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Innovation and Product Development Interns Presentation

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Agenda

What is Innovation and Corporate Innovation?
Comparisons of Strengths and our Template
Benpal Asia: Philosophy and Improvement
The Life of Michelle
Our Takeaways + Intern Spotlights

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What is Innovation?

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What is Innovation?

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Challenging conventional notions of how things have been done before, and bringing ideas from one industry to another

Vs.

Executing an idea which addresses a specific challenge and achieves value for all stakeholders

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What does Corporate Innovation mean?

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The process of enterprises implementing new innovation opportunities into either improving existing or introducing new products, processes and business models

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Corporate Innovation Challenges

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What Are We Doing Differently?

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1. They are a set of tools and practices that any organization can adopt. Uncertainty is the key defining feature of innovation, and managing the uncertainty is the road to a successful implementation

2. Without a good business model, even the coolest ideas will fail. A great business model involves making products customers want and figuring out a way to deliver that value profitably.

3. These untested assumptions represent potential risks that could derail the project. As such, our innovation process should not direct teams to execute; rather teams should be encouraged to search for certainty

4. For this reason, organizations and innovation teams need to create support and safety to encourage employees to practice entrepreneurial behaviors, especially to fail fast and learn from the mistakes made

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Advantageous Comparisons

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Corporate Advantages

Knowledge of Market

Reputation and Brand Control

Access to Customers

Intellectual Property

Entrepreneurial Advantages

Go-Getter Attitudes

Progressive Mindset

Fail-fast Culture

Cross-functional Teams

Capitalize on the best traits of both parties

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Template for Innovation

Innovation

Minimum Viable

Concept

Design

Centricity

Feasible Business

Case

Product Vision and Incubation Plan

Maximum amount of validated learning with the least effort

Maximum focus on the end user experience in order to humanize complex problems

An analysis into the potential customers, infrastructure and projections

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Current EB Industry and Benpal Asia

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Issues in the Industry

Conceptually complicated products

Access to detailed benefits information

Lengthy and complicated claims process

Engagement initiatives from employer

Lack of accurate and up-to-date information on employees

Rising medical bills in the absence of wellness programs

Processes involving too much paperwork 🡪 administratively intensive

Lack of accurate and easy to access data

Lack of tools for data analysis and its reporting

Broker

Human Resources

Employee

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Benpal Asia is the product that mirrors the Bridges Product Strategy

It represents an ecosystem of technology products put together with a well-

designed customer centric design & process optimized to

deliver value to the Client in a rapid and scalable manner.

Benpal Asia

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The Benpal Asia Philosophy

Designed with the user-centric philosophy in mind

Target users are interviewed to record behavior patterns, goals, skills, attitudes, and environment.

We use personas to consider the goals, desires, and limitations of our users to help us decide on the features, interactions, and visual design of Benpal Asia

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Current Benpal: Benefit Option Selection

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Current Benpal: Reimbursement

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A NEW Benefits Admin Portal

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Benefits Enrollment with

Shopping Cart Concept

Easy to Access Reimbursement Opportunities

Online Reimbursement Submissions
Reimbursement History

Health and Wellness Activities and Incentives

Telemedicine

Digital Administration of Employee and Dependent Profiles

Access to employee’s health, lifestyle trends and data for analysis and reporting

Employee

HR/Broker

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Design Centric Ecosystem

Integration of technologies on single platform

Employee Satisfaction

& Driven Engagement

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Our Partners

AI powered Chatbot

IoT Health & Wellness

Virtual Claims Adjudication TPA

Telemedicine

Secure Document Generation & Validation

eMarketplace

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Meet Michelle

Meet Michelle, a 35 year old banker from Singapore. She works long hours and has a hectic home life leaving her with minimal physical activity. This has taken a toll on her overall mental and physical health

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The Life of Michelle

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The Life of Michelle

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Current Assessment Matrix

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	User Journey	Financials	Business Models	Tech Integration	Security/ Comp.
Exponentia
Aktivo
Haelthtech
MyDoc
Qryptal
Rewardz.sg

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Tech Agnostic Development

AI powered Chatbot

IoT Health & Wellness

Virtual Claims Adjudication TPA

Telemedicine

Secure Document Generation & Validation

eMarketplace

No competitors

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Building Blocks

Revisiting Customer Journey

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Mobile Development

The Need for API Library

The Need for Data

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The need for data in broking

Customer Centricity

Identify causes of and reduce friction across all points of interaction with the employee
Uniform experience across all points & platforms

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Enhancing Business Models

Data driven decision making to upsell and cross sell
Predictive modeling 🡪 understand claims patterns and design prevention programs

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Why do we need API’s?

Customer and partner ecosystem growth (becoming a platform)

Mobile application development

Powering new business models. APIs can in fact be products.

1.As we had described, we have an advantage by keeping a low touch approach to product development. This would mean, however, that we would need to have a simple and easy way of communicating data within our servers to our partners safely and securely. As we grow as an organization and increase our interactions with external partners there is a need for the appropriate infrastructure to deal with these changes. APIs offer the key to providing the agility needed to do this..

2.Mobiles applications unlike webpages don’t have a direct link to the required database. The data requirements for mobile applications need to be met by API libraries. For JLT this means that we are one more step prepared to a mobile future.

3.We have moved on to a new era in which data is a commodity of such high value that it can also be used as a source of income. Many companies like google and facebook make huge profits by sharing a small amount of their users data. For JLT, this means that having an API library could diversify the sources of our future income.

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The need for DevOps – Unified Operations

Better collaboration 🡪 deeper understanding of the workflow and better communication

Automation of integral portions of the software development process

Better preparation 🡪 Risk mitigation

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The need for Medtech in Insurance

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Improvement of tools for diagnosis and treatment of patients 🡪 increase in efficiency of processing and security of patient records

Increased reliance on technology and software 🡪 increased reliance on insurance protection for lowering risk and exposures faced by individuals

Less claims 🡪 less work for the insurance company 🡪 higher retention rates 🡪 more returns

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Our Experiences

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Challenges We Faced / How We Mitigated

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Resource Bottleneck
Steep Learning Curves
Lack of relevant experience
Differing Viewpoints grounded in previous experience

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Intern Spotlight: Nowsherwan Abdullah

MBA candidate at the NUS Business School
Three year experience in life insurance industry in client services and, underwriting and operations
Working on product strategy for BENPAL, with emphasis on feasibility, revenue and cost models

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Intern Spotlight: Cheryl Lee

UX designer
Product design for Benpal:

Design thinking process
User journeys
User interface

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Intern Spotlight: Shobhit Narayanan

3^rd year at the Singapore University of Technology and Design

Information System tech and design.

Developer & Info-sys designer
Working on implementation of POCs.

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Intern Spotlight: Prahlaad Ram

Final year at the University of Alabama-Birmingham

Medical Equip. Distribution and Entrepreneurship

Planner
Market Research and Analysis
Trend Finder
Strategist

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Thank You!

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