What features could we add to Marshmallow's home insurance policies to better protect against climate change-related risks?

Introduction

To better protect against climate change-related risks in Marshmallow's home insurance policies, we need to innovate our product offerings. I'll outline a strategic approach to identify and implement new features that address this critical need.

Step 1

Clarifying Questions (5 mins)

• Looking at the current insurance landscape, I'm thinking Marshmallow might be facing increased claims due to climate events. Could you share any data on how climate change has impacted our claims frequency and severity in recent years?

Why it matters: Determines the urgency and scale of our response Expected answer: 20% increase in climate-related claims over the past 3 years Impact on approach: Would focus on high-impact, immediate solutions if trend is significant

• Considering our customer base, I'm curious about their awareness and concern regarding climate risks. Do we have any insights on how our policyholders perceive climate change threats to their homes?

Why it matters: Informs our approach to education and incentives in new features Expected answer: 60% express concern, but only 30% have taken preventive measures Impact on approach: Would emphasize both protective features and educational components

• Given the evolving nature of climate risks, I'm wondering about our current risk assessment models. How frequently do we update our risk models to account for changing climate patterns?

Why it matters: Influences the adaptability and precision of our new features Expected answer: Annual updates, but considering more frequent adjustments Impact on approach: Would prioritize features that allow for dynamic risk assessment

• Thinking about our competitive position, how do our current climate-related offerings compare to other insurers in the market?

Why it matters: Helps identify gaps and opportunities for differentiation Expected answer: We're on par with basic coverage, but lacking in preventive services Impact on approach: Would focus on innovative preventive features to gain a competitive edge