Hiscox case study: High-net-worth home insurance innovation

The challenge

Hiscox launched their flagship home insurance proposition 25 years ago, gaining them a market-leading position in the high net worth market. They were looking to understand how the target customer, market, and technology have changed since its first launch in order to transform this proposition to ensure it stays at the forefront of this modern market for many years to come.

The solution

Following a period of customer immersion and research, Ninety ran a series of four ideation workshops, bringing attendees from all business areas, seniorities and locations from Hiscox to focus on defining pain points in the current proposition and to generate new, transformative ideas of how to address these. 45 ideas were produced and documented, and through a series of data-backed filtering and testing – utilizing customer surveys, interviews and social media fake door tests – 10 propositions were put forward to the leadership team who chose 4 ideas to pursue. These four ideas were interrogated from all business angles through the Ninety Stage 1 workshop and a business case was built out for each one during these one day sessions. Two ideas were found to have limited potential and two were found to be worth investigating further. A further round of deeper customer interviews and surveys were used to test these two ideas which were presented back to the team by Ninety along with an additional concept, worked up by Ninety based on the learnings. These ideas were taken back by the Hiscox team to develop a path to market pilot along with associated commercials.

The benefit

Through a rapid development and test process, Hiscox were able to analyze potential solutions covering a multitude of different areas and make fast data-backed decisions of which ideas to drop and take forward. Out of the final 4 ideas which were taken to a Stage 1, two were failed by the end of the day, thus preventing unnecessary spend on a limited opportunity and two were built out further from a customer perspective.  Hiscox were left with a plan to take two proven high-potential ideas to prototype and take to a market pilot.