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Exam 27.06.2017 - Verganti 1 INNOVATION (7,5 POINTS) 1.1) Consider the description of the case and take the standpoint of the final customer of the insurance product, analyze it according to the innovation model based on the interplay between technology and meaning. Knowing your customer is at the heart of insurance. It allows insurance companies to provide the right insurance coverage at the right price. But practical implications (user experience, cost, and time) place a constraint on the insurer’s ability to collect sufficient information about policyholder. Mobile & wearable data promises to solve this problem. Cleverly combined it provides rich customer & risk profiles that can be collected and processed automatically and nearly instantaneously. Insurers have recognized the potential value of this data but they lack the IT infrastructure and data analytics capabilities to unlock that potential. FitSense closes this gap by providing the three critical components from data to product: Data Integration, Data Interpretation, and White-label product development. What they do “FitSense uses app and device data to create rich customer profiles that allow insurers to truly personalize insurance products and services. To achieve this, we built a data platform to collect, store, and process data. We then build end-user facing applications and we interpret that data to create customer profiles.” The types of data Age, sleep patterns, locations, physical activity, education, income level, stress level and more. The Health Engagement App The first product powered by the FitSense platform is a health engagement app sold to insurance companies to launch their own rewards program for the insurers’ final customers. Insurers with health engagement programs all around the world have…