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Building Innovation Capabilities: New Life Insurance and Bank Offerings

Continuum

AMP Financial Services

 

DMI and the design community have seen many changes over the last 4 decades, one of the most significant is the shift occurring in design agencies’ business models. Innovative agencies are folding lean and agile principles into their operating methodologies, to impressive results.

 

Continuum, a global innovation design consultancy and AMP, a leading Australian Financial Services organization worked in tandem to develop and launch new life insurance and bank offerings through an effective and repeatable approach to innovation implementation. They have implemented an innovation capability to make ideas real.

 

The team identified internal champions of innovation from across the company. They learned human-centered design processes, and were taught to implement them through a newly designed approach and structure. Four minimal viable offers (MVOs) were developed. By designing, prototyping and piloting products and services in this new way, internal silos were broken down, concepts were developed faster and cheaper, and customer insights were activated across touchpoints.

  • The new AMP Insurance transformation created a 194% earnings increase in the last year, and an increase in speed-to-market of new concepts.
  • Life Services, the free health and wellness service rolled out as part of this
    initiative, was found favorable by 87% of customers. One Life Services customer
    stated, "I can't believe my provider would help me with my recovery. It's
    fantastic."

AMP now an offers an insurance product that puts members at the center of the
offering, helping them to lead happier, fuller lives.

 

 

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