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Silicon Valley InsurTech Consortium - Insurance Innovation & Design Thinking

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Silicon Valley InsurTech Consortium - Insurance Innovation & Design Thinking

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Presented May 2019 at the SVIA Insurtech Consortium in Mountain View CA
- SVIA Silicon Valley Insurance Accelerator
- Josh Levine (CEO, Founder) and Lisa McGee (Senior Experience Designer)

Presented May 2019 at the SVIA Insurtech Consortium in Mountain View CA
- SVIA Silicon Valley Insurance Accelerator
- Josh Levine (CEO, Founder) and Lisa McGee (Senior Experience Designer)

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Silicon Valley InsurTech Consortium - Insurance Innovation & Design Thinking

  1. 1. Insurance Innovation
 and Design Thinking Silicon Valley Insurance Accelerator - Innovation Consortium MAY 21–22, 2019 - MOUNTAIN VIEW, CA
  2. 2. Hello! Lisa McGee SENIOR EXPERIENCE DESIGNER Josh Levine FOUNDER & CEO jlevine@cakeandarrow.com lmcgee@cakeandarrow.com joshplevine JoshPaceLevine lisammcgee
  3. 3. About Us Cake & Arrow is a customer experience design and innovation company who works with organizations in the insurance industry striving to create authentic and meaningful relationships with their customers and employees. www.cakeandarrow.com
  4. 4. Discovering commercial opportunities and translating into actionable strategies that accelerate growth and inspire new ways of working. An evidenced-based approach 
 to identify market opportunities and understand customer
 behavior, uncovering strategic insights that drive innovation. Our human-centric, iterative approach converts customer journeys into products and services that solve real human problems and deliver results. • Innovation Programs • Vision & Ideation Workshops • Business Model Canvases • Value Proposition Creation • Design Thinking Training • Capability Development & Education • Product Vision & Definition • Service Blueprints • Proof of Concept & Advocacy • User interface & Visual Design • Design Sprints & Prototyping • Design Systems & IT handoffs • Ethnographic & User Research • Quantitative Research • Experience & Journey Mapping • Persona Development • Market Sizing & Research • Opportunity Assessment PUSHING THE ENVELOPE IN TERMS OF WHAT INSURANCE IS AND CAN BE Business Strategy Research & Insights Product & Service Design
  5. 5. Partnering with global carriers and distributors spanning 
 P&C, Life, Health, Speciality, and Reinsurance LIFE P&C REINSURANCESOFTWARE FINANCE
  6. 6. MILLENNIALS & MODERN INSURANCE Download at cakeandarrow.com
  7. 7. POLICY-CENTRIC APPROACH TO DESIGN HASN’ T CHANGED IN 100+ YEARS
  8. 8. CARRIERS DESIGN PRODUCTS AROUND ACCEPTABLE RISKS THEY’RE WILLING TO UNDERWRITE
  9. 9. FROM THERE, 
 THEY PRODUCTIZE AND MARKET THEM
  10. 10. THEN DISTRIBUTE
  11. 11. “I buy insurance because I have to.” BY NOT FACTORING IN THE CUSTOMER, 
 THE INDUSTRY HAS CREATED A COMMODITIZED PRODUCT “I don’t know who to trust.”
  12. 12. Old
 Paradigms Evolving Customer Needs + = Lack of Progress &
 Poor Customer Satisfaction • Humans think differently about insurance and how it fits into their lives • Millennials and Gen Z are growing up and making insurance decisions • Next gen of SMB owners whose influence is growing • Generational differences in the ownership and transfer of wealth • Line is blurred between personal and business lines
  13. 13. BUSINESS NEEDS The insurance industry needs to shift its focus
  14. 14. CUSTOMER
 NEEDS CUSTOMER
 NEEDS EMPATHY IMMERSION
  15. 15. Instead of starting with the needs of the business, constraints of compliance, or a predetermined set of tools or technology… CUSTOMER
 NEEDS CUSTOMER
 NEEDS EMPATHY IMMERSION
  16. 16. Design Thinking puts 
 the customer at the core. It’s founded in the principle that good design and innovation starts with real life human problems and needs. CUSTOMER
 NEEDS CUSTOMER
 NEEDS EMPATHY IMMERSION
  17. 17. The purpose of a business is 
 to create and keep a customer. — PETER DRUCKER The insurance industry has been slow to realize a simple concept:
  18. 18. DESIGN THINKING BY DEFINITION A human-centered approach that draws from designer’s toolkit to integrate: • Needs of people • Possibilities of technology • Requirements for business success CUSTOMER
 NEEDS TECH
 FEASIBILITY BUSINESS 
 VIABILITY Have to 
 start here!
  19. 19. TECHNOLOGY The power of technology is rendered useless if it’s not filling real human need
  20. 20. BIG DATA & ANALYTICS AI TECHNOLOGY CLOUD BIG DATA & ANALYTICS INTERNET OF THINGS AI BLOCKCHAIN DRONES MOBILE TECH AUTOMATION
  21. 21. BIG DATA & ANALYTICS AI TECHNOLOGY CLOUD BIG DATA & ANALYTICS INTERNET OF THINGS AI BLOCKCHAIN DRONES MOBILE TECH AUTOMATION
  22. 22. Focus on three core areas to uncover opportunity and arrive at innovative solutions Empathy Collaborative ideation Experimentation
  23. 23. IQ = EQ
  24. 24. IQ = EQ How people do things and why Physical and emotional needs How they think about the world? What is meaningful to them?
  25. 25. 26 • We want to go beyond incremental change, and generate innovative solutions • Accelerated value creation • Provides framework for us identify new opportunities and solve problems differently • Failing quickly minimizes risk associated with launching new ideas • Disconnect from day-to-day 
 environment Why Is Design Thinking important to this Consortium?
  26. 26. EMBRACING NEW MINDSETS & PRINCIPLES Empathy first Be optimistic In it together Identify real human pain points and 
 ground solutions in their needs. No pet ideas. Focus on what you can do, not what you cant.
 Explore what’s possible. Breakthrough insights come from diverse backgrounds and viewpoints. Think collaboration and partnerships. Bias towards action Fail fast Be curious Focus on solutions, not problems. Prototyping over pontificating. Structure everything as an experiment. When failure occurs, either iterate or move on to next idea. Become comfortable asking questions you don’t know the answer to. “What if…?” goes
  27. 27. What if… Untapped opportunity Beginner’s mind Yes and… Big, bold impact What’s possible Stodgy industry How we’ve always done it Expert perspective Yes but… Incremental improvements What’s acceptable THE PERSPECTIVE NEEDS TO CHANGE
  28. 28. “In the beginner's mind there are many possibilities, but in the expert's there are few.” BEGINNER'S MIND — SHUNRYU SUZUKI (1905-197 1)
  29. 29. Create multiple possible solutions DIVERGENT THINKING
  30. 30. CONVERGENT THINKING Narrow down
 to singular idea
  31. 31. 32 Empathize Synthesize DISCOVER DEFINE Ideate & Prototype Validate
 & Decide REFINE the right opportunity the right solution the right design 1 2 3 Core
 Solution Design
 Brief Explore behavior-led research to understand who we’re designing for and why. Synthesize insights into a POV Quickly generate a lot of ideas through collaborative and cross-functional work sessions. Iterate Prototype solutions, validate with actual user based on their feedback.
  32. 32. Design Thinking in action
  33. 33. MetLife Japan
 Customer-Agent Sales Platform BUILDING EMPATHY Discovering the 
 right opportunity
  34. 34. Radically transform MetLife’s market perception from worst to best front- office experience. Increase trust in the customer-agent relationship. CHALLENGE
  35. 35. Ethnographic research and prototype testing in 5 cities across Japan. Shadowed agents and customers and came to understand the experience. BUILD EMPATHY DISCOVER1 DEFINE REFINE2 3
  36. 36. DISCOVER1 DEFINE REFINE2 3
  37. 37. Agents need flexibility for their personal sales techniques. Yet they need to comply with set standards for successful application processing. INSIGHT DISCOVER1 DEFINE REFINE2 3
  38. 38. Let agents do what they do best—help customers achieve peace of mind. INSIGHT DISCOVER1 DEFINE REFINE2 3
  39. 39. RAPID PROTOTYPING Share working prototypes to clarify scope of MVP and its solution. PROTOTYPE TESTING ON IPAD DISCOVER1 DEFINE REFINE2 3
  40. 40. 95% reduction in underwriting time. From 21 days, to 15 minutes. RESULT DISCOVER1 DEFINE REFINE2 3
  41. 41. MetLife - Auto DTC Claims Customer Journey BUILDING EMPATHY Mapping
 the journey
  42. 42. DISCOVER1 DEFINE REFINE2 3
  43. 43. DISCOVER1 DEFINE REFINE2 3
  44. 44. DISCOVER1 DEFINE REFINE2 3
  45. 45. Do I need to call the police? ACCIDENT Emotional State Oh no! It’s late? Yay! DOCUMENTATION FNOL REPAIR RETURN What details do I need to capture? Do I really need an ambulance? How do I get a copy of the policy report? Will my photos be good enough for an estimate? Do I record the witness statements, too? Whose insurance do I call and when? What other info will I need to know? How do I do this right the first time? Is the repair shop reputable? How long will it take? How much will it cost me? How do I return my rental car? When do I pick up my vehicle? What if I’m not happy with the repairs? Vulnerable points along customer journeys are opportunities to build trust.
  46. 46. We discovered that immediate support is required at the most vulnerable point— when people need reassurance and knowledge.
  47. 47. Millennial ‘Community as Insurance’ Application IDEATION & VALIDATION Defining the 
 right solution
  48. 48. Survey - Quantitative PHASE 1 Workshops - Qualitative: Generative PHASE 2 User Testing - Qualitative: Evaluative PHASE 3 DISCOVER1 DEFINE REFINE2 3
  49. 49. DISCOVER1 DEFINE REFINE2 3 NEW YORK CITY AUSTIN LOS ANGELES
  50. 50. Financial Security
 & Stability Uncertainty In the Future Source: Cake & Arrow Millennial Survey 2018 Key challenges facing 
 Millennials today Community & Authentic Connection Interdependency & Social Good Key values that matter to Millennials DISCOVER1 DEFINE REFINE2 3
  51. 51. How might we… Create a community based insurance product for millennials? DISCOVER1 DEFINE REFINE2 3
  52. 52. - Animation from Adam
  53. 53. - Animation from Adam
  54. 54. Allowing policy holders to group themselves based upon shared values, lifestyles, and risks can provide Millennials access to more tailored coverage, make them feel like they are a part of something, and give them the safety net and support network they are looking for.
  55. 55. Hypothesis: Surfacing the community aspect of insurance will shift millennial perception of insurance DISCOVER1 DEFINE REFINE2 3
  56. 56. We created quick prototypes to test our hypothesis. DISCOVER1 DEFINE REFINE2 3
  57. 57. DISCOVER1 DEFINE REFINE2 3
  58. 58. “I would definitely trust other graduate students to use this responsibly.” DISCOVER1 DEFINE REFINE2 3
  59. 59. “I like the idea of finding people going through the same thing. If everyone is on common ground we’d feel more comfortable talking about our issues.” DISCOVER1 DEFINE REFINE2 3
  60. 60. Our app concept reframed insurance for research participants KEY TAKEAWAY “This is a really cool idea.
 It’s like a modern day insurance.” “With the community aspect and the ability to control what’s covered, it’s really unique. It’s not something I’ve seen before.”
  61. 61. Gaining Internal Alignment IDEATION & VALIDATION
  62. 62. Getting Stakeholder
 Buy-in Shared vision • Show how it ladders up to the overarching company goals. Distill it down to what matters • What’s the vision? What problem does it solve? Who are target customers? What is value to the marketplace? Don’t boil the ocean Explain organizational impact and value • Rather than one-off project, this will serve as template
 for future innovation Commit to speed, minimizing risk Be prepared for hesitation • Preaching innovation is easier than implementing it.
  63. 63. Exactly what problem will this solve? Model for Assessing Opportunities VALUE PROPOSITION For whom do we solve that problem? TARGET MARKET How big is the opportunity? MARKET SIZE What alternatives are out there? COMPETITIVE LANDSCAPE 1 2 3 4 Why are we best suited to pursue this? OUR DIFFERENTIATOR How will we get this product to market? GO-TO-MARKET STRATEGY How will we measure success/make 
 money from this product? BUSINESS METRICS 5 6 7 Source: SVPG, Assessing Product Opportunities by Marty Cagan https://svpg.com/assessing-product-opportunities/
  64. 64. Vist our site
 www.cakeandarrow.com DOWNLOAD THE WHITEPAPER Millennials & 
 Modern Insurance Changing the way Millennials think about insurance Thank you jlevine@cakeandarrow.com joshplevine JoshPaceLevine Reach out anytime to chat lmcgee@cakeandarrow.com lisammcgee

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