What is a Proof of Concept?

This process is designed to determine whether a software idea can be implemented in the clients eco system and technical environment, what technologies should be used in development, and whether the software is likely to be adopted by its intended users. 

Why Do You Need a Proof of Concept?

Creating a proof of concept helps to test the idea to ensure you arrive at the best version of it and will save time and money in the process. 

Step 1: Prove the Need

Based on sweeping changes in the EU regarding the collection of personal data (GDPR) and Insurance Distribution Directive (IDD) the methods of insurers and their distribution partners has been directly impacted. 

Matching GDPR compliance including security processes:

- Processed lawfully, fairly, and in a transparent manner
- Collected for specified, explicit and legitimate purposes
- Adequate and limited to what is necessary in relation to the purposes for which it is processed
- Accurate and kept up to date
- Kept no longer than is necessary for the purposes for which the personal data was collected and processed
- Have in place the appropriate security measures, both technical and organisational, to protect the personal data from unauthorised or unlawful processing, accidental loss or release, destruction or damage. 
- Managing the flow of data - Separating technology clients data
 
The migration towards a digital platform of doing business is needed, the tools to transform can either be developed in house or outsourced to a third party however there are not many systems currently available.  
The challenge is compliance both internally at the insurer level and for those within the distribution channel - brokers.  
 
Pain points – Risks - lost business, regulatory, financial, reputation  

Step 2: Map Pain Points to Solutions and Get Feedback

Potential fines from regulators up to 10% of revenue – the Think Insurtech SaaS platform is fully compliant with both GDPR and IDD.  The impact of the IDD impacts not only the insurer but the entire value chain. With full compliance there are both internal and external risks; having the tools to control the data collection process through the delivery of the quote is imperative to follow a fully compliant process.  
The only external function not directly covered 15 hours of outside training. 
 
Loss of revenue due to severing ties with non-compliant brokers accessing the SaaS platform offers brokers a secure, cost effective and easy solution by franchising. Shifting to a more direct business model – the platform offers performance improvement and standardization, allowing staff to achieve a higher level of productivity and improved customer service and support. 
 
In reference to cost, competition, timeline, technology challenges:  
Internal Design – it may be possible to implement an internal system, but it would be more costly, take longer to implement and the technology may change. 
External - our solution is quick, cost effective, proven and can be started immediately with a full implementation possible in weeks not months or years.  

Step 3: Prototype Your Solution & Test

The following outlines the cost and recommended stages of development. 
 
Integration user case individual module & training:
- Plan integration
- Premium rates
- Documentation
- Integration user case corporate module & training
- Insurance companies - plan integration
- Benefits
 
Integration user case reward including push notification
- Mobile app
- API third party telemedicine
- Medical identity to save life
- Garmin reward/Amazon etc.

To define needs with client Integration user case mobile app
- Quotation
- Comparison
- Integration gateway of payment
- Electronic application form
- Online payment, etc.

License POC testing:
        Think Individual module  
        Think Corporate module  
        Think Reward module     

10 license - 2 months 
Optional: Mobile App (integration with the Individual module)   On Request
Consulting Support - Top Management - €200/hour/€1,350/day - Package on demand
Technical Support - €35/hour - €250 per day
Training - Education - on demand package volume hours/days

PHASE TEST & DEPLOYMENT

Phase 1: Define mapping data including audit phase

- Organize and involve team and role, IT Manager key stakeholders & Think Insurtech Team dev & CTO - Management 
- Collectively define goals, inputs, objectives, scope, and success criteria
- Establish resource commitments and finalize a POC schedule
- Deliverables in the ‘Define’ phase should include: detailed POC Scope and Plan Documentation, Success Criteria, and a POC Schedule

Phase 2: Develop 

- Create POC-specific use cases for minimal but necessary functionalities within the POC scope (for proof of capability initiatives, align use cases to each capability in scope)
- Work with stakeholders to prioritize functionalities across the use cases
Deliverables in the ‘Develop’ phase should include: Use Cases, Success Criteria (revised based on preliminary findings throughout this process step)

Phase 3: Engineer

Configure and test the required infrastructure and software, and test to replicate the operational environment
Define solution steps for use cases and implement the POC solution build
Deliverables in the ‘Engineer’ phase should include: Solution 
Design, Implementation Plan, Success Criteria (revised again based on latest findings) 

Phase 4: Execute

- Create test design for use cases and define positive/negative test scenarios 
- Design and execute test scripts while recording results and information on failed or skipped tests or test case steps

Deliverables in the ‘Execute’ phase should include: 
Test Cases, Test Scripts, and Test Results

Phase 5: Evaluate

- Review and validate the POC results with all stakeholders
- Compare outcomes to success criteria in order to develop findings, summary and present lessons learned.
- Gain alignment on a ‘move forward’ decision and develop full execution plan
- Deliverables in the ‘Evaluate’ phase should include: 
Evaluation Model,
Finding Summary (w/ Lessons Learned), and an
Execution Plan (if applicable)

Phase 6:  License agreement per user/month – Engagement

Deduction of licenses for the POC at the time of signature

Step 4: Create a Minimum Viable Product

The MVP is different from a prototype in that it's a fully-functional solution that can be rolled out globally. The core of the Think Insurtech SaaS is in place which will greatly quicken the implementation process.  It will need to be modified according to the specific client’s needs and technical requirements. 

Step 5: Design a Roadmap

With this roadmap as a guide, everyone will be kept on the same page through product development and will have a clear picture of what the end goal is.

Step 6: Engagement - License - Agreement 

License per user & per month (Number of seats including discount - one year annually renewable contract)
Technical Support 
Consulting Support
Maintenance

PRO Edition: white label tailor-made solutions for insurance brokers
Think Individual module        
Think Corporate module        
*one year contract
Deployment: €3 000 (Fixed price)
Dev specification on demand: €250/day - €35/hour

Pro White label platform

- Unlimited product comparison (deliver with IPMI & Employee Benefit plan from 30 insurer/provider)
- Proposal send through the platform to final client (HTML & PDF format)
- Unlimited library of template for your team
- Administrator & user - sub-broker agent functionalities

INFINITE Edition: White label tailor-made solutions for providers/brokers & insurance companies
Discount depends on the number of seats
+ Dev specification on demand after audit with your existing architecture & data mapping
Think Individual module         
Think Corporate module        
Think Reward module            
*one year contract

Infinite white label platform
- Unlimited product comparison
- Employee benefit tender
- Proposal send to the platform to company
- Integration of new health insurance products
- Unlimited library of templates for your team
- Administrator & User
- Connected to your CRM & Cloud
- API on demand
- New release and developments

Technical Support
Consulting Support Top management 
Juristic Support  - on demand (fixed price)
data retention policy
term & conditions
policy privacy
cookie policy consent
power to access to medical information

Think Insurtech Marketplace - optional : 
Slack/Send Pulse/Mailgun/CoverGo/3CX Telecommunication/Webform/Panda Docs etc.