Success story

Open Innovation with Mutua Madrileña, the insurance industry leader

Type of project:

New Business Opportunities & Innovation 

Sector :

Insurance

Year:

2019

Profiles:

Business Strategy 

90

Internal and external

Interviews

+100

identified

Opportunities

2

in the in-depth phase to implement them

Projects

In order to remain competitive in the insurance market and provide more value to its clients, Mutua Madrileña is launching a new open innovation project.

 

To meet this challenge, it forges a partnership with BeRepublic to help it drive the initiative forward and provide it with the right methodology.

Type of project:

New Business Opportunities & Innovation 

Sector :

Insurance

Year:

2019

Profiles:

Business Strategy

Starting point:

After becoming the insurance market leader in the non-life segment, Mutua Madrileña intends to face the future with new initiatives that will allow it to be more efficient and provide greater value to the user.

In this search, the internal working group ‘Nuevas Ventures’ was created, which, with the help of BeRepublic, is in charge of analyzing and developing these initiatives in a transversal way to all business areas.

Objectives:

Know the pain points and improvement opportunities of the different areas of Mutua Madrileña. To understand the insurance market, identifying the tools and technologies that allow the company to optimize its current business and prepare it for the future.    
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The methodological approach of the project was based on an exhaustive knowledge of both the company and the sector in order to detect innovative opportunities beyond the commonplaces.

Project phases

The project is divided into two cycles over a one-year period, each of which consists of three phases:

  • Diverge

We conducted internal interviews with the different business areas of Mutua Madrileña to detect areas for improvement, as well as external interviews with start-ups, VC’s and industry experts to identify growth opportunities. 

  • Converge

We specify the relevant opportunities for the company, detailing approaches and improvements in the processes or business branches.mejoras en los procesos o ramas de negocio. 

  • In-depth

Below are the opportunities selected for implementation.

A ‘Corporate Venturing’ project aimed at introducing real and tangible service improvements.

Results

After 36 internal interviews, 54 external interviews and more than 100 opportunities identified, 10 opportunities were worked on in detail; 2 of which reached the in-depth phase for implementation.

 

 

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