Aegon Life was invited by Stanford University to present its recently implemented ‘Test & Learn’ approach.
The Test & Learn approach adopted by Aegon Life India enables employees to define business theories and test them out. The acceptance of failure is the key to the method, as it enables employees to find solutions that resonate with customers – even if those solutions originate from mistakes.
Martijn de Jong, Chief Digital Officer with Aegon Life India is responsible for its transformation into a digital insurance company and leading InsurTech player.
As a part of the Stanford Lead Program focusing on corporate innovation, he was invited to present and discuss the Test & Learn approach introduced at Aegon Life.
Can you explain what the Aegon Life Test & Learn approach is?
The Test & Learn approach is a data-driven culture which requires various teams to develop a set of four theories on a weekly basis, which are tested and analyzed. The outcome of the hypothesis testing is used to inform business decisions. An example hypothesis might be which color or text to use on the website. After experimenting, we can improve KPIs such as website bounce rate, time spent on our site, click-through rate and sales conversion.
What impact has the Test & Learn approach had?
The learnings from all of these tests are centralized, and are easily accessible to all decision makers. This ‘Test & Learn’ culture is driven by data analytics and is helping our marketing and e-commerce team work together to make science-based decisions for optimum business results.
How was the approach received at the Stanford University program?
It was very well received both by the participants and the staff. I spoke with many participants to provide them with more background on setting this up. The key is to create a data-driven culture which is essential for every company to succeed in the digital age.
Over time, we will broaden the scope of Test & Learn, extending it to other business areas. We are scaling up the process to increase the number of weekly tests by automating the measurement to get real time Tableau-based reports hosted on the cloud. Getting inputs for these test and sharing output is a key part of developing the culture of Test &Learn over time, while also improving the quality of tests and results.
Do you already have a success story that proves the Test & Learn concept?
We have multiple success stories. For example, by testing which traffic sources, landing pages and approaches work best for eSales conversion, we have been able to reduce the cost of an online sale down by 40% in the last six months.