New products for Insurance Business

Question

Hi everyone, just going through McK interviews - had a question around brainstorming new products for an insurance business - couldn't think of any really good or creative ideas here, as my understanding of insurance businesses was pretty straightforward... Does anyone have any good ideas here?

Answer 1

Hi!

I am not expert, and maybe some of my contributions are not new, but just wanted to contribute. In addition to suggestions of others, I would think of two different buckets:

1. Businesses to leverage the capabilities of an insurance company:

Data analysis: insurance companies record a lot of data (e.g. for a car insurance, car model, driver age, location, driven miles per year, frequency of accidents) that could be sell to third companies.
Private investment fund: insurance companies have expertise on investing.

2. Businesses to reduce weaknesses of the insurance company (basically to reduce claims/costs):

Private security
Maintenance services
Repair services

Answer 2

Hi,

Think of the digital and emerging businesses:

Insurance for AirBnb hosts
Insurance for Uber drivers / passengers
Insurance for Tech / cybersecurity issues

Also, think of the new ways to provide insurance:

Shared insurance
Usage-based insurance
Insurance for niche segments (frequent travelers, extreme sports, etc)

Best!

Answer 3

Thanks mate! very creative / good ideas

If the interviewer was looking for businesses outside insurance though, does anything come to mind? I suppose credit card tie ups would be one..