Business model innovation
Train TD Insurance’s innovation team in new Design Thinking approaches and support them in the launch of a new product.
3 training sessions on the fundamentals of Design Thinking
8 strategic ideation workshops with the innovation team
Over 100 hypotheses created and grouped by iterative loop
Like a startup
To facilitate the ideation process and teach Design Thinking, our experts encouraged the TD Insurance innovation team to come up with an insurance product they would like to see launched into the market like a startup. This meant the product needed its own business model, target audience, value proposition, creative process, and revenue model—notwithstanding the rest of the organization’s structure. The exercise encouraged the team to think in terms of strategy that went beyond the company’s current product portfolio in order to come up with hypotheses about the product’s market fit. By exploring the 9 parts of the product’s business model, over 100 hypotheses were advanced by the TD Insurance innovation team—from product design to how it should be sold by the call centre team.
Using a classification tool, the TD Insurance innovation team was able to prioritize and plan their hypotheses. This enabled us to build a first plausible prototype and issue coherent performance indicators for an eventual market launch.
An iterative roadmap
The innovation team was able to build a roadmap to test their hypotheses while minimizing risk. The roadmap included many iterative loops with different scenarios, schedules, and budgets.