The document summarizes the key findings from a 5 day customer discovery process for a Picture to Data (P2D) product. Over the 5 days, the team interviewed potential customers, refined their value propositions, identified target customer segments in the insurance industry, and conceptualized an initial minimum viable product and revenue model. The next steps identified are to develop a prototype, continue customer discovery to find a client to partner with, and hire additional talent.

1. Picture to Data (P2D)
Revolutionizing work flows to the 21st
CenturyYuchen Su  Jun Sen Ang  Oren Finard
No. of interviews Day 0: 12
No. of interviews Day 1: 18
No. of interviews Day 2: 16
No. of interviews Day 3: 18
No. of interviews Day 4: 6
Total no. of interviews to date: 70

2. Key Partners Key Activities
Key Resource
Customer
Relationships
Channels
Customer
Segments
Value Propositions
Cost Structure Revenue Structure
-Insurance companies
-Insurance quotation
companies
-Insurance broker
-TPA
-Smartphone users
Client
-Improve efficiency by saving
time required to enter data
-Customizable to fit their
existing system
-Client is free to manipulate the
data extracted (Store in their
database, conduct analysis)
-Can be extended to other
services like health insurance,
accident claims
-Increased sales
End User
-Quick and easy approach to fill
forms or access various
services provided by the client
-Insurance
companies
-DMV
-PDK
-Tool development
-Service and maintenance
-Compatibility assurance
-Web and on-site support
-Customization
-Software developers
-Marketing -Face-to-face meetings with
clients
-Work with a company to
develop beta product
-Implementation on
existing Apps in the market
-Installation fee
-Licensing fee
-Premium for customization
-Development costs
-Marketing and advertising cost
-Cyber security costs
-Database cost
-Dedicated maintenance
-Consultation
-Extended partnership to
further develop product
Day 1

3. What we felt on Day 1

4. Day 1 – Takeaway
• Some hypotheses were difficult to verify due to accessibility issues
o Need to speak to people with the purchasing power
• Finding the right questions and explaining the product/technology is
an art
• The world is more digitized and less paper-dependent than we thought
• We need to sell a solution not technology

5. Key Partners Key Activities
Key Resource
Customer
Relationships
Channels
Customer
Segments
Value
Propositions
Cost Structure Revenue
Structure
Healthcare
- Hospitals
- Surgeons
Insurance
-Operations
department
(Claims,
Underwriting)
-Improve accountability of
instruments
-Improve efficiency
-Less liability and labor
saving
-Saves time
-Customize to fit their existing
system
-Client is free to manipulate
the data extracted
-Can be extended to other
services like health insurance,
accident claims
-Tool development
-Service and maintenance
-Compatibility assurance
-Web and on-site support
-Customization to client
needs
-Software developers
-Marketing
-Development costs
-Marketing and advertising cost
-Installation fee
-Licensing fee
-Premium for customization
-Insurance companies
-Hospitals
-Face-to-face meetings with
clients
Get: Online advertising,
Personal sales
Keep: Dedicated service
and maintenance. Ensure
compatibility.
Grow: Innovation. Keeping
up with state of the art
SMEs
-Retail stores
-Insurance agencies-High level of customizability
-Improve productivity
-Value for money
-Easy to implement
Day 2

6. Day 2 - Takeaway
• We need to focus on a customer segment
• Small/Medium business owners are not implementing such
documentation technology because there is limited value-add to their
operations
• Text recognition technology has sailed
o Existing software compete based on partnerships they have
o Had to pivot and focus on picture/object recognition
• Looked using object recognition as the main value proposition

7. Key Partners Key Activities
Key Resource
Customer
Relationships
Channels
Customer
Segments
Value
Propositions
Cost Structure Revenue
Structure
Insurance:
Consumer focused
business (ie
Personal lines)
-Underwriting
department (front end)
- Sales and Marketing (
Front End)
Front End
- Improved user experience
- Saves time and effort to
enter information
- Promotes direct interaction
with customers (without
aggregators)
- Accelerate sales and
reduce overheads in the
mass market environment
- Attract more users
-Tool development
-Service and maintenance
-Compatibility assurance
-Web and on-site support
-Customization to client
needs
-Software developers
-Marketing
-Development costs
-Marketing and advertising cost
-Installation fee
-> Flat fee
-Licensing fee
-> Tiered based on usage
-Premium for customization
-Insurance companies
-Face-to-face meetings with
clients
Get: Personal sales, Free
first consultation
Keep: Dedicated service
and maintenance. Ensure
compatibility.
Grow: Innovation. Keeping
up with state of the art
Insurance:
Back End
Operations
-Claims department
Back End
- Reduce time required for
claim adjusting process
- Instant assessment of the
damage (indicative)
- Data captured for future
analytical purposes that
facilitates better
underwriting
Day 3

8. Customer Archetype
• Insurance companies where high volume, low claim transactions are a
significant portion revenue
o P&C Insurance companies
• Overheads are significant
o Relatively large size
• Work process consist of low complexity routine tasks

9. Value proposition
Bumper $3
Front Hood $12
Engine $75
Front Axel $36
Cup Holder $15
Miscellaneous $7
Total $148

10. Value proposition
Bumper $3
Front Hood $12
Engine $75
Front Axel $36
Cup Holder $15
Miscellaneous $7
Total $148
Picture To Data

11. Minimal Viable Product
A
P
I
Car photo
database
List of
damage parts
Customer
information
databaseCustomer records
All the required data
Claims estimated repair cost
Claims estimated
repair cost

12. Day 3 - Takeaway
• Some sectors in the insurance companies that are interested willing to
pay for this product
• Identified a clear customer segment and defined an archetype
• Conceptualize implementation details of the product

13. Key Partners Key Activities
Key Resource
Customer
Relationships
Channels
Customer
Segments
Value
Propositions
Cost Structure Revenue
Structure
Insurance:
Consumer focused
business (ie
Personal lines)
- Underwriting
department
- Sales and Marketing
- High volume, low
premium business
transactions
Front End
- Improved user experience
- Improve productivity in the
underwriters
- Promotes direct interaction
with customers (without
aggregators)
- Accelerate sales and
reduce overheads in the
mass market environment
- Attract more users
-Tool development
-Compatibility assurance
-Web and on-site support
-Customization to client
needs
-Sales and marketing
-Software developers
-Marketing
-Development costs
-Marketing and advertising cost
-Website maintenance
-Installation fee
-> Premium for customization
-Licensing fee
-> Based on cost savings
-Insurance companies
-Documentation
management software
-CRM software
-Auto parts companies
-CCC
-Audatex
-Face-to-face meetings with
clients
-OEMs
Get: Personal sales, Free
first consultation
Keep: Dedicated service
and maintenance. Ensure
compatibility.
Grow: Innovation. Keeping
up with state of the art
Insurance:
Back End
Operations
-Claims department
Back End
- Reduce time required for
claim adjusting process
- Instant assessment of the
damage (indicative)
- Data captured for future
analytical purposes that
facilitates better
underwriting
Day 4

14. Revenue Stream
• Installation fee
o Premium for customization
• Licensing fee
o Proportion of cost savings

15. Revenue Model
Development costs
Instal-
lation
costs
Mark-
eting
costs
Installation
fee
Licensing fee
Fixed Costs Variable Costs Revenue
No. of claim adjusters in a large insurance companies: ~3000
Each valued at: ~$60k/year
If we improve productivity by 15%
Cost savings: 3000*0.15*60,000 = $27,000,000
If we were to sell our product at 10% of the cost saving we get = $2,700,000

16. Channels
Direct Sales through
partnerships and
targeted marketing
OEM: Sold as part
of software package
Software
Package Sold

17. Day 4 - Takeaway
• Various ways to price our product
o Pricing based on a percentage of cost savings
• Necessity of prototype
• OEM channels are a possibility but very difficult to execute
o Software company is sticky about incorporating third party software directly into
their package
o That said, they were still interested in the product

18. Key Partners Key Activities
Key Resource
Customer
Relationships
Channels
Customer
Segments
Value
Propositions
Cost Structure Revenue
Structure
Insurance:
Consumer focused
business (ie
Personal lines)
- Underwriting
department
- Sales and Marketing
- High volume, low
premium business
transactions
Front End
- Improved user experience
- Improve productivity in the
underwriters
- Promotes direct interaction
with customers (without
aggregators)
- Accelerate sales and
reduce overheads in the
mass market environment
- Attract more users
-Tool development
-Compatibility assurance
-Web and on-site support
-Customization to client
needs
-Sales and marketing
-Software developers
-> 6 Software
developers
-Marketing
-> Short Run: Personal
Contacts
-> Long Run: Sales
Team
-Development costs
-Marketing and advertising cost
-Website maintenance
-Installation fee
-> Premium for customization
-Licensing fee
-> Based on cost savings
-Insurance companies
-Documentation
management software
-CRM software
-Auto parts companies
-CCC
-Audatex
-Face-to-face meetings with
clients
-OEMs
Get: Personal sales, Free
first consultation
Keep: Dedicated service
and maintenance. Ensure
compatibility.
Grow: Innovation. Keeping
up with state of the art
Insurance:
Back End
Operations
-Claims department
Back End
- Reduce time required for
claim adjusting process
- Instant assessment of the
damage (indicative)
- Data captured for future
analytical purposes that
facilitates better
underwriting
Day 5

19. Next Steps
• Develop a prototype
• Continue doing Customer Discovery until we find a client
willing to work with us to develop the product
o Provide us the forms and access to their system
• Be on a lookout for talented individuals that can execute out
key activities
o Application developers
o Machine learning experts