3

New products for Insurance Business

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?

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?

3 answers

  • Upvotes
  • Date ascending
  • Date descending
Best Answer

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

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
Book a coaching with Vlad

97% Recommendation Rate

388 Meetings

7,316 Q&A Upvotes

USD 299 / Coaching

Hi,

Think of the digital and emerging businesses:

  1. Insurance for AirBnb hosts
  2. Insurance for Uber drivers / passengers
  3. Insurance for Tech / cybersecurity issues

Also, think of the new ways to provide insurance:

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

Best!

Hi,

Think of the digital and emerging businesses:

  1. Insurance for AirBnb hosts
  2. Insurance for Uber drivers / passengers
  3. Insurance for Tech / cybersecurity issues

Also, think of the new ways to provide insurance:

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

Best!

(edited)

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..

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..

Related BootCamp article(s)

Interviewer-Led vs Candidate-Led cases

Case Interviews can be led by the candidate or by the interviewer: In Candidate-led cases the main challenge is the structure. In Interviewer-led cases the main challenge is to adapt quickly

Related case(s)

McKinsey Questions

Solved 36.4k times
McKinsey Questions Tell me of a situation where you had an opinion and no one seemed to agree with you. What was your goal when you decided to join university / work / clubs / a sports team? Did you have a goal that you were not able to reach? What did you do? What do you want to be remembered for and how are you achieving it? What is your typical way of dealing with conflict?
4.5 5 849
| Rating: (4.5 / 5.0) |
Difficulty: Intermediate | Style: Fit interview | Topics: Personal fit

Tell me of a situation where you had an opinion and no one seemed to agree with you. What was your goal when you decided to join university / work / clubs / a sports team? Did you have a goal that you were not able to reach? What did you do? What do you want to be remembered for and how are you ... Open whole case

MBB Final Round Case - Smart Education

Solved 2.1k times
MBB Final Round Case - Smart Education Our client is SmartBridge, a nonprofit educational institution offering face-to-face tutoring services. The client operates in the US. The mission of SmartBridge is to help as many students as possible to complete studies and prevent that they drop from the school system, in particular in disadvantaged areas. The client is considering starting operations for its services in the Chicago area. They hired us to understand if that makes sense. Due to the nonprofit regulation, SmartBridge should operate on its own in the market, without any partnership. How would you help our client?
4.7 5 71
| Rating: (4.7 / 5.0)

Our client is SmartBridge, a nonprofit educational institution offering face-to-face tutoring services. The client operates in the US. The mission of SmartBridge is to help as many students as possible to complete studies and prevent that they drop from the school system, in particular in disadvant ... Open whole case

Introduction and CV questions – FIT interview preparation

Solved 500+ times
Introduction and CV questions – FIT interview preparation During this exercise, we will deep-dive in 3 of the most common Intro & CV questions asked in FIT interviews:  1. Walk me through your CV 2. Tell me about yourself 3. Tell me about the thing that makes you most proud on your CV   *box-open green* *See Graph 1 – Note: "Intro & CV questions" are one of the 4 types of questions you can find in FIT interviews. *box-close* ➥ Graphs from the Integrated FIT Guide for MBB    
4.6 5 23
| Rating: (4.6 / 5.0)
Difficulty: Intermediate | Style: Fit interview | Topics: Personal fit

During this exercise, we will deep-dive in 3 of the most common Intro & CV questions asked in FIT interviews: 1. Walk me through your CV 2. Tell me about yourself 3. Tell me about the thing that makes you most proud on your CV *See Graph 1 – Note: "Intro & CV questions" are one of the 4 ty ... Open whole case

Motivational questions – FIT interview preparation

Solved 400+ times
Motivational questions – FIT interview preparation During this exercise, we will deep-dive in 4 of the most common Motivational questions asked in FIT interviews:   Why Consulting? Why this particular company? (McKinsey, Bain, BCG, others) Why this particular location? *Particularly relevant to people re-locating or choosing an office not in their region Why this particular specialized business function *Only relevant when not applying for a general role (e.g., McKinsey Advanced Analytics, BCG Gamma, etc.) *box-open green* *See Graph 1 – Note: "Motivational" are one of the 4 types of questions you can find in FIT interviews. *box-close* ➥ Graphs from the Integrated FIT Guide for MBB
4.8 5 22
| Rating: (4.8 / 5.0)
Difficulty: Intermediate | Style: Fit interview | Topics: Personal fit

During this exercise, we will deep-dive in 4 of the most common Motivational questions asked in FIT interviews: Why Consulting? Why this particular company? (McKinsey, Bain, BCG, others) Why this particular location? *Particularly relevant to people re-locating or choosing an office not ... Open whole case