Financial Futures

Product

Experience

Generative AI

Enhancing Client-Financial Representative (FR) Relationships using AI

In partnership with Northwestern Mutual

Northwestern Mutual, a long-standing financial services company, seeks to innovate while balancing industry regulations, a traditional corporate mindset, and strict data security requirements.

They need future-focused solutions that enhance customer experience and drive digital transformation.

By combining theoretical frameworks with practical insights, we identified innovative opportunities tailored to Northwestern Mutual's unique context and aspirations.

Through brainstorming and open discussions, we explored a wide range of potential solutions that addressed the identified opportunity areas.

We developed 4 concepts to improve client-FR (financial representatives) relationships with Artificial Intelligence (AI), serving as an end-to-end solution in the customer journey.

‍^{CONCEPT 1}

AI-enabled on-the-job training for FRs.

Using AI to replicate and analyze real past conversations between FRs and customers. It also enables FRs to efficiently attract new customers by optimizing their engagement techniques based on past successful interactions.

‍^{CONCEPT 2}

AI-enabled real-time assistance in client conversations.

Incorporating AI technology into the video call platform, remote Financial Representatives (FRs) will benefit from an AI assistant that assesses the emotions of potential or current customers through voice and facial expression analysis. By interpreting these cues, the AI assistant will provide real-time prompts to FRs, enabling them to effectively engage and maintain customer interest during the call.

‍^{CONCEPT 3}

Automating the underwriting process with AI.

By leveraging AI-powered mobile and tablet applications, the life insurance underwriting process becomes 50% more efficient, as the AI automates premium calculations personalized to each customer's lifestyle and health status.

‍^{CONCEPT 4}

AI-enabled client engagement through partnership with relevant services.

Northwestern Mutual enhances client engagement through AI-enabled solutions by collaborating with relevant lifestyle services such as gyms or yoga studios. Clients earn points for each health-improving action they take, which can be redeemed for lower insurance premiums. Leveraging AI algorithms, the system seamlessly tracks and rewards customers' health progress, fostering a mutually beneficial relationship where clients are motivated to stay healthy while enjoying financial benefits.

“The quality of your work is on par with that of top consulting firms. Several departments within the company would greatly benefit from this.”

- Sr Director Enterprise Experience Design, Northwestern Mutual

Process

01 RESEARCH

We began with a thorough exploration of Northwestern Mutual's core services, aiming to gain a comprehensive understanding of the organization's offerings.

We delved into identifying discontinuities, which encompassed trends, events, inventions, and transformative forces capable of significantly altering the fabric of societies, businesses, and environments. Through this analysis, we sought to unearth potential disruptive factors that could impact Northwestern Mutual's operations and strategies. By carefully examining these discontinuities, we were able to identify emerging opportunities and challenges, allowing us to craft innovative solutions and future-proof the company against potential disruptions.

Our approach entailed a holistic assessment that considered not only the present but also the evolving landscape, paving the way for strategic decisions that align with Northwestern Mutual's long-term vision and goals.

02 DEFINE

In the pursuit of defining the opportunity area, our approach involved employing the Terrains & Territories framework in conjunction with Causal Logics. Navigating through ambiguity was a fundamental aspect of our process, as we recognized the complex and ever-changing landscape of the insurance industry.

To address this challenge, we proactively sought insights from Case Studies in other industries that bore similarities to the insurance sector. Analyzing these real-world scenarios provided valuable benchmarks and parallels, enabling us to extract valuable lessons and transferable strategies to enrich our understanding of potential solutions.

By combining theoretical frameworks with practical insights, we cultivated a holistic and informed perspective that empowered us to identify innovative opportunities and propose effective strategies tailored to Northwestern Mutual's unique context and aspirations.

03 IDEATE

At the final stage of our process, we conducted an intensive ideation session to generate innovative solutions. Bringing together diverse perspectives and expertise, the ideation session fostered a collaborative and creative environment where ideas flowed freely.

Through brainstorming and open discussions, we explored a wide range of potential solutions that addressed the identified opportunity areas. Our team actively encouraged out-of-the-box thinking, pushing boundaries and challenging conventional notions to uncover novel and transformative concepts. Leveraging the insights gained from earlier research and analysis, we infused our ideation process with data-driven and customer-centric elements.

The result was a rich array of ideas, each carefully evaluated for feasibility, impact, and alignment with Northwestern Mutual's strategic goals. From this collaborative ideation session, we emerged with a set of robust and visionary solutions poised to elevate Northwestern Mutual's competitive edge and enrich its client-Financial Representative relationships.