Developing an Insurance Plan Recommendation System for Corporate Employees: A PM Interview Challenge

Introduction

As an eager product manager preparing for interviews, you may encounter scenarios where you’re tasked to innovate within a specific industry, like insurtech. A sample interview question might be “You are a PM of an insurtech aiming to solve the insurance needs of employees within a corporate by trying to launch a voluntary benefits platform. How would you go about developing the plan recommendation system?” Such prompts assess your ability to apply frameworks tailored to product development strategy. We’ll break down how one could tackle this multi-faceted problem using a structured approach.

Detailed Guide on Framework Application

Choosing the Right Framework

For complex product strategy questions, using the HEART framework (Happiness, Engagement, Adoption, Retention, Task success) is advantageous. It takes user-centered metrics into consideration for developing new products.

Step-by-Step Framework Application

1. Happiness: Investigate what makes corporate employees satisfied with their insurance plans; consider factors such as coverage, cost, and ease of use.
2. Engagement: Determine how employees interact with existing benefits platforms, pinpoint engagement drivers and pain points.
3. Adoption: Formulate strategies to encourage employees to try the new platform.
4. Retention: Develop features that will retain users over time, such as customizable plans or educational resources.
5. Task success: Ensure the platform efficiently guides users to suitable insurance plans and makes the enrollment process simple.

Hypothetical Example

Imagine building a recommendation engine that uses machine learning to analyze an employee’s lifestyle, health data, and preferences to suggest personalized insurance plans. By addressing the HEART components, you ensure the system is user-centric and provides tangible value to the target audience.

Facts Check and Assumptions

Back up your decisions with industry data, such as typical insurance engagement rates. Adopt reasonable assumptions about user behavior when precise data is unavailable, referencing similar successful platforms as benchmarks.

Effective Communication Tips

• Use clear, jargon-free language to explain technical concepts.
• Relate each part of the framework to the overarching goal of user satisfaction.
• Maintain a user-first perspective throughout.
• Discuss how your recommendations align with business objectives.

Conclusion

Developing a recommendation system for a voluntary benefits platform presents an opportunity to implement user-centric design and business strategy. Frameworks like HEART guide your thought process and ensure you cover all aspects of the product experience, from initial engagement to long-term retention. Practice with these structures to communicate your product vision effectively and stand out in your interviews.