What is InsurLab Germany?
InsurLab Germany stands as a beacon of innovation in the insurance industry. It aims to drive digitisation and innovation for established companies in the sector. Therefore their accelerator program is designed to foster collaboration between promising startups and established insurance companies, propelling forward-thinking solutions into the market.
The world went D2C, and with consumers getting more and more comfortable with buying online, insurance is following
While a large part of the insurance sector is still dominated by traditional brokerage models, eating into the margins of insurance companies, many insurance companies are picking up on their D2C strategy.
However, meeting consumer needs is the #1 challenge and main reason for failures, limiting top-line growth
However, meeting consumer needs remains the #1 challenge and main reason for failures, limiting top-line growth of consumer-facing companies. This urges the need for insurance companies to invest in methodologies that help them identify actual o consumer needs and stay close to them when developing new solutions.
With this development, we saw the potential in how Horizon could play a significant role in the insurance sector and decided to join the accelerator program. By leveraging behavioural data from real consumers, insurance companies can unveil purchase intent and produce insurance solutions that meet the highest consumer needs, improving top-and bottom line of insurers.
Horizon and Zurich Insurance
One of the highlights of our InsurLab journey was the partnership with Zurich Insurance (see related LinkedIn post here). Horizon supported the Zurich Innovation Team in conducting behavioural research to assess consumer demand for an innovative solution in life insurance. This helped the Zurich team to make a market-proofed decision on how to proceed with the insurance concept. To wrap up the project, Horizon and the Innovation Team of Zurich presented the case to an audience of insurance industry experts and innovators at InsurLab’s Demo Day.
The presentation at Demo Day was a fitting proof to our successful journey through the InsurLab program, collaborating with great minds from the insurance industry and continuing our mission to bring the impact of consumer-validation to ever more innovation, consumer insights and product teams.
Bringing Consumer-Validation into the Insurance Industry
As we wrap up our participation in InsurLab's Collaborator Batch#23, we're excited about what lies ahead. The consumer demand and purchase intent insights gained by insurance clients of Horizon in 2023 are just the start of what consumer-validation has in store for the sector. Stay tuned for more updates, and feel free to reach out if you're curious about how we measure real consumer purchase intent.
See how other Insurance Companies maximise their revenue and profit with Consumer-Validation
.webp)
The insurance company required consumer insights to make a strategic pricing decision for cancer insurance. They had set a price point and wanted to identify the right price for the release. Consumer-validation with Horizon uncovered the right price for their market entry.
In this free case study you will learn:
👉 How the insurance company structured their behavioural research to gather consumer action data at scale
👉 How they identified the right price and best margin potential for a cancer insurance within only 5 weeks
👉 Why they have chosen Horizon for their research
.webp){kind=logo}
