Section 2- Understanding the Product, Users and Market:

2.1.Understanding the Product

2.1.1. What is the fundamental need or want that the product is solving for?

Life and Health Insurance are the most crucial insurances one must buy. There is a lack of awareness in the market. Ditto is educating the market, creating awareness, helping individuals understand insurance, answering their queries and also helping them buy the right insurance plan all in one platform.

2.1.2. What are the basic features and functionalities that the product provides?

The most important feature of the platform is the specialized Insurance Advisor helping out in your queries and providing you support to take the right decisions. Once can book a consultation free of charge, the consultation is a 30 min call.

Ditto claims they will not spam the customer and will only call on the slot booked, they do not push you to buy specific insurance in a typical sales cycle.

These are the basic features of the Ditto platform available on the Web Version-

1. 1. 1. A guide on Health and Life Insurance Basics
      2. A checklist -containing key factors to consider when buying the above insurances
      3. Top Insurers in India for Health and Life
      4. Top Plans- for example in term - they have 1Cr plans, plans for housewives, zero cost plans etc
      5. Relevant articles
      6. Understanding the policies.
      7. Term calculator for term insurance policies
      8. Comparing policies
      9. Relevant Sections for Income Tax- Section 80C for Term and 80D for Health
      10. The option to renew policies
      11. It also lets you buy Insurance - over phone or WA- there are 350 slots open each day
      12. It helps with Claims queries and claims support- this is round the clock - as is needed for emergency claims

2.1.3. What other ways are users using to solve the same problem? If it is a new category, how else were people solving the problem?

The users would depend on a local agent or reach out to an insurance company via web or chat or visit an organization in person to ask queries for claims or policies. They would also refer to the internet for clarification and visit comparison websites.

The issue with the above is one does not get a clear understanding of various terms and conditions in an insurance policy in an unbiased way and usually ends up with buying the wrong plan.

2.1.4. Research:

• Product availability - Web based, WA/IG/ Phone call.
• User reviews-
• • Helping in choosing the right policy
  • Free of charge
  • No spamming
  • Their advisor is respective and super knowledgeble
  • Their prices are same as any other platform
  • Understands the requirements, helps clarify queries and gives recommendations.
• Desktop Review-
• • Reddit threads about how ditto helps in claims settlement with Insurers -Thoughts on Ditto, Policy Bazaar for policies? : r/personalfinanceindia (reddit.com)

2.2.Understanding the Users

2.2.1.Reaching out to users-

My hypothesis was the primary uses for the Ditto platform was people in the age group of 22- 45.
This is because one needs to be an active earning member to buy policies - both term and health policies.
Reviewing user review and feedback - I understood that people reach out to Ditto for both self and their family.

Channels used- Slack, Family and friend circle.

2.2.2.Speaking to users-

This was the list of questions used by me

• Do you have life and health insurance policies bought by self (rather than employee insurance)?
• What are your sources for understanding about Insurance generally?
• How would you rate your knowledge on a scale of 1 to 10?
• Did you use Ditto?
• What made you choose Ditto and how did you find out about it?
• What did you not like about Ditto?
• What is the one feature you would like to see on the platform?
  

2.2.3- Data, Observations, and Insights-

• They got to know about Ditto as it is backed by Zerodha
• Users not understand very clearly about term, health insurance is a benefit one is used to having it through their workplace.
• Most users got to know about Ditto through the Finshots articles through LinkedIn.
• They would rate their insurance knowledge for term and health plans at 5/10 before speaking to a Ditto Insurance Advisor and 9/10 after speaking to a Ditto Advisor.
• All of them were between 25-40 age group
• They all used Ditto for advisory based queries on getting the right policy
• They would like to see a chatbot automatically answering some basic queries
• The users would like to have more slots available outside the working hours
• Some users would like all the policies tagged inside the profile section - currently they have to tag their policies one by one.

2.2.4- Ideal Customer Profile for Ditto

2.2.5 ICP Prioritization Framework for Ditto

2.3.Understanding the Market-

Ditto is a new product in an existing category

2.3.1 Who are our competitors?

Ditto ranks 15^th among 91 active competitors. Competitors include RenewBuy, Policybazaar and InsuranceDekho- as per the report from Traxcn. Most of Ditto's competitors are online comparison platforms for Policies.

2.3.2 What differentiates us from our competitors?

Ditto's in depth advisory based model is what separates Ditto from its competitors. Ditto has a checklist and a comprehensive guide on how to approach and what to consider when buying insurance. Ditto is focused on educating the market, and that is its core value proposition. This is something Ditto's competitors usually do not do.

