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Product Discovery
for Business Insurance in Transportation & Logistics
Discovery phase for insurance company building a product for transportation and logistics industry
Industry: Insurance, Logistics
Location: Great Britain
Project
The client turned to Euristiq for the R&D Discovery of a new insurance product for the transportation and logistics industries. The Discovery tackled many challenges, the most important of which was to prove the technical possibility to create the solution and estimate the overall cost of the solution development. Other tasks included choosing the right kind of dash cameras that would cover the majority of project needs, developing the solution’s architecture that would take into account the processing of vast amounts of data in real-time, and scalability options – geographically (throughout countries and continents) and by the number of devices (to dozens of thousands of units).
Key results
we delivered
Discovery service deliverables
OPPORTUNITY
Platform for insurance companies that analyzes telemetrics data
The client came to us with the idea to build a platform for insurance companies that would allow them to optimize insurance costs by monitoring drivers’ behavior. The client is in the insurance business and is a domain expert in this field, thus creating a software platform for themselves and licensing it to other insurance companies is a big step forward in expanding the business.
The solution should collect videos of possible accidents from cameras installed in vehicles in real-time, provide access to drivers’ record details, analyze drivers’ behavior and driving style, notify the monitoring team about the incidents, generate fleet reports and provide robust inventory management capabilities.
Telemetrics data should be filtered according to trigger type, weather conditions, and driving behavior. This will allow companies with fleets to monitor their drivers, coach them and use this data to optimize vehicle insurance packages.
Building complex software solutions from scratch requires detailed functional and technical analysis of a software application. Hence we suggest our clients start with the Discovery phase to gain a deeper understanding of the product development, identify risks, and outline the development stages, including the cost, time frame, and architecture design.
DISCOVERy PHASE
Detailed technical architecture with UI mockups and
a feature-based cost and time evaluation
The Discovery service sprint started with a series of calls and workshops with the client to help us better understand the business requirements and the client’s needs.
We delved into the business logic of a solution and the needs of the product’s users. Then we decided on the number of user roles and the business flow of the platform. This allowed us to transform gathered data into UI mockups of a future web app.
One of the main challenges of Discovery was to research the dashcams selected by the client and their capabilities to support the defined use cases. The devices had to cover a whole set of requirements: support modern protocols, be secure, and be of a reasonable cost. Since the system could have thousands of cameras, a difference of 100$ in cost to buy or substitute one device could significantly save the client costs in the future. The Euristiq team created a PoC of the solution to test whether the selected cameras correspond to the solution’s requirements.
The other important point of high-quality Discovery is the development of detailed technical architecture, which we have covered as well. As a result, we produced a detailed hundred-page-long SRS document that included UI mockups of a solution and described the whole development process. It also contained an accurate feature-based cost and time evaluation.
RESULTS
Our Discovery for this client lasted for 1.5 months and allowed them to save 50% of costs by focusing in the first release on what matters most
The Discovery mapped out the development process and created an overall vision of the final product. The client received a clear understanding of what the final product will look like and detailed steps of how to get there. The confidence that the client’s expectations cannot fall short, gave them trust and excluded the necessity of daily syncs.
In the course of Discovery thanks to the active involvement of our client we prepared detailed technical documentation that showed the client the project scope, how many stages it includes, what would be the exact price and the duration of each stage. It unveiled the core domain and clarified which parts should be tackled first. This streamlined the development process and enabled us to launch the project fast and with minimum stress.
The Discovery phase helped our client to save costs and time during the development that came after.