Building Tomorrow's Insurance Using Today's Tools
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So much has changed lately in the worlds of product design and innovation that many leaders aren’t fully aware of the new possibilities. In this session at the Innov8rs Connect Unconference, we reviewed recent advances in teams, tools and techniques, and how they’re coming together to create a new world of possibilities for organizations. We conclude with a real-world case study of modern innovation in action shared by Anuraag Verma of Alpha.
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Building Tomorrow's Insurance Using Today's Tools
- 1. We Can’t Build Tomorrow Using Yesterday’s Tools Innov8rs Connect Unconference 19 August 2020 Presented at
- 2. • Co-founder, Modern Accelerator • Innovation leader, 2x founder • Former Scient, Y&R • Inc. 500/5000 Entrepreneur Scott McDonald 2 Anuraag Verma • VP of Customer Development, Alpha • Host of This Is Product Management podcast • Formerly at General Assembly & Virgin • Worked as a Product Manager in 4 continents
- 3. 3 The cost, time commitment and risk of making change in companies are plummeting. Change is hard?
- 4. The barriers to exploring new ideas and making them happen have never been lower. 4
- 5. 5 And yet…
- 6. • Three trends • Two accelerators • One story • Some Q&A 6 Today’s Session
- 7. 7 1. Teams 2. Techniques 3. Tools Three Trends
- 8. 8 1. Teams >> Getting smaller, more versatile 2. Techniques 3. Tools Three Trends
- 9. 9 1. Teams >> Getting smaller, more versatile 2. Techniques >> Test-and-learn, evidence-driven 3. Tools Three Trends
- 10. 10 1. Teams >> Getting smaller, more versatile 2. Techniques >> Test-and-learn, evidence-driven 3. Tools >> Fewer, faster, more capable Three Trends
- 11. 11 Research TestingDesign / Prototyping AnalysisIdeation Multiple: • Teams • Departments • Tools • Handoffs Idea to Reality: The Corporate Steeplechase
- 12. 12 Research Testing Design / Prototyping Analysis Ideation Idea to Reality: The New Convergence Increasingly • Fewer Players • Fewer Tools
- 13. 13 1. New Forms of Leadership 2. The No-Code / Low-Code Movements Two Accelerators
- 14. 14 “We don’t know. But we’re going to find out.” • Listen • Lead with questions • Empower others • Everything is an experiment • A bias for action New Forms of Leadership
- 15. You’ve got to change your culture, because it’s natural for bosses to want to decide. Now we teach our leaders that it’s your job to put in the systems that enable your people to run your experiments fast and cheap and to keep making them faster and cheaper. Yield as many of your decisions off to the experiment as possible. “ ”- Scott Cook, Co-founder of Intuit
- 16. 16 Everybody’s Talking About It
- 17. An Illustrative Story: Building Tomorrow’s Insurance
- 18. The Opportunity $ 1.4 Trillion 60% Renters 40% Insured Millennial purchasing power is increasing Millennials are renting at higher rates than previous generations Less than half of millennial renters purchase renters insurance
- 19. Toggle: A Convergence of Trends Team: Product, Design, Research, Engineering, Underwriting, Operations, Business Development Techniques: Test & Learn, Experimentation Tools: Agile Research Platform
- 20. Don’t fall in love with ideas
- 21. There’s no such thing as good or bad ideas ✗
- 22. Ideas are simply clusters of assumptions ? ? ? ? ? ? ? ? ?
- 23. Ideas are simply clusters of assumptions ? ? ? ? ? ? ? ? ? I think millennials find insurance too confusing! Millennials don’t think they have anything worth insuring I think millennials want personalization Most people don’t even know about renters insurance
- 24. ✗ ✗ Successful Ideas Unsuccessful Ideas Product goes to market with no underlying assumptions Product goes to market with unvalidated assumptions
- 25. Unvalidated assumptions are costly ✗ ✗ I think millennials find insurance too confusing! Millennials don’t think they have anything worth insuring I think millennials need customization Most people don’t even know about Renters Insurance
- 27. 28 Toggle: An Iterative Insurance Solution
- 28. 29 Toggle: An Iterative Insurance Solution
- 29. 30 From Experimentation to Insight
- 30. 31 Tailored for Today’s Consumer High value items Rewards Side Hustle Credit Lift Pet Parent Protection on the road
- 31. Q&A What’s on Your Mind?
- 32. Scott McDonald Co-founder, Modern Accelerator scott@modernaccelerator.com +1 917-244-8290 Anuraag Verma, VP of Customer Development, Alpha anuraag@alphahq.com +1 917-825-1905 33 Innov8rs Connect Unconference 19 August 2020