How do millennials think about rewards and incentives?
humanities & arts competitive analysis gamification goalsetting incentivization
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Small pic millennial female advantage 1

Understanding what motivates millennials--America's largest group of consumers--is crucial for any organization that wants to stay relevant over the next few decades. As a life insurance company, we are deeply interested in finding long-term strategies that will help millennials meet their financial and health goals. We want to be there for millennials, serving as an integral part of how they manage those important aspects of life. 

Part of being there for millennials is learning the "exchange value" they seek for sharing personal data or for completing activities and tasks. What financial or health info will they share, and in exchange for what?

Deliverables

Help us understand what millennials are willing to share, and for what rewards or incentives. Specifically:

If you could design a new rewards and incentive program for a life insurance company to encourage good health and financial behavior:

  1. What rewards, discounts, and or experiences should be offered? (e.g., may include, but not be limited to, gift cards, discounts, electronics, donations to charities, concert tickets, etc.)
    1. How would your answer change for a system of small, immediate rewards?
    2. What about if you were accruing points toward a larger reward?
  2. What data do you think millennials are willing to share in exchange for a reward? (e.g. may include, but not be limited to, wearable tech information, geolocation, financial information, etc.)
  3. What should a participant be rewarded for? (e.g. may include, but not be limited to, physical activity, achieving a health or financial goal, winning a competition, or something else, etc.)
  4. What kind of health and financial competitions or challenges would you want to participate in? Think about self-set goals vs. company-set goals, and who you would want to compete against: friends, family, co-workers, etc.?

What “influencers” (e.g., friends, family, companies, workplace, classmates, organizations) are most successful in:

  1. Motivating you to set, monitor, visualize, and achieve your health goals? Why?
  2. Motivating you to set, monitor, visualize, and achieve your financial goals? Why?
  3. Engaging you until you achieve a particular goal? How?
  4. Delivering on promises to reward you for behaviors? How so?
    1. Please share details on any companies that have NOT delivered on promises.

NOTE: We are looking for both general and unique ideas, so please provide creative, outside the box solutions.

    Submissions will be graded on the following criteria:
  • Meets Deliverables
  • Creativity
  • Clarity
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