Bestow’s agile platform helped increase close rate by 2x in 6 weeks.

The ask

Following the launch of a new digital life insurance product to a carrier’s pilot group, we began gathering user and performance data to inform the next phase of development. The data pointed to some key opportunities to help broaden the product’s audience and thus increase close rate. These included integrating new data sources to enrich the underwriting process, adding additional term lengths to provide even greater flexibility for customers, increasing the maximum face amount to include higher-value policies, and introducing additional risk classes. Being concerned with keeping the project on track, the ability to move quickly was imperative.

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Our pilot approach

The beauty of Bestow’s pilot approach is that the product is vetted well before it is formally launched. Following a traditional in-house build model, it may take a carrier a year or more just to get to market, and even then, whether or not the product will perform as expected is a relative unknown. Working with Bestow, this carrier partner was able to see and test a working product just weeks into the process, enabling them to provide feedback so that our team could execute data-backed enhancements extremely quickly. This process was repeated, with sometimes weekly demos to show development progress and response to client requests and needs. Our pilot approach is one the keys to speeding up the product development process, and in this case it allowed us to make some significant changes in a few weeks.

The results

Ultimately, product updates took just 6 weeks for Bestow to build, test, and implement. In the first three months after the product was launched to the carrier’s entire membership base, close rate increased by 2x. This underscores the benefits of Bestow’s flexible tech infrastructure and product development approach.