Insurtech Scout Case Study
InsurTech Scout
Launching a bespoke innovative platform from ‘fuzzy requirements’ in 4 months; to intelligently match Insurtech’s with Insurance or Financial Services companies based on their transformation criteria.
To build an online platform enabling:
- Insurtech’s to have a greater opportunity for exposure with large corporations.
- Insurance or Financial services companies to view and compare a comprehensive catalogue of innovative technology within the Insurtech space.
- Investors to easily identify Insurtech’s that match their investment portfolio or criteria.
- Gather, understand and document functional platform requirements.
- Present development progress weekly to enable customer collaboration.
- Monitor project milestones with weekly governance meetings for transparency.
- Work with the UI design team to implement bespoke platform screen designs.
- Provide appropriate business training and documentation.
- Support the client during user acceptance testing and through the go-live phase.
- Time savings for Insurance and Financial services companies in regards to researching innovative Insurtech’s.
- More informed Insurance and Financial services teams by gaining a wider understanding of how their employees view the Insurtech companies.
- Increased profits and revenues for Insurtech’s from improved sales via greater exposure to corporates.
- Cost savings for Insurtech’s on marketing spend.
- Greater transparency of both the Insurtech market and the Insurance companies’ requirements.
Conclusion
The Data Company worked closely with the client to identify the scope of the platform and also to understand how the client wanted the platform to develop in the future. The approach was to work in a phased manner, developing the must have requirements for the first phase including:
- User registration for different user roles with access to portals to enable self-service.
- Profile set up for Insurtech including the uploading of business packs.
- Insurance/ Investor accounts with multiple users to view, rank and rate Insurtech’s.
- The foundations of the gamification element of the platform to identify best matched Insurtech’s and to keep users engaged.
- Reporting on trends and league tables.
- Private messaging capabilities for secure conversations between Insurance companies and Insurtech’s.
Phase 1 of the project took 4 months from the requirements gathering workshops to soft-launch. We continue to work collaboratively with the client capturing any feedback from the soft-launch, making continuous enhancements and improvements where necessary.
