Case: Mandatum Life — Investment Gift for Children

We will be publishing short descriptions of each of the course’s client cases. Here is the first one from Mandatum Life. Lean Heat, Elisa, Mehiläinen and Marttaliitto will be published soon.

“50 euros were added to your long-term savings account. Happy birthday! “

— Aunt Raija

Amessage from your aunt on your 15th birthday. The gift is environmentally and socially sound. On top of which it may be a crucial building block on a savings account that enables you to get a loan for your own apartment later on. Would you still consider Uncle Sami’s funny giraffe T-shirt as a better gift?

Consumers make irrational choices due to biases, impulses and limited self-control. An area where this is especially true is finance and long-term savings. How can you motivate yourself and your closest ones to save money for life-situations, which may be relevant in 10 or 20 years? Now, combine that with the pain of getting a gift for the children of your relatives and friends. Teaching children the value of saving money and the patience that comes with it is something a lot of people value in our fast paced consumer society.

The objective for this case is to come up with a concept to address the problem of coming up with a sensible and meaningful gift to give to children — assuming that is actually a problem worth solving for the potential customers.

For Mandatum Life, the objective is to come up with a concept in this domain that is validated and well-thought so that after the course they can take it further and create a pilot project out of it. The idea has been bouncing around in Mandatum Life for a long time, but there is no clear business unit under which this type of a concept would fit. However, Mandatum Life sees potential in this concept, both as a business and as a spearhead in innovation within their organization.

This case is for you if:

• You are interested in the social world of gift-giving and how digital services facilitate relationships.
• You are interested in designing long-term services and customer relationships that span decades.
• You are ready to tackle the eternal battle between short-term rewards vs long-term goals.

Potential target groups: parents, godmothers & godfathers, and relatives of children trying to combine a good and meaningful gift with something of real value