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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

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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
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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..

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