Commercial in confidence – Copyright Ninety Consulting Ltd 2018 | ninety.com | @NinetyTweets

IoT for leak prevention– Idea review Dear Innovator, Thank you for submitting your idea via our Idea Diagnostic Tool. This is your personalised Idea Review, created by our innovation consulting team, based on what you’ve shared with us. You’ve developed a strong understanding on what the proposition will look like and how to market it, which is a great start. However, we’d encourage you to develop your confidence and understanding on operations and the commercial value of your insurance product . On the graph above you can see your scores through the 6 lenses that Ninety looks at the insurance propositions. To make sure you are creating true value for your customers, we recommend that you evaluate the idea through each of these six lenses and apply customer co-design in the process.

Commercial in confidence – Copyright Ninety Consulting Ltd 2018 | ninety.com | @NinetyTweets

We advocate using Design Thinking techniques to do this. There are various ways of doing this. Our 123 FrameworkTM uses our Stage 1 MVP methodology to do this: a one-day workshop that covers all the important factors that will determine whether an idea can become successful, helping you iterate or fail-fast without wasting time and money. In the meantime, we recommend that you work through some of the questions below to help you improve the depth of thinking around Value Proposition and Data & Tech. Operations:

1. How will you comply with the regulation requirements?

2. What processes are required?

3. What partners do you need to operate?

Commercials:

1. How will you make money? 2. How big is the market you are looking to address? 3. How much will it cost to bring your product to the market?

You may also find the following articles helpful in plugging the gaps in your idea’s development process: Exciting start-ups on the UK market Creating Value Proposition Operations in a technology start up You may find it helpful, too, to get further clarity on your proposition by filling in the Ninety Insurance Canvas. This is our insurance-specific version of the classic Business Model Canvas tool, and should be more helpful for mapping your insurance idea. Ninety specialises in taking insurance ideas like these to market in 60 days through our 123 FrameworkTM. If you’d like to know more, visit our website or book in a chat with Ewa at ewa.widenka@ninety.com. With our thanks again for sharing your idea with us. Good luck! Ninety’s Innovation Team