2.3.4 What features or propositions do our competitors have that we don’t?

1. One of its competitors - Insurancedekho has advisors who visit your home.
2. All of it's three main competitors- Insurancedekho, Policy Bazaar and Renew Buy- have different kind of policies - Ditto only has health and life.

2.3.3. Who all are your competitors?

All Insurance comparison websites providing embedded insurance solutions are Ditto's competitors.

2.3.4 In-Depth Competitor Analysis

2.3.5 Calculating the market Size for ICP

Section 3 -Understanding Core Value Proposition

3.1. Step 1: Begin by asking yourself and your team about the Main Benefit

• The main benefit is spam free advisory model
• The main pain point Ditto is solving is educating the market.
• The key customer benefit is advice tailored to the customer needs - the customer can choose to buy a policy from elsewhere.

3.2. Step 2: Ask your best customers about the Customer Benefits

• No spamming for Ditto vs its competitor policy bazaar (spams too much)
• WhatsApp reminder after a week- enough cooling period
• Customers reach out for free advice - and most of them know about Ditto through LinkedIn
  

3.3 Step 3: Gather all the insights

• Ditto's advisory model is reliable
• The insurance advisors are respectful informative and helpful.
• Users are happy that their understanding of insurance has gone up from 5 to 9 on a scale of 1-10 where 1 being the lowest and 10 the highest.

Section 4- If your product is in an early scaling stage

Ditto is in an early scaling stage and is looking to grow and scale up it's operations.

Channel Selection Framework for Ditto

• Ditto comes 6th result on google when searching for "insurance advisor online" but first in the result " insurance advice online"
• Ditto uses ads on social media regarding insurance advisors - positioning themselves as just a call away.
• Ditto also runs content loops through Finshots- articles on insurance, educating the market and this forms a content loop.

Ditto should double down on content loop - through Finshots and focus on one Paid Channel Instragram for Paid Ads

Section 5- Detailing Organic Search

5.1 Keyword Research

1. We used Ahrefs to generate the following key words for -"Insurance Advisor"
2. • insurance advisor near me
   • life insurance advisor
   • insurance advisor online
3. We used Ahrefs to generate the following key words for "insurance buy online"
4. • health insurance buy online
   • life insurance buy online
   • term insurance buy online
5. We used Ahrefs to generate the following key words for "ditto"
6. • ditto insurance advisor
   • ditto insurance review
7. We used Moz to generate the following key words for "policy bazaar competitors"
8. • Digit
   • Insurancedekho

5.2 Understanding ICP

From our understanding of the ICP- we understand that the user - searches for buying insurance online and insurance advisor online.

5.3 Understanding SEO gaps

1. On the search of insurance advisor online- Ditto ranks first
2. On the search of online insurnace platform- Ditto ranks second
3. On the search of compare insurance online- Ditto does not rank
4. On the search of online insurance queries- Ditto does not rank

5.4 Create Optimized Content

Ditto does not do an insurance comparison online- so created optimized content for Ditto for this use case would not be useful. However Ditto can use optimized content to for ranking for the use case -online insurance queries.

Section 6: Detailing Content Loops

6.1 Identifying the content loop-

Finshots by Ditto-

Hook- Important financial news and articles in an easy-to-understand format- this serves as an entry point for readers to pull them in. These readers are interested in finance related topics but find traditional articles difficult to consume.

Generator- Finshots which publishes news regularly and acts as a lead generator for Ditto's customer funnel

Distributor- Several- Email newsletters, social media- IG/LinkedIn, and word of mouth sharing.

The Finshot articles builds trust amongst the taregt audience, this pushes the audience to explore Ditto's platform and try their services.

Content fuels trust--> Trust fuels exploration of Ditto's offerings

6.2 Find the right loop type

Hook- The hook can be now tailored to insurance queries and how Ditto helped a person settle claims or make the right choice in buying the right policy.

Generator- Finshots

Distributor- Primary on LinkedIn and social media, as thats where the ICP spends most of their time on.

Section 7 Detailing Paid Advertising

Section 7.1- Calculating Life Time Value of a Customer

Ditto is an online advisory based model and its earns its revenue through commissions.
An average customer will take a max of 3-4 policies a year- if we consider only health and life policies.

