Product Market Fit

What is an example of a good product? Why does it add value?

A good product is a product that solves a problem. An excellent product solves it in a way that is better than the other solutions on the market. For example, an Ice Cream product, solving the human need for sweet, delicious, cold milky things, can be a good product by being just that. An excellent product will aim to be tastier, melt slower, and of lower cost than other brands.

 Another way a product can add value is by differentiation - instead of improving on existing tastes, create a whole new palette experience. An insurance product is no different than ice cream. It should aim to solve the problem of uncertainty and risk in a way that other insurance products fail to. 

life insurance: why is this product essential to our friends and family and community?

For starters, life insurance is essential for our friends and families for the same reason it is essential to us - it ensures that our loved ones don’t have to bear a financial burden upon our death in addition to the burden of grief. Furthermore, as members of a community, it ensures that that potential financial burden does not spread to the community. In a strong community, when one family suffers all families suffer. If the primary wage earner passes away and did not purchase life insurance, the community will have to financially support their family. A community with life insurance is a community that can focus on what matters most - spiritual and emotional support.

What concerns and questions do we need to answer about life insurance as a product?

First of all we need to explain what the problem is that we are solving. People need to understand that they are not wasting their money, but rather making an investment in their family’s future. Even if they understand the basic concept of life insurance they may wonder if they personally need it. Depending on their age, income, number of dependents, finances, medical history etc. they will want to know if purchasing life insurance is right for them. These days people need more immediate satisfaction, we need to explain what buying life insurance gives them today!