How did bolttech's new digital insurance platform rollout lead to a 20% decrease in policy renewals over the past 60 days?

Introduction

The recent 20% decrease in policy renewals for bolttech's new digital insurance platform over the past 60 days is a critical issue that demands immediate attention. This analysis will systematically identify, validate, and address the root cause while considering both short-term and long-term implications for the business.

I'll approach this problem by first clarifying key details, ruling out external factors, and then diving deep into the product, user journey, and metrics. From there, I'll generate data-driven hypotheses, conduct root cause analysis, and propose validation methods and solutions.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking this might be related to the platform launch. Was the 20% decrease observed immediately after the new platform rollout or did it gradually occur over the 60-day period?

Why it matters: This helps determine if the issue is directly tied to the platform change or if other factors came into play over time. Expected answer: The decrease started gradually but accelerated over time. Impact on approach: A gradual decrease might indicate user adoption issues, while an immediate drop could point to technical problems.

• Considering user segments, I'm curious about the renewal patterns. Has the decrease been uniform across all user segments or are certain groups more affected?

Why it matters: This helps identify if the issue is widespread or specific to certain user types. Expected answer: The decrease is more pronounced among long-term customers. Impact on approach: If specific segments are more affected, we'd focus on their unique needs and experiences with the new platform.

• Thinking about the platform's features, I'm wondering if there were any significant changes to the renewal process itself. Were there any modifications to how users renew their policies on the new platform?

Why it matters: This could reveal if the renewal process itself has become more complicated or less user-friendly. Expected answer: Yes, the renewal process now requires additional steps for verification. Impact on approach: If the process has changed, we'd need to evaluate the user experience and potential friction points in the new flow.

• Considering system performance, I'm curious about any technical issues. Have there been any reported problems with the platform's functionality or performance since the rollout?

Why it matters: Technical issues could directly impact users' ability or willingness to renew policies. Expected answer: There have been intermittent loading issues and some error reports. Impact on approach: If technical problems are prevalent, we'd prioritize addressing these issues and improving system stability.