Hannover Re is the third largest reinsurance company in the world, with offices on every continent.
To look for new and disruptive business models in the reinsurance sector. BearingPoint was asked to support the set-up and execution of a global innovation program with the aim of reinventing the industry and enhancing the client’s market position.
BearingPoint was asked to provide support for this project, bringing in their existing knowledge and experience and applying the existing concepts, marketing plans, and coaching that BearingPoint had developed for clients and its own Be.Project initiative. BearingPoint support started by defining the program set-up in four global locations. This included setting up marketing events to attract and inform the target audience: millennials. The second phase included setting up and conducting workshops/assessments to identify, evaluate, and select the participants. The third and final phase was the actual working period, in which the participants were coached by BearingPoint and internal staff using the Design Thinking Methodology. During this final phase, the millennials came up with ideas on how to reinvent reinsurance. The ideas generated included new products, services, as well as disruptive business models.
In December 2016, eight teams presented their ideas and business cases to the Group Executive Board of Hannover Re. Six months of intensive work and coaching paid off – the Executive Board of Hannover Re was very impressed with the ideas the candidates came up with. The teams provided a wide variety of different ideas that all got picked up in one way or another – further evaluations were started, new product and services developments were funded, and even new entity foundations were envisioned. The innovation spirit touched the whole organization and the long-term impact is expected to be significant. BearingPoint showed its capability in providing innovation projects – from setting up the innovation program, to coaching in the Design Thinking Methodology, and supporting the development of solid business cases.