Background
Against a backdrop of the continual creation of new types of services and business models by the Fintechs, insurers are seeking new growth opportunities. In this context, one of the leading players in the insurance sector is in the process of creating an innovative smartphone application to revolutionize the way customers interact with their insurance products.
Challenges
Working alongside the client, Wavestone had three major challenges to meet:
- Develop a new and profitable service for the insurer, based on a viable economic model.
- Validate the technical feasibility of the concept through prototypes, utilizing emerging technologies.
- Determine a winning combination of services and application technologies that would drive customer take-up.
Responses
From concept to prototype, Wavestone was involved throughout the creation process for this new service. The process followed an incubation approach, which included the client’s team, and the team from “The Faktory,” a specialist Wavestone creative unit which includes insurance experts.
Having framed the product vision and its business model, the Faktory produced three prototypes leveraging emerging technologies (chatbot and artificial intelligence) to validate the feasibility of the idea and the requirements for scale-up.
