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Validating a groundbreaking business idea.

Abanca is a bank that has a very strong innovative bent and is continuously looking for new business models. However, launching products that change the rules of the game is very risky, as they may require a lot of investment and may end up not having a place in the market at all.

Thus, we proposed to Abanca a model that allowed it to validate the business viability of its latest idea: an ON/OFF accident insurance policy that holders can turn on or off according to their needs.

In order to test the feasibility of Abanca’s business idea, we devised, in a short time and with little investment, a method we call RPM – Rapid Prototyping Method (Made in Paradigma) – which sits halfway between Google’s Design Sprint and the Design Thinking methodology.

For five weeks, a team made up of two UX designers and a digital strategist worked on defining and creating a prototype that would allow the idea’s viability to be tested with actual customers without Abanca having to put any large amounts money into the business idea and thus give the project a ‘Go’ or ‘No go’ in advance.

Over the first week we met with the stakeholders to get know the context of the project, its goals and the fears and have first insights into opportunities. In addition, we conducted a survey to quantitatively assess the level of demand for this type of product.

During the second week we held ideation sessions and generated a lot of ideas that ended up serving as the basis for designing the prototype.

In the third week we prototyped the solution, and the last two weeks we spent carrying out tests with actual users and sorting the conclusions.

“Go” or “No go”, that is the question.

At the end of the RPM, the ON/OFF accident insurance policy got a “Go”.
Thanks to this result, Abanca decided to continue investing in its new product with greater confidence.

Furthermore, not only did Abanca get the result of the validation; it obtained dozens of