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?
New products for Insurance Business
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
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)
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..
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