Designing New Products and Services for a Company in the Insurance SectorThe insurance business is evolving and becoming extremely powerful. New technologies, new players, and continuous advances in digital transformation won’t end. The challenge for insurers is to overcome these forces and capitalize on a sustainable business over time.
Additionally, the constant transformation of users' lifestyles allows for new opportunities for insurance companies to explore as they take an unprecedented role in the sector.
For this reason, one of the leading insurance companies in Spain has come to Opinno for assistance. We helped design a methodology that allows the company to position themselves as leaders in the market.
The most essential tools in the world of innovation are based on user-centered design (HCD), rapid prototyping, experience, and tangibility in products and services. These are utilized quickly to test reception in the market.
For this project, our consultants focused on three areas of action:
Fast profits: quick improvements that do not require much effort from current resources and that optimize the user experience, products, processes or current resources
New products / services: new categories of direct or indirect services and / or experiences
New business models: strategic rethinking of the insurance-customer relationship, the sales model, etc. (Long term and high strategic impact)
The end result proved to be a sustainable innovation model over time.