Case Study: US Insurtech - Winning strategy and execution plan
Starting with “Vision, Purpose and Ways of Working”
It may seem simple, but quite often this is overlooked or has not had enough attention paid to it. Identifying the Why, What and How has been proven time and time again to drive better outcomes Whether your business is new and looking to get to market or an existing business looking to transform, getting this right really defines your “North Star”.
Simon Sinek’s famous TED Talk about starting with why reinforces how, when done properly, your culture aligns, the way in which you operate, your decision frameworks and the way your teams collaborate and work together accelerates.
Strategy on a page
At The Bridge we have designed a methodology and engagement plan to take your team and business on the journey and help you define your strategy on a page with Purpose, Vision and your Why, What and How.
This particular case study is for an insurtech start-up in the US, but we have applied our methodology across numerous industries including Healthcare, Energy, Entertainment and not for profits.
The Bridge methodology includes developing a strategy on a page which captures Vision, Purpose, Ways of Working and Domains. The simplicity of having your strategy on a page captures the essence of why your business exists, how you are going to be successful and what the focus is.
The Bridge was further engaged to embed the strategy to enable the solution to be designed and ready for pilot within 3 months.
These solutions included:
Program Deliverables and Benefits
Implementing the Strategy
This Insurtech business is now completing a number of tests with US insurers to benchmark internal capabilities and provide a simple and convenient process for motor claims management that will continue to evolve today and into the future.
IA and Claims Costs
The insurtech partnered platform features AI, which over time uses real time claims data to increase the accuracy of damage estimation. Pilot results show an improvement in accuracy of overall damage estimation to 90%. This is better than current manual assessing techniques, which through testing only delivers 85% consistency and accuracy. In addition, through better and more accurate estimation and more effective vehicle triage, total claims costs have been estimated to reduce by up to 20%.
Customer experience has been improved materially. Total claim time from lodgement to repair can be reduced from an average of 3 weeks to less than 1 week. This is achieved by digital triaging and identifying the correct repair lane and fast track process for minor damage.
The digital platform enables the end customer to take control of the claim and book directly into network partner repairers, resulting in increased customer satisfaction and NPS lift of +14.
At The Bridge, we pride ourselves on not only identifying the root causes of key challenges within an organisation, but also helping to build the plan that addresses them – and seeing that through to true embedment where desired results are achieved by genuinely changing ‘the way things are done around here’ for the better.
To learn more or have a chat about how we might be able to help your business, please get in touch