The company
Our client is a large German financial services provider.
The initial situation
Against the backdrop of advancing digitalization and continuously changing customer needs, our client founded a new company - a purely digital insurer. With the help of the digital insurance business, suitable products and services for digital natives should be offered. The challenge was to develop purely digital and innovative insurance products and services for the intended target group.
Read More …The approach
The agile approach according to our Lean Service Creation concept is based on the modern methods of Design Thinking, Business Modeling and Lean Startup. This approach enables customer-oriented development as well as an iterative and creative process within a structured framework. The main goal is to collect feedback from users as early as possible in the development process of the idea and to integrate it into the prototyping.
At the beginning, representative personas were created with the help of a prior definition and analysis of the selected target group. Based on these personas, more than 200 ideas were successfully developed, prioritized and classified for further elaboration in a joint creative workshop. The development of ideas took place in several steps and with different trigger questions in order to continuously stimulate the creative thinking process. Subsequently, sustainable and holistic business models were developed for the product ideas according to the Business Model Canvas. By taking a close look at all aspects, from the value proposition and customer segments to key activities and innovative revenue sources, it was possible to gain additional insights for further design. For target-oriented decision-making, further tools such as the SWOT analysis were used to jointly decide which ideas should be carried forward. Validation of the selected ideas with the "real" target group took place early in the project as well as in collaboration with UI/UX designers. This allowed customer feedback to flow directly into prototyping. In addition to click dummies, landing pages and short films were created to visualize the product ideas.
The benefits for the customer
Two fully formulated and verified product ideas, including calculated business cases and potential assessments, were successfully developed and implemented. With the two target group-specific product ideas, the digital product and service offering and thus the business model could be expanded. In addition, the customer has consolidated the methodology and tools of the lean service creation approach and the agile approach and laid the foundation for the transfer to the organization.
Our experts for agile product development
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Joerg Bassen
Senior Partner
Master of Engineering and Business Administration
Master of Engineering and Business Administration
At 4C you will not encounter consultants corresponding to usual stereotypes. And certainly not in the person of Joerg Bassen, who - as an engineer - stands for the principle of gravity, that means a down-to-earth attitude, objectivity, careful consideration and thorough analysis. Not only our clients benefit from his “engineer’s viewpoint” and his distinctive analytical skills, but also our internal knowledge exchange and qualification activities for our consultants. In CIO Advisory, Jörg Bassen is our specialist for all CIO topics and the alignment of corporate IT to an efficient, modern and innovative IT service organization. In addition, he develops innovative, digital business models for companies in the Digital Business Innovation Competence Center and anchors them in organizations and IT systems. His consulting focus areas include IT strategy, IT control, digitalization strategy, and digital business model analysis and development. He has extensive experience in various industry sectors.
Felix Hesse
Partner
M. Sc. Industrial Engineering and Management
M. Sc. Industrial Engineering and Management
What are tomorrow's business models? How will companies make their profits in the future? What spaces will digitization open up? Felix Hesse is already asking himself these questions today: With his pronounced passion for digitalization topics, Felix supports his customers in questioning their existing business models and making them fit for the future. His sense of customer needs and, above all, his sense of smart solutions help him to do this. Felix focuses on the development of innovative digital services and products and sees himself as an innovation driver - especially when it comes to creating added value for his customers. In addition, he is an expert in business model development and in "finding" new sources of revenue. For him, this is perfectly combined in the "Digitization" Competence Center.
Joerg Bassen
Senior Partner
Master of Engineering and Business Administration
Master of Engineering and Business Administration
At 4C you will not encounter consultants corresponding to usual stereotypes. And certainly not in the person of Joerg Bassen, who - as an engineer - stands for the principle of gravity, that means a down-to-earth attitude, objectivity, careful consideration and thorough analysis. Not only our clients benefit from his “engineer’s viewpoint” and his distinctive analytical skills, but also our internal knowledge exchange and qualification activities for our consultants. In CIO Advisory, Jörg Bassen is our specialist for all CIO topics and the alignment of corporate IT to an efficient, modern and innovative IT service organization. In addition, he develops innovative, digital business models for companies in the Digital Business Innovation Competence Center and anchors them in organizations and IT systems. His consulting focus areas include IT strategy, IT control, digitalization strategy, and digital business model analysis and development. He has extensive experience in various industry sectors.
Felix Hesse
Partner
M. Sc. Industrial Engineering and Management
M. Sc. Industrial Engineering and Management
What are tomorrow's business models? How will companies make their profits in the future? What spaces will digitization open up? Felix Hesse is already asking himself these questions today: With his pronounced passion for digitalization topics, Felix supports his customers in questioning their existing business models and making them fit for the future. His sense of customer needs and, above all, his sense of smart solutions help him to do this. Felix focuses on the development of innovative digital services and products and sees himself as an innovation driver - especially when it comes to creating added value for his customers. In addition, he is an expert in business model development and in "finding" new sources of revenue. For him, this is perfectly combined in the "Digitization" Competence Center.