Whether you are a serial entrepreneur, bringing an innovative product to market as a part of a corporate initiative, or you’re dreaming about setting up your own business, an essential part of the process will be evaluating your ideas. The “courageous entrepreneur” may dive straight into new ventures while the more cautious may linger on the sidelines before taking the leap. In this blog we’ll explain how, using Ninety’s Idea Diagnostic Tool, you can assess your new insurance idea while cutting out the need for protracted deliberation.
Ninety works with new propositions in the insurance space on a daily basis. We have seen good people lost in an ocean of decision-making processes. We have also seen bad ideas snowball, gathering momentum and costing money without anyone being able to stop to ask “Is this idea good, does it do what we want, and does the market want this?”
That is partially why we developed our own Idea Diagnostic Tool. This tool is easy to deploy, simple to use, and aims to help you assess your progress in working an idea at any stage of the process. It is made up of a short questionnaire which can be circulated amongst your team or the wider organisation. It takes the idea and looks at it from the 6 different angles that experience tells us are vital when developing a new insurance proposition: value proposition and marketing, user needs and design, operations and regulation, the idea at scale, technology and commercials.
You’ll then receive a report which assesses how developed your idea is, possible weaknesses and strengths, and potential areas to consider when taking it forward to the next stage. We also make one of our Innovation Consultants available for a complimentary phone consultation, to talk you through your report, and provide some advice on next steps.
Try it for yourself here
How to start working on a proposition?
You should treat an insurance business idea like any other. It should be centred around your customer’s need.
Begin by thinking about who your customer is, get out and talk to them, have face to face conversations with them. You will learn more from those conversations than you would have imagined. This essential information will help you in shaping the solution, features and functions of your proposition, and increase your chances of success.
Now you know what your customer looks like and what they want, so you can start thinking about other aspects of the the idea. You need to deep dive into all aspects of its viability, desirability and feasibility. This is a great time to try Ninety’s Idea Diagnostic Tool to help spot the areas that require more work. You’ll have to answer questions such as “How do I market my insurance product? What funding, partners or technology do I need? What compliance and regulatory requirements are there?”
These questions can be tough to answer on your own. That is why at this stage we recommend taking this idea through an intense Ninety-run Stage 1 MVP. In a day, we evaluate your idea through six lenses, and shape the proposition in a holistic way. If the idea stands this process, it will be more robust and more likely to succeed as it goes on to build, pilot and scale. We engage your whole team and key stakeholders throughout this process. This means less time convincing people in the business this is a good idea, and more time building it together.
If you are driving for change in your insurance organization, Ninety can help you get there.
Get in touch. After all, if you want to go swimming, you have to get wet…