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Use Cases
IT Architecture: Assessment & Transformation
For a mid-sized local insurance company, the goal was to assess the current running IT landscape and application portfolio and identify improvement areas and an overall IT architecture transformation strategy.
The current IT architecture was found to be built mainly on a monolithic application framework and is not as dynamic and agile compared to a rather service orientated micro services-based architecture. The team assessed the core system and main business applications across all business verticals to really understand and identify the actual required services. An approach was formulated how to build a service orientated layer which would service all required and respective business applications and de-risk this transformational approach. An iterative and adaptive approach based on agile delivery was designed and an internal delivery team was built to facilitate this transformation. Team members were trained across different delivery models and coding approaches to adapt to new ways of working, especially around a service-orientated IT architecture with a more fast-paced delivery model.
The overall project took about 4 months for assessment and respective transformation approach design and including a delivery approach which was done by thoughthaus. The delivery was mainly done by internal stakeholders and team members with support by thoughthaus.
Agile Organization: Design & Implementation
For an insurance company with a full in-sourced IT team and detached project managers, the goal was to assess the current state of how projects and products were delivered and implement a more agile setup to adapt new ways of working and a more time-relevant product-release approach to meet market dynamics and customer demands.
The setup was found to be very traditional with long delivery cycles, poor prioritization and capacity planning, not understanding the requirements for the respective product and lack of product-related communication.
The overall approach was to setup dedicated product owners and respective teams with each team having full ownership to drive the products and respective projects for UAT and for go-to-market. Team members from the IT team have the option to rotate between teams and products to capture knowledge and lessons-learned; communication was streamlined using SCRUM methodologies involving the business units to participate, as well as requirements engineering were monitored by the product owner and challenged based on relevance and priority. An overall and comprehensive organizational design was built, and the implementation and execution of an agile delivery mindset was accompanied by thoughthaus. The entire local IT team was trained accordingly across multiple sessions by thoghthaus members as well as other external parties to adapt to a new way of collaboration and working.
The overall project took about 10 months for initial assessment and solution design with multiple iterations followed by execution and implementation were thoughthaus was the main owner and transformation program driver.
RfP – Backend Technology Setup: Design and Overall Process Management
For a multi-line insurance company, the need was to run a comprehensive RfP to identify potential technology solutions to replace their existing backend system. The goal was to assess and understand the current setup of functionalities, translate the requirements and combine this with a modern approach of technology capabilities catered to be able to meet future market and customer demands with a lean and flexible technology approach.
The existing backend system was found to be a simple policy management system with basic functionalities to build products, write underwriting rules and manage policies through a simple user interface. However, the policy management system had limiting functionalities and APIs and micro services had to be built from scratch with long delivery processes done by an external team within the policy management system vendor.
All requirements around technology and business-related functionalities were collected and documented in a RfP briefing document and were shared with potential vendors via a simple RfI approach. A comprehensive RfP process was conducted with multiple vendors resulting in a final result of selecting and awarding a final vendor.
Thought run the entire RfP process end-to-end until vendor selection. The migration and transition of the actual vendors’ system was done by the vendor and local insurance company themselves.
Life Insurance: Mobile Agent Application
For a large life insurance company, the need was to support the design, development and launch of a comprehensive mobile application for life insurance agents. The application was supposed to simplify the overall need analysis, product presentation, quotation, payment as well as issuing of the policy as well as the overall lead management to increase productivity and efficiency of agents.
As an initial step, a workflow of how agents quote and sell life insurance was mapped out to better understand optimization potentials. Information was collected based on operational information as well as through agent focus groups organized with internal stakeholders. Optimization potential was identified and streamlined and captured through user stories and aligned with the UX/UI and technical team. Multiple rounds of iterations with actual agents were held to gather immediate feedback and modify the application with all its functionalities. Thoughthaus served as product owner throughout the process and made sure that all requirements from business and technical teams are captured properly, streamlined, and covered by the application.
The overall project run for 10 months, whereas thoughthaus was involved in the support of the launch as well. The application was rolled across the agent division and generates multiple millions in GWP and has received multiple awards across the group and insurance industry.
Online Distribution: Product & Channel Design
For a large to mid-sized insurance company, the need was to design an overall alternative digital distribution channel including technology and organizational setup. The goal was to establish this channel as a competitive and complimentary sales arm for the organization to participate early in the local online and digital insurance market, gain, maintain and grow the channel over the years. Eventually the overall goal was to build a seamless cross- and multi-channel approach to serve customer holistically.
Thoughthaus assessed the local market with its existing online insurtechs and insurance companies and lined out potential plays across products, financial needs, processes, organizational setup as well as market approach. All the findings were presented as a conceptual strategy paper to the board.
Based on the findings the overall approach was to build a strong online distribution brand, linked to the actual insurance brand but run independently from the actual organization to avoid channel conflicts, legacy issues and political differences. The organization was designed around ecommerce and online marketing as well as distribution experts to capitalize on their knowledge and experience to sell insurance products online. The team was also built around insurance experts from underwriting, claims and actuary especially with knowledge around STP frameworks. From a product perspective, dominant and popular products were built as market entry strategy with price competitiveness as a market share driver and complete online journeys; similar thoughts and suggestions were applied to internal process and claims as a 100% seamless STP approach.
The project was run for 5 months with the actual conceptual strategy presentation was presented to the local board with global board participants. The board approved the concept and execution and setup of the actual online division / sub-brand as an own organization was handed over to the local insurance company.
Digital Marketing: Strategy & Governance
For a large and global insurance company the need was to provide management support for a first-line manager reporting to the board. The managers’ division included multiple departments across all verticals of direct and online marketing including web analytics. Main support areas were strategy and governance, communication, stakeholder management and internationalization of the local practices and expertise across groups’ global entities.
Thoughthaus served as an extended arm of the first line manager and supported across all needed tasks towards the board with management decision and strategy papers, reporting, budget planning and potential synergy plays across global entities to strengthen their respective online marketing approach.
Stakeholder management support with strong ownership was provided across various projects and tasks going across divisions as well as on international assignments with positive outcomes and performance. Additionally, thoughthaus supported formulating a comprehensive strategy how to better build up scalable online marketing expertise which can be scaled across other areas and entities which might need such services.
The support of the first line manager lasted for 2.5 years including multiple trips locally and internationally to support the management of the division and the respective departments to run the strategic approach successfully.
Repricing: Product Repricing And Market Introduction
For a mid-sized insurance company, the need was to identify a repricing strategy for the main product portfolio to gain market share with a profitable approach. The assignment stretched across different products with various distribution channels with the goal of pricing simplification and a more agile and adaptive way to meet market dynamics and demands.
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Utilizing actuary and financial experts within and outside of the thoughthaus team a comprehensive financial assessment of the current pricing setup was conducted including profitability outlooks, reserve management, loss ratio and contribution models.
Based on the organizations’ risk appetite and growth strategy a comprehensive pricing approach was formulated with a detailed implementation plan per product considering stakeholders across distribution channels. The approach was designed in a way that future changes can be met and implemented in a faster way to meet market dynamics as well as regulatory requirements. In addition, a data utilization model was introduced to better understand pricing implications and how data can be better used to modify rating factors and adapt pricing accordingly.
The project run for 9 months with the local organization with participants from the groups’ global pricing department. Thoughthaus supported the overall repricing approach and provided project management support across various implementation tasks as well.
