What innovative features could be added to Naked Insurance's car insurance policies?

Introduction

Innovative features for Naked Insurance's car insurance policies present an exciting opportunity to enhance customer value and differentiate in a competitive market. I'll approach this by understanding our users, identifying pain points, and proposing data-driven solutions that align with Naked Insurance's tech-forward approach.

Step 1

Clarifying Questions

• Looking at Naked Insurance's digital-first model, I'm curious about the current user engagement levels. Could you share insights on how frequently customers interact with the app or website after purchasing a policy?

Why it matters: Determines if we should focus on increasing engagement or improving existing high-touch areas. Expected answer: Monthly active users are lower than desired, with most interactions occurring only during claims. Impact on approach: Would prioritize features that encourage regular engagement and proactive risk management.

• Considering Naked Insurance's AI-driven approach, I'm wondering about the current capabilities and limitations of the AI system. What are the key areas where AI is currently applied, and where do you see the most potential for expansion?

Why it matters: Helps identify opportunities to leverage AI for innovative features. Expected answer: AI is primarily used for claims processing and risk assessment, with potential for expansion in personalized pricing and fraud detection. Impact on approach: Would focus on AI-driven features that enhance personalization and risk prevention.

• Given the evolving landscape of connected cars and IoT devices, I'm interested in Naked Insurance's current integration with vehicle telematics. To what extent are we currently utilizing real-time driving data in our policies?

Why it matters: Determines the feasibility of implementing advanced, data-driven features. Expected answer: Limited integration with select vehicle models, but growing interest from customers. Impact on approach: Would explore features that leverage telematics for personalized pricing and proactive safety measures.