Autonomous vehicle insurance by design
Our product strategy and design collaboration with AXA XL enabled them to conceive and launch an innovative global product in less than 3 months.
- How do you design a product which is a world first?
- How do you get a traditional organisation to act more like a start up?
- How do we move a team from a product-led mindset to end to end service thinking?
- Strategic workshop to identify what an 'autonomous insurance service' would look like.
- Distillation of key ideas into a market ready product in 3-months.
- Worldwide product launch and creation of an autonomy global centre of excellence.
Global insurance provider
Innovation & product strategy
How do you invent the future? You design it
AXA XL asked Foolproof to design a new approach and process for product strategy using design thinking. It was the first time at AXA XL that a design thinking process had been applied in this way and it required engagement, education and a leap of faith in terms of trusting the process to get to the right outcome.
Connecting and enabling the hive mind
No one person or team had all the answers, so it was vital to get the right people in a room together to solve the question of what an ‘autonomous insurance service offering’ could look like. We brought together representatives from across the globe and the full life-cycle of the insurance value chain and AXA XL’s autonomy partners, Oxbotica, to share their experiences of what they had learned from their journey to date.
How design thinking shaped the process
Design thinking is an iterative approach to problem solving that intentionally seeks out people with different perspectives, knowledge, skills and experience and has them work together to create practical solutions for a real-world problem. Translated into simple terms, it meant our workshop agenda looked something like this:
- What’s the current state of autonomy and vehicle ownership?
- What does the future ecosystem look like for autonomous vehicles?
- What are the risks and who owns them?
- Who are our target clients? How would we prioritise them? What would our value proposition be?
- What would the future customer experience look like?
- What would an insurance service offering look like now, in the medium term and long term?
Stepping out of the world of insurance
We started by looking at how other markets have been disrupted and how successful companies develop value propositions for today with an eye on building assets and capabilities for the future. In other words, who else has tackled a challenge like this? And what can we learn from their approach?
And then back in
By analysing the state of the market today, followed by understanding the customers of the future, the group were able to develop a plan of how they thought an insurance service offering would develop as autonomy was adopted.
“I’ve never attended a workshop where everyone stayed so engaged throughout the two days and were really determined to develop a concrete deliverable. The outcome is a testament to the trust and commitment of everyone involved and, just maybe, they may have put their names to a world first.”
A changing world needs new answers
As heritage companies find themselves competing with small agile organisations it’s vital to find and embrace new approaches to stay relevant in a fast-paced world and get the right products to market quickly. By thinking of the problem in a different way and engaging a new approach to product design, AXA XL were able to produce a service offering from scratch and move to launch in under three months.
Stakeholder workshop, experience strategy, product strategy, strategic road mapping.
One x two day client workshop with retained contact over three-months until product launch.