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Innovation and Business Model Development for a Major German Insurance Company
A major insurance company in Germany resolved to construct innovative business models, positioning itself strategically for forthcoming challenges and seizing new market opportunities with an emphasis on telematics-based insurance and service products.
At A Glance
LKPU supported the innovation team in the development of business models
This included tasks such as financial modelling, simulation and conducting commercial due diligence on potential solutions
Supporting the management in their decision-making processes
In a timeframe of less than one year one year
The Story
Recognizing new market opportunities and future challenges, a substantial German insurance company elected to invest in the creation of new business models. Due to a deficiency in internal expertise and resources, the company’s senior management chose to enlist the assistance of external professionals to augment their innovation team. Our specialist collaborated with approximately a dozen team members to conduct strategic analysis and develop business models. Key responsibilities included:
- Determining the scope, identifying opportunities, recognizing limitations, and outlining challenges.
- Performing risk assessments, which entailed the development of a comprehensive Risk Log.
- Establishing a framework for data analytics, pinpointing data sources, and formulating an analytical approach.
- Executing commercial due diligence for prospective business models.
- Modeling and simulating various revenue streams and cost structures.
- Crafting a decision memorandum for the senior management that included an implementation recommendation.
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