Establishment of rapid product development through an innovation lab in the insurance industry

Initial situation

A leading German insurance group wanted faster and more effective product development
The group was operating in a rapidly changing environment and could not afford to fall behind
Digitalization created opportunities to reach customers differently and better meet their needs
To ensure long-term growth, a structured method for developing new products needed to be introduced and internal expertise had to be built

0 %

Product development time accelerated

2,3 Mrd. €

Contribution generated by newly created products

Projects supported with great success

Setting up an innovation lab and creating the framework conditions for sustainable success
Establish end-to-end product development process and iteratively test suitable, partly digital, solutions
- Align product development with strategy
- Develop prototypes
- Test prototypes within 12 weeks to assess customer willingness to buy
Establish cooperations with relevant technology companies
Build methodological expertise and create enthusiasm for many more projects

Improvement of customer satisfaction through end-to-end process optimization in the insurance industry

Achieving process excellence by establishing Lean Six Sigma in the banking sector

Strengthening the market position through product portfolio optimization in the insurance industry

Increase in profitability through end-to-end process optimization in the insurance industry

All cases

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