The world of insurance is changing fast – Beazley, the leading Lloyd’s of London insurance syndicate, recognised this.
When they decided to add High-Tech Professional Indemnity Cover to the risks they covered, they wanted to develop a thoroughly 21st Century solution. Eighteen months ago they asked us to help them develop a totally new approach to broker engagement & delivery of superb-service.
The solution clearly needed to be digital. Rather than just let their programmers set the agenda, they asked us to help them put their broker-partners at the heart of the process.
Expert interviews with specialist brokers throughout the UK and France were our starting point. They allowed us to gather clues about how well brokers’ needs were currently being serviced and gain insights into what they might perceive to be a standard-of-excellence solution.
We then collated the clues, insights & a big-bank of inspiration drawn from other categories into inspiring start points for an inter-disciplinary ideation workshop.
It wasn’t the first time our creative catalysts had brainstormed with underwriters, but it was the first time we’d added programmers to the mix – and we were impressed with how creatively the three teams interacted.
A range of potential approaches from ‘close in’ and easy, to really challenging and ‘industry transforming’ were explored.
Building on the learning from the broker interactions, it wasn’t hard for the workshop team to generate a prioritised list of desired functionality that allowed the programming team to quickly deliver a beta-version of the of the interactive, online ‘MyBeazley’ platform. Rather than race straight to market, the team wisely re-engaged their broker-partners for an intensive programme of beta-testing that optimised the intelligent-brokering solution and ironed out any potential challenges.
After just a few months of intensive programming and collaborative development the ground breaking ‘MyBeazley’ e-broking system was fully launched to industry wide acclaim.
Within a year “MyBeazley’ has become a huge commercial success.
It seems only fitting that the Beazley team’s ground-breaking approach has been recognised by their industry …
At the end of November 2015 Beazley were awarded one of the highly-prestigious Lloyd’s Market Innovation awards for both the creative application of technology & their ‘broker-centric’ approach:
The judges felt the initiative was genuinely new in terms of taking a consumer approach to designing a system and that it was very customer-focused: “A real and genuine investment in understanding the end-users’ needs and thoroughly testing the product”.
Concrete proof that an insightful & empathetic understanding of consumer needs is the key to delivering great product innovation … regardless of which industry you are operating in!
Whatever your industry, we’d love to show you how our consumer-centric approach to innovation can help you deliver outstanding results …