I don’t know about you, but I really get excited about how to choose which opportunities to tackle as I mentioned in series two. In addition to consumer behaviors, another way to determine what you should be focusing on is to make sure you understand the jobs that people are trying to get done. Yes, I have to admit that I am a huge fan of Clayton Christensen’s “Jobs-to-be-Done Theory”.
In his book, The Innovator’s Solution, he contends that we should not be selling products and services to customers. Rather, we need to help people address the jobs that need to be done.
This simple theory helps us to re-frame the world around us by gaining insight into the needs that arise during people’s lives. Meaningful innovation is closely tied to deeper levels of understanding. In our industry, underwriters are charged with the task of accurately assessing the risk associated with a proposed insured. Producers are trying to sell policies. Both are trying to get the consumer covered with the protection that they need – which is the job that the consumer wants to get done.
By focusing on the underwriter’s needs, we developed our Risk IQ product to improve the way that these jobs are done. Risk IQ assesses applicant risk for life insurance by analyzing multiple demographic and medical variables. It provides a score that ranks a life insurance applicant’s risk for mortality. It does not simply replicate today’s underwriting methodology, but brings new value by altering the existing paradigm.
As a result of this high impact solution, the underwriter is able to more efficiently assess risk by utilizing the additional insight provided by Risk IQ. Both the producer and applicant benefit from an individualized risk assessment approach — often resulting in more preferred placements. And, we continue to innovate to ensure that every day we are doing what we can to help applicants get the financial protection that they need for their family.
Click here for more information on Risk IQ (link to Risk IQ Sell Sheet Landing Page)