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)
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
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
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
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
At this point, you can ask interviewer to take a 1-minute break to organize your thoughts before diving into the next step.
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