Assumptions:

1. Commission rates vary per policy -
2. 1. it is higher for life (can go as high as 40% for year 1 and lower for other years)
   2. This is why an average rate of 25% is considered
3. Average no of years per customer is 40 considering
4. 1. They are in the 25-40 age bracket and will renew their policies for atleast 40 years.
5. The assumption is made they would like to continue with Ditto forever

Section 7.2 Choosing an ICP-

The ICP chosen in within the age bracket of 25-40 years.

Section 7.3 Select Advertising Channels

The right advertising channels are

1. LinkedIn
2. Instagram

Section 7.4 Aligning Product Market Fit

I would focus on ICP age segment 25-40 years for this

Section 7.5. Define your Creative Strategy

7.5.1. Marketing Pitch-

Ditto makes understanding Insurance easy, we don't just explain it, we sell it too. Call your advisor today.

7.5.2. Build Ad creatives

Creative 1: Feeling confused about insurance T&C? Not any more, Ditto makes understanding insurance easy.
Oh! By the way we dont just explain, it, we sell it too. Book a call with our experienced advisors.

P.S. We are Spam free and the our advisory call is free of charge!

Creative 2: Googling about insurance terms in a loop? Ditto can help, we make understanding insurance easy.

Not just that, our advisory call is free of charge and we promise not to spam. Talk to Ditto today!

Section 7.6 Example Execution:

Creative 2 Link - https://nordicclick.com/resources/google-ads-preview-tool?id=Fy2uQ5f6G6rP

Section 8- Detailing Product Integrations

Section 8.1- Identifying Complementary products

• Rapido can be a complimentary product used by the ICP to commute to and fro workplace
• Similarly Ola/Uber
• Integration with food ordering app like Swiggy or Zomato
• Integration with Quora for answering queries

Section 8.2 - Scope the Customer Journey

I chose Rapido for my product integration

• For Rapido-
• • When will they encounter- The users will interact with the product when tracking their Journey once a ride is booked
  • How will it add value- By sharing the value proposition - Rapido takes care the safety of your trip, but for your life choose insurance, our advisors are here to answer and queries and guide you.

Section 8.3 - Design Integration Workflow

This is the integration flow-

1. Users open the app to book a ride
2. Users selects the type of ride + payment method
3. Users pay by credit/select cash option to book ride
4. The ride booking is in process
5. The ride is confirmed
6. Once the ride is confirmed user goes to the tracking page
7. Where the message and pop up shows- Rapido takes care the safety of your trip, but for your life choose insurance, our advisors are here to answer and queries and guide you.

Section 8.4 - Measure Success -Using Data Post Integration

Rapido has over 25 million customers and over 1.5 million driver partners.

There will be a significant no of users who will discover Ditto post integration.

Section 9 Detailing Referral/Partner Program

Section 9.1 - Identify Customer Touchpoints

Mapping Customer Touchpoints

1. Users discover Ditto
2. Users book a slot for a call and do some basic market research
3. Users talk to Insurance Advisors
4. Users have clarity on the policy to choose and have their queries answered- AHA moment
5. Users chose to buy on ditto or separately via other channels

Section 9.2 Define Bragworthy elements

Insurance Advisor calling you on your preferred slot, spam free and free of cost advisory model

Section 9.3 Define Platform Currency

Platform Currency is Dopamine- enabling customers to make the right choice for themselves and their families when buying insurance, or helping them with their claims settlement in times of need

Section 9.4 Define when to ask for a Referral

Once the user submits a feedback about the Insurance advisor, or reaches out to Ditto again to ask more queries - it is the right time to ask for a referral.

Section 9.5 Referral Partner Discovery

Email or messaging notification will work best for Ditto's model

Section 9.6 Referral sharing and information

• Communication channel- WA and messaging
• Communication Message- Hi XYZ (Personalized name), I made the right choice of a policy for my family, and wanted to share my secret with you, click the link to make an informed insurance decision!

Section 9.7 Tracking Referrals

• On the profile section the user should be able to track referrals.
• The referees will have a dashboard which shows that the users they referred signed up for a discussion with an insurance advisor.

Section 9.8 Designing the Referral landing page for non users

A referral landing page will be on Channels such as IG and LinkedIn which says - Help your friends make the right choice- refer Ditto to them today.

Section 9.9 Engage Continuous Referrals

This is more complex to manage as Ditto works on free resource and advisory model.

However they can motivate the user by showing the stat in the referral dashboard-

"You helped x no of people and their families - in ensuring they have the right safety net for their family."

This message will give the dopamine rush to further motivate them to refer.