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US Participants Only: How should Prudential revamp retirement?
business product development customer engagement life insurance money management retirement
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$5,750
top 5
46
submissions
DONE
12 months ago
There will be five prizes awarded for the top ideas: $2,000; $1,500; $1,000; $750; and, $500. For more information about prize structure, see the attached contest rules.
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Watch this quick video to learn more about the challenge!

Questions about this challenge? Please join our FREE Q&A CONFERENCE CALL this Thursday June 22nd at 12pm EST!! We will open the floor to your questions and hope to assist you in delievering a top tier solution!

Dial In: 1-866-657-9739 / Access Code: 2415140#

Over the past 5-7 years, The Prudential Retirement Business Unit has acquired over a million additional retirees into our growing portfolio. These people are no longer saving for their retirement. Rather, they have already retired, so today Prudential's interaction with them is limited to the sending out of monthly pension payments, usually in the form of checks. At present, we do not provide any other services to this group of people.

So this is where you come in. We would love to hear from you or your team on any business ideas, services or solutions that would allow us to (i) solve a real financial need that this important and growing customer base has, and (ii) engage with them on a deeper level so we can continue to find ways to bring them value. The sky is the limit and we are open to hearing any well thought out and presented idea(s).

We look forward to your proposals.

Please review the attached PDF for important information on the challenge timeline, as well as helpful suggestions for your solution.

IMPORTANT: 

• Prudential will hold a 50-minute Q&A conference call on June 22nd at 12pm EST.  Join in to ask questions. See the attached PDF below for key information.  Dial In: 1-866-657-9739 / Access Code: 2415140#

• The top 10 submitters will pitch their ideas to Prudential, with winners chosen from that group of finalists.

• Prudential may invite the final winners to their offices for a bonus innovation session.

Deliverables
We are only interested in ideas from students within the Unites States. 

Participant entries should include each of the following:

  1. Retirement insights, research, and interviews. (40%*)

    • How did you find what consumers want? Who did you ask? How? What are the needs of retirees that are currently not being addressed?

    • What is it about this group that makes them unique?

    • What concepts did you test? Why did you land on this one?

    • Have you taken your final concept back to potential consumers for feedback? Have you been back and refined it in an iterative process?

  2. The solution, with demonstration of user experience. (50%*)

    • Describe what your solution is. See the attached PDF for good examples.

    • Demonstrate the solution: the higher fidelity, the better.

  3. Sources of revenue. (10%*)

    • How would Prudential make money on this? We're looking for conceptual approaches, not necessarily analytics. No need to understand how Prudential currently generates revenue, or put numbers to the opportunity in terms of AUM or revenues/profits; no need to create a financial forecast.

    • Extra points for creativity. No need to stick with traditional avenues for Prudential/Insurance Company revenue, but must be realistic.

* Suggestions for how much time to spend on each element.

Please review the attached PDF for important information on the challenge timeline, as well as helpful suggestions for your solution.

    Submissions will be graded on the following criteria:
  • Meets Deliverables
  • Creativity
  • Clarity
Additional Materials:
Pru-MindSumo-Challenge-Midway-Call.mp3
Challenge-Details.pdf
Leaderboard
Top 5 share $5,750
Rewards will be handled by Prudential
Winners have been published for this challenge.