At Accelerated Innovation, we understand that entering a new market requires more than just an idea—it demands a strategic, data-driven approach. Recently, we had the privilege of working with a major insurer to explore new opportunities within their ‘Adjacent Lines and Affiliates’ portfolio. The brief was clear: conduct detailed market research, prepare for RFP readiness, and deliver clear, actionable recommendations—all within an accelerated six-week timeline.
The Challenge
The client faced two key challenges. First, they needed insights and recommendations quickly to meet pressing business objectives. We were tasked with conducting a comprehensive market scan and delivering RFP readiness, all within six weeks. Second, the insurer had limited in-house expertise for the new market, requiring our team to step in and fill the knowledge gap while providing high-quality insights.
The Solution
We kicked off the project with a clear plan to manage the tight deadline while ensuring robust and meaningful outcomes. Our process involved regular check-ins twice a week, a mid-point review, and a research playback with senior stakeholders, ensuring alignment and transparency throughout the project. Our in-depth market research culminated in a personalised 60-page report, supported by a summarised PowerPoint presentation for senior executives.
The Report
The final report delivered a comprehensive view of the new market, including:
- Market sizing and trends analysis for a clear understanding of potential growth.
- A thorough competitive landscape overview to map out key players and strategies.
- A PESTLE analysis to assess external factors influencing the market.
- An analysis of in-market products and competitor case studies to inform positioning.
- Target market identification, providing insights into the best customer segments.
- Customer journey mapping, helping understand key touchpoints.
- Detailed underwriting and product design structure analysis.
- A digital capability analysis, outlining necessary technological enablers.
- A set of go-to-market principles, including RFP assessment criteria to guide the next steps.
The Outcome
Despite the challenging timeframe, we delivered the project on time and within scope. The insurer initiated their RFP process with a clear partner shortlist based on our recommendations, saving them 19 weeks and $82K in potential costs. Our market insights not only helped accelerate their decision-making but gave them the confidence to move forward with a solid, well-informed strategy.
The client had this to say about their experience working with us:
“We engaged Accelerated Innovation to kick off our exploration of a new market opportunity within our ‘Adjacent Lines and Affiliates’ portfolio and were truly impressed with the leaps in business knowledge and readiness that we were able to make in such a short period of time. The breadth, depth, and quality of the market research David delivered was second to none and gave us the insights we needed to formulate strategy and make moves towards market entry. I thoroughly enjoyed working with David and look forward to partnering with AI again in the future.”
Final Thoughts
At Accelerated Innovation, we take pride in delivering real value through effective and efficient innovation strategies. This project is a perfect example of how thorough market research, combined with actionable recommendations, can help companies navigate new opportunities and save time and money along the way. If your organisation is looking to explore new markets or needs help with RFP readiness, we’re here to help you accelerate your innovation process.