What innovative features could John Lewis add to its home insurance policies to better protect customers against modern risks?

Introduction

To address the challenge of adding innovative features to John Lewis's home insurance policies to better protect customers against modern risks, I'll outline a comprehensive approach. We'll explore user segments, pain points, potential solutions, and metrics to measure success. Let's dive in.

Step 1

Clarifying Questions (5 mins)

• Looking at the current home insurance landscape, I'm thinking John Lewis might be facing increased competition from insurtech startups. Could you share insights on our market position and how it's evolved over the past 2-3 years?

Why it matters: Determines if we need to focus on differentiation or catching up to competitors. Expected answer: Slight market share decline due to new entrants. Impact on approach: Would prioritize innovative features to regain competitive edge.

• Considering the rise of smart home technology, I'm curious about our current integration with these systems. Can you tell me about any existing partnerships or features related to smart home devices?

Why it matters: Influences whether we build on existing infrastructure or start from scratch. Expected answer: Limited integration with a few popular smart home brands. Impact on approach: Would explore expanding partnerships and developing a comprehensive smart home strategy.

• Given the increasing frequency of extreme weather events, I'm wondering about our current coverage for climate-related risks. Could you provide an overview of how our policies currently address these issues?

Why it matters: Helps identify gaps in coverage and potential areas for innovation. Expected answer: Standard coverage for some weather events, but limited protection against newer climate risks. Impact on approach: Would focus on developing new features specifically targeting climate-related challenges.

• Considering the changing nature of work and the rise of home offices, I'm interested in understanding how our current policies address home-based businesses. Can you share any data on the percentage of our customers who work from home and how our policies cater to them?

Why it matters: Identifies a potentially underserved segment and new risk categories. Expected answer: Limited coverage for home offices, with a significant increase in customers working from home. Impact on approach: Would explore features tailored to home-based business needs and risks.