Establishing rapid product development through an innovation lab in the insurance industry

Initial situation

A leading German insurance group aimed for faster and more effective product development
The Group found itself in a rapidly changing environment and could not afford to be a latecomer
Digitalization has also created opportunities to reach customers differently and better meet their needs
To ensure long-term growth, a structured method for developing new products should be introduced and internal expertise built up

Product development time accelerated

2,3 billion €

Contribution generated by newly created products

Projects accompanied 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
- Aligning product development with strategy
- Develop prototypes
- Test prototypes within 12 weeks to see if the customer is ready to buy
Establish cooperations with relevant technology companies
Build methodological expertise and create enthusiasm for many more projects

Increasing customer satisfaction through end-to-end process optimization in the insurance sector

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

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

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

All cases

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