Should Naked Insurance prioritize expanding coverage options or simplifying the user experience?

Introduction

The trade-off question at hand is whether Naked Insurance should prioritize expanding coverage options or simplifying the user experience. This scenario involves balancing product depth with user accessibility, a common challenge in the insurtech space. I'll analyze this trade-off by examining the business context, user impact, technical feasibility, and strategic implications.

Step 1

Clarifying Questions (3 minutes)

• Context: I'm assuming Naked Insurance is a digital-first insurer. Could you confirm if they operate purely online or have physical locations as well?

Why it matters: Impacts the balance between digital and in-person user experience Expected answer: Primarily digital with some partner locations Impact on approach: Would focus more on digital UX if purely online

• Business Context: Based on the trade-off, I'm thinking revenue growth might be a key priority. How does expanding coverage options align with current business goals versus improving conversion through a simpler UX?

Why it matters: Helps prioritize growth vs. retention strategies Expected answer: Both are important, but revenue growth is the primary focus Impact on approach: Would lean towards coverage expansion if growth is the main goal

• User Impact: I'm assuming there's a diverse user base. Can you share insights on the main user segments and their pain points?

Why it matters: Helps tailor solutions to specific user needs Expected answer: Mix of tech-savvy younger users and traditional older customers Impact on approach: Might suggest a phased approach to cater to different segments

• Technical: Considering the potential for expanded coverage, how flexible is the current policy management system?

Why it matters: Determines the feasibility and timeline for adding new products Expected answer: Moderately flexible, but some legacy constraints Impact on approach: Might influence the speed and scope of coverage expansion

• Resources: What's the current team capacity for product development and UX design?

Why it matters: Affects the ability to execute on both options simultaneously Expected answer: Limited resources, need to prioritize Impact on approach: Might suggest focusing on one area first based on team strengths