Insurance business using platform (10).pptx
- 1. Team -2 Innovative ways of Expense Management and Revenue Generation September, 2024
- 2. 1. Design Thinking Outline 2. Prioritization Criterial 3. Statement of the Problem 4. How might we Questions 5. Framework for Platform Banking Business 6. Ideation With 7. Proposed Solution 8. Respect to Insurance Business 10. Support and Challenge 9. Next Sprint
- 3. Addressed by Design Thinking Low staff productivity The bank mainly dependent on interest income, which is costly and risky Predominantly manual/paper based process “Most of the work units uses paper” Low Work unit productivity Our Digital channels doesn’t create value to generate additional income High Cost of fund
- 4. Prioritization Criterial Strategic Alignment Impact on Revenue generation Impact on Cost Impact customer experience Impact on cost and income structure
- 5. Reframe Statement of the Problem “ How might we diversify and stabilize our bank's revenue stream by shifting from a reliance of interest income to a platform-based business model that generates income through service charges, commissions, and fees?’’
- 6. How Might We Questions 1 How might we identify and prioritize the most promising services or features that our platform could offer to attract a diverse customer base? 2 How might we design a user-friendly platform that encourages customers to utilize our services? 3 How might we leverage data analytics to tailor our service charges, commissions, and fees to maximize customer satisfaction and profitability? 4 How might we create strategic partnerships or integrations with other businesses to enhance our platform’s value and generate additional revenue? 5 How might we ensure that our platform remains secure and trustworthy, thereby maintaining customer confidence in our new revenue model? 6 How might we effectively market our platform’s new features and services to shift customer behavior from traditional banking to use our platform-based offerings? 7 How might we develop a scalable platform architecture that can accommodate growth and adapt to emerging trends in the financial services industry? 8 How might we measure and track the success of our transition to a platform-based model to ensure we meet our revenue diversification goals?
- 7. Framework for Platform Banking Business Conveniences /user friendly Customer centric Generate service charge fee and commission one that is designed to be easy to use, intuitive, and accessible Is designed with the primary focus on meeting and exceeding the needs and expectations of its users Personalization:-Tailoring experience Accessibility:-Ensuring the platform is usable by people with various needs Responsive support:- providing prompt, helpful and easily accessible customer support to address issues and inquiries User feedback often with a focus on service and transaction that generate service fees, or commissions
- 8. Co creation Customer centric Value proposition Designed to facilitate collaboration and innovation between multiple stakeholders Designed to handle increased load and growth efficiently, ensuring that system and service can expand services can expand or contract based on demand without compromising performance or stability Designed to help business and organization define, communicate and deliver their unique value propositions to the target group Integration Regulatory Compliance Security Utilize APIs for integrating with other financial services and third parties applications. Obtain necessary license and ensure compliance with financial regulation. Ensure strong security measures
- 9. Ideation Experts Selected Directors Fintech Companies Customers Startups /BITS Students Foreign Experience
- 10. Insights From Ideation 10 Develop a Digital Platform Strategy Digital Banking Services Financial Management Tools Eco system participation Offer New Financial Products Wealth Management Services Insurance Products Consultancy service Capital Market Create Marketplace Opportunities Third-Party Services Merchant Services Leverage Data and Analytics Customized Solutions Data Monetization Expand into Non- Financial Services Lifestyle and Wellness Educational Content Research and development center Health and medical center Enhance Customer Experience Personalized Banking Solutions Customer Support Upgrades
- 11. Insights From Ideation Explore Strategic Partnerships Innovate Payment Solutions API Monetization Fintech Partnerships Corporate Partnerships • Digital Payment Systems • Cross-Border Payments • The bank can monetize API by offering them to Fintech Company and developers. These allow third parties to build application that leverage banking data or services, creating additional revenue through transaction fees or licensing agreement.
- 12. Delivery companies Banks Customers Air Ticket Office Bureau Ecosystem participants– Insurance companies Ethiopian Shipping and logistics Brokers/Agents Product and service provider (like Vehicle repair and Maintenance company) Government Organs
- 13. 01 02 03 04 Product and services Motor Fire and Allied Perils Burglary and House Breaking All Risk Marine Plate Glass Property Insurance Contractor All Risk Erection All Risk Contractors Plant and Machinery Electronics Equipment Boiler and Pressure Vessel Engineering Insurance Bid Bond Performance Bond Advance Payment Bond Supply Band Customs Bond Money Insurance Fidelity Guarantee Pecuniary Insurance Carriers Liability Professional Indemnity Product Liability Workmen's Compensation Liability Insurance
- 14. Continues… 14 Motor Fire and Allied Perils Burglary and House Breaking All Risk Marine Plate Glass Property Insurance 05
- 15. The Role of Bunna Bank in the Ecosystem Digital Market place Ecosystem integration Customer convenience
- 16. Transactional deposits Monetize transactional income Additional income in the form of Fee, s/charge and commission Customer Base The Benefits of the Bank The bank will be have
- 17. Value offer and Scope 17 Value offer • The bank will provide micro loans to policy holders at time of purchase or renewal • Market place Scope • From the list of services an insurance companies provided to policy holders, the service will prioritize based on criteria; • Easily Applicable • Number of Policy Buyers • Significant Impact on Revenue • Number of Insurance company, which provide the policy
- 18. Conscience Consideration Decision Purchase Post-Purchase Bunna Platform The Customer Journey Map in Insurance: Identifying Pain Points and Opportunities Customer Renovation
- 19. Pain Points Gain Points Provide Clear and concise Information . Intuitive comparison tools and personalized advice Simplification of the application process and clear assistance. Agile document approval and delivery process. Improved call center experience and fast response times. Personalized renewal offers and timely reminders. Provide micro loans Lack of easy policy alternatives. Complex comparison between policies Confusing application process. Wait for the policy documentation Slow response times. Lack of personalized communicatio Lack of fund
- 20. 20 Quotation Search for more options Purchase Onboardin g Is the process easy? Does the customer end the right offer Customer assistance Policy usage Satisfied with policy Renewal Reevaluatio n Customer compares other insurance provides Customer request quota and reviews the coverage options Customer selects a policy and completes the purchase The insurer provides detailed information the policy and services Customer uses policies services and benefits Customer receives assistance to resolve questions or issues Customer chooses renew the policy Customer consider switching to another issuer Discover Research
- 21. Thank You!!