Over 50s product review
Learning from third sector subject matter experts.
Product reviews are a vital check in point; they provide an opportunity to examine whether a product is still fit for purpose, doing the job it’s supposed to do, fulfilling regulatory requirements and of course addressing customer needs.
But how often are product reviews undertaken with external stakeholders contributing – and more specifically, with the voice of the third sector?
The Product Manager for Legal and General’s Over-50s Whole of Life insurance proposition, a low cost policy designed to cover funeral costs, was keen to hear what experts in the ageing society felt about the product, with a focus on customers with vulnerabilities. We gathered experienced people from Elderly Accommodation Council, Intergenerational Foundation and Royal Voluntary Service to join the review process, giving them license to scrutinise the product from every angle!
In a very short space of time they provided invaluable insight on the lives of older people and the ways in which everything from the product’s payment terms to language used could be better tailored to the market. Unlike marketing researchers, the experts were representing and advocating for the audience, introducing a magic ingredient into the review process: Empathy.
The result was the rapid inclusion of some new, market-leading features and a product manager who felt closer and more in tune to his target market.
“We view charities as ‘critical friends’ who understand what is going on in people’s lives and can therefore help us to be more customer-friendly. Three Hands designed and ran a workshop which helped us to glean many valuable insights from our critical friends in a very short space of time.”
Graham Precey, Head of Corporate Responsibility & Ethics, Legal & General Group