Case Study

Calculating the Future: SpaceX's Travel Insurance.

How much life insurance will cost for a trip to space? At Axiacore, we developed an insurance calculator for SpaceX to provide tickets for space tourists. This case study details the development process, challenges in automating, and the consulting approach in the space travel industry.

Photo of spaceship in space

Project Stats

SpaceX Logo
Industry:
Space Travel.
Locations:
Texas (Starbase), United States.
Revenues:
$8.7B USD.
Axiacore Services:
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Axiacore Solution:
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Overview

As space travel becomes widely accessible, tailored insurance solutions are necessary. At Axiacore, we created an insurance calculator for SpaceX, a leader in commercial space travel, to provide accurate insurance information for space tourists.

This case study details the development process, challenges in automating, and the consulting approach in the space travel industry.

You will discover how we addressed the challenges of space travel and the significant opportunities in this emerging industry.

Challenge

The era of space tourism is here. This is why we created a service that allows anyone to purchase a ticket along with life insurance. Using artificial intelligence and insurance market data, our platform determines the insurance cost by considering personalized information such as physical and mental health.

The Process

Understanding the market

Upon investigating the space travel industry, we found a fast-growing sector, only a few years old, but with significant capital involved and relatively few competitors. According to market.us, the space tourism market is on a trajectory of rapid growth, with forecasts suggesting it could reach a valuation of $1 trillion by 2040.

SpaceX, Airbus, Boeing, and SNC are the main players offering different space tourism services. Options include sending tourists to space via high-altitude balloons, while others aim to land a spacecraft on a space station. The prices for these experiences can range from $100,000 to $500,000, and some companies are accepting down payments to reserve a spot. We are closer than ever to making space a common destination.

Calculating insurance for space travel involves many variables, making it challenging to determine exact premiums and coverage amounts. However, by reviewing several insurance companies we identified the key factors in calculating space travel insurance:

  • Physical and psychological preparation.
  • The vehicle used for travel.
  • Crew training.
  • Landing safety.
  • Established emergency protocols.

We considered these factors when building the insurance calculation tool and determining coverage amounts. These figures are not final and are intended only for demostrational purposes.

Who are the clients?

After analyzing the market, we put ourselves in the customer's shoes and understand their motivations to create a detailed buyer persona. The reasons for taking a space trip and obtaining insurance are:

  • Have a once-in-a-lifetime experience.
  • Being a space pioneer.
  • Inspire other people to follow their dreams.

We defined the following Buyer Persona:

Richard: The Once-in-a-Lifetime Adventurer

Age: 55

Occupation: Owner of multiple successful companies

Residences: Multiple homes worldwide, primary residence in Miami

Family: Married with three children aged 15, 19, and 20

Lifestyle and Interests:

Richard is a seasoned entrepreneur who has achieved remarkable success, building his fortune through a blend of hard work and a substantial inheritance from his father. With his wealth, he enjoys a luxurious lifestyle, split between his various homes around the globe. Despite his success, Richard is always on the lookout for the next big thrill to enrich his life experiences.

Ultimate Dream:

As he stands at the pinnacle of his career and personal wealth, Richard is driven by a desire to make his life unforgettable. He's not just looking for another vacation; he's seeking a once-in-a-lifetime experience. This ambition has led him to consider the ultimate adventure: a space trip. The allure of seeing Earth from orbit, floating in zero gravity, and experiencing the vastness of space captures his imagination. It's not just a journey but a dream he's eager to fulfill.

Concerns:

Despite his adventurous spirit, Richard is pragmatic. The safety and well-being of his family are his top priorities. Before embarking on this space journey, he diligently looks into comprehensive travel insurance. He wants to ensure that every possible precaution is taken, safeguarding himself and his loved ones against any unforeseen events.

Technology and Adaptation:

Richard's relationship with technology is one of necessity rather than enthusiasm. While he recognizes its importance, especially in planning and securing his space voyage, he often relies on his children to navigate the more complex aspects of it. Their support allows him to stay connected and prepared without the frustration of managing tech on his own.

Leisure and Social Life:

When Richard is not steering his companies or planning extraordinary adventures, he values his downtime with family. He is an avid fan of Formula 1 and golf, often watching races or hitting the links to relax. His social life is vibrant, frequently engaging with friends and business associates at an exclusive sports club outside Miami. This club is more than just a recreational spot; it's a hub for networking and unwinding with peers.

Vision for the Future:

Richard's pursuit of exceptional experiences doesn't end with his space journey. He constantly seeks ways to create unforgettable memories, both for himself and his family. Whether it's exploring new hobbies, visiting uncharted destinations, or undertaking monumental adventures, Richard's life is driven by a quest for the extraordinary.

Summary:

Richard is not just another affluent businessman; he is a man driven by the desire to turn dreams into reality. His upcoming space trip symbolizes his relentless pursuit of unique and unparalleled life experiences. With his family by his side and every precaution in place, Richard is set to make his once-in-a-lifetime journey a spectacular chapter in his extraordinary life.

Building a MVP

After understanding the market, identifying the customer, and focusing on what we wanted to create, it was time for the product and user experience team to design an MVP to let users buy a ticket for a space trip. We prioritized the use of artificial intelligence in its development, utilizing data collected on the key variables to make it easier for the user.

1. Choose a Date. The first step involves the customer browsing through available space travel packages and selecting the one that suits their interests and schedule. After choosing the desired trip and date, the customer submits their choice for acceptance. This step ensures that the selected travel package aligns with the customer's preferences and the availability of the trip.

SpaceX Travel Date

2. AI Evaluation. Once the trip is selected and accepted, the customer engages in a conversation with an AI chatbot designed to perform a comprehensive evaluation. Through a series of structured questions, the AI chatbot assesses the customer's physical and mental health. This evaluation helps determine the customer's fitness for space travel and provides necessary insights for tailoring the insurance policy.

SpaceX AI evaluation

3. Pay for Insurance. Based on the results of the AI evaluation, the customer is presented with suitable insurance options. They can review the different insurance packages, compare coverage details, and select the one that best fits their needs. After making a selection, the customer proceeds to the payment stage, where they complete the purchase of the chosen insurance policy.

SpaceX insurance

4. Boarding Ticket. Upon successful payment, the customer receives their boarding ticket for the space trip. This ticket has all the necessary details about the trip, including the insurance coverage. Now, the customer is well-prepared and insured for their upcoming space adventure.

SpaceX boarding ticket

Takeaways

We loved working on this project, there's so much innovation we can bring to traditional processes if we think again about the user experience, use advanced tools like AI, and deeply understand the business objectives.

Let's look at the stars and think about the future of space travel. We are ready to help you build the next big thing.