Business Model Innovation

CLIENT:
Major Insurance Group

SECTORS:
Financial Services, Service sectors

LINES OF BUSINESS:
Strategy & Leadership, Innovation & Transformation

CLIENT FOOTPRINT:
South Africa

THE CLIENT CHALLENGE:

The client, a specialist life insurance company operating in the mass market, was seeking to expand its offerings and develop its channels to become the leading broad based, client-centric, financial services provider to the SA entry-level market

HOW WE ASSISTED:

Captured customer insights to develop a new segmentation model and Customer Value Proposition which comprised broad-based financial products offered via multiple – existing and new – channels, with one application form, one policy document and contract and one premium deduction.  The new business model included streamlined administration on an integrated IT system

RESULTS DELIVERED:

The elements of the design for the new business model were successfully prototyped including new distribution channels and the cross selling of specialised short term products through the ‘life’ channel.  The new business is ready for launch pending IT system development.  This project is an excellent example of multiple businesses collaborating to build a new, segment focused, broad-based business model