What does a company need to succeed? This question may have different answers, and many could be right but, the key factor to achieve greatness is through innovation. Why? Because in a fast-changing environment, the only way to move forward is by generating new ideas, creative ideas of how to improve a product or service based on the evolving markets and customer’s needs.
Companies rely on innovation as a method of growth and diversity. Business models are now based in technology, focused on customer experience, and the insurance industry has not fallen behind. They have embraced new digital tools to better their traditional product. These changes have cleared the path for innovative products and services that can meet the demand. 92% of the insurers of Spain bets on pilot projects to foster digital development.
The Challenge
The head of the group with more than seventy-five years in the industry, are aware of the accelerated change in the market, and wants to continue betting on innovation as a key driver and lever for its growth. Therefore, Opinno designed a project that goes beyond a simple assortment of ideas. Instead, they turn the efforts on identifying new market trends, as well as discovering new markets and needs of the users to be able to transform the brand to one that offers services of added value. In this way, the company will be able to produce new demand, increase its market shares and separate themselves from their competitors.
The project is centered on the observation of trends in health, insurance and technology, and of the quantitative and qualitative studies of current and potential customer sections. This will allow the identification of a market niche, sector opportunities and advantages that will make up the new product.
The How
To achieve the transformation, there is a structured plan. By exploring, we can obtain a deep knowledge of the new lines of innovation that are leading the insurance industry. The idea is to identify all the possible applications to the developments in order to take the right position in the face of the movements in the environments. When defining the objective market, its needs and opportunities, there has to be a visual map of how trends and the forces of change are happening in the health insurance sector with respect to technology, culture, and more importantly, how it is expected to evolve.
Parting from the results of the search, the second step is the creation of the brand. During this phase, the construction of creative proposals took place. Building two workshops, Opinno is able to identify key concepts associated with the product and the brand. Lastly, there is an accompaniment of 8 hours per week by a user experience or user interface designer or project leader depending on the needs to provide an updated product.
