April 25, 2023

Flexible & Modular is one of the 10 Innovation Ambassadors 2022, selected from 86 initiatives in 21 countries and 24 entities. Discover how BNP Paribas Cardif Colombia created an customizable product with around 50,000 possibles combinations.


Introduce yourself briefly: 

My name is Henry Saenz and I’m Analytics Manager at  BNP Paribas Cardif Colombia and part of the value proposition team.

Tell us about your project: What is it about and how it came about? 

Thinking out of the box is usually very hard in a traditional industry such as insurance. BNP Paribas Cardif Colombia has created a unique environment for innovation in all fields and of course products are not the exception. Based on our philosophy of having a unique and personalized customer journey for each final customer, a special interdisciplinary squad was created with actuarial, analytics, ecosystem and customer experience members to face a unique challenge: creating a product with coverage, insured value, digital services and a customer experience based on the holistic understanding of 100% of the final customers of the bank.

The first step was to analyze and understand the data of all the final customers of the bank. Data has been always a unique strategic lever for BNP Paribas Cardif Colombia Understanding all dimensions of data and the distribution of clients among variables such as age, income, number of persons in the household, bank segments, etc. show us that insured values and premiums have to move in a very large range to fit all customer’s needs in terms of protection. The actuarial teams did an exceptional job in creating a solid and consistent offer for all possible combinations of the product.

After creating all options of coverage and insured values, digital services were created based on all the combinations of the product to complement and make all of them tangible; the principle was “more protection = more services” so every time the customer adds a coverage or increase the insured value, the customer can add a digital service, based on their interests and preferences.

Finally, the flexible and modular product was created with around 50,000 possible combinations of coverages, insured values and digital services.

Of course a product with more than 50,000 combinations is not easy to offer or sell, so a special sales module was created by the Customer Experience team to offer the 3 best combinations, out of the 50.000 based on propensity models created with the same data we use to create the product. The offer is supported from pre-sale with a special campaign, to all the post-sales steps (online digital welcome, , ecosystem activation, proactive retention and finally a claim) thanks to a special journey designed by the Customer Experience team.

To summarize this initiative, Cardif Colombia identifies the opportunity to create flexible and modular products to give the final customer exactly the combination of coverage, insured value and services he or she needs, moving from a traditional sale to a fully consultative sale with an experience leveraging data and analytics.

What advice would you give to employees who also want to innovate? 

Break all of the traditional paradigms you can based on the final customer needs, and hear ideas from every member of your team to avoid bias. Don’t be afraid to test and don’t wait for a perfect solution, the best way to find success is to have resilience in little failures.