The client is a large European insurance services provider for businesses and individuals. They would like to launch a new mobile insurer in Europe for standard non-life insurance products, like car or home insurance, by maximizing the use of direct and instant customer interaction via an app on their mobile devices.
The client is interested in taking a greenfield approach, seeking to attract digital customer segments through the application of new technologies –telematics, big data/analytics, IoT, etc. –as a mobile insurer. They expect our consultancy firm to share the risk by co-investing in the new company that would be built as a result of this project. The timeline of the project is two phases of 7 weeks each.
In an upcoming board presentation, the executive board is looking to understand the value potential of digital and their possibilities to launch a mobile insurance.
I am thinking of those questions:
Why is now the right time for the client to use business building as a growth innovation engine?
What kind of mobile insurance can you imagine for them to launch?
Which competitors should they keep an eye out for?
Who are some potential partners/what sort of ecosystem could be required for success?
What is the market potential in Germany? [Please help me out for this calculations].
What kind of business models can you imagine for the mobile insurance?
What other possibilities do you see to disrupt the insurance value chain and create value through digital?
Why is our consultancy firm the right partner for the success of this project?
Client goals: Convenience, accessibility, connectivity, customer experience, data collection, use of new technologies
I would be very grateful if you guys can help me out structure the case and brainstorm/help me out solve it.
Thank you so much! Really looking forward to hearing your thoughts. Please share with me if you saw similar cases treating with new actual content (disruption, digital business models, user experience).