GPT that question. Here’s what it had to say.
“Chat GPT can assist project leaders by analyzing large amounts of text data and generating insights for creating personalized and proactive solutions that better meet customers’ needs.
Chat GPT can be integrated into the platform as a natural language interface that can understand and respond to customer inquiries and needs. It can provide personalized advice and guidance on benefits solutions and wellness programs based on the user’s preferences and needs.
In individual solutions, Chat GPT can provide personalized recommendations and guidance based on the user’s data, preferences, and goals. For example, it can provide personalized investment advice in the retirement savings plan or recommend additional coverage options in the long-term care insurance policy.
In communications with advice and guidance providers, Chat GPT can provide valuable insights and recommendations to help providers better understand and meet customers’ needs. For example, it can summarize the user’s benefits preferences and usage patterns to a financial advisor, helping the advisor provide more targeted and relevant advice.
In summary, Chat GPT’s natural language capabilities can help deliver exceptional user experiences by providing personalized and proactive solutions that meet the needs and preferences of a new generation of buyers and risk. Its ability to generate insights, reports, content, recommendations, and motivation can help insurance companies deliver effective benefits solutions that set them apart from traditional ones.
My thoughts? Not bad for 40 minutes worth of work.
Let’s get started.
Mike Connor, CEO, SVIA
Your thoughts and comments are appreciated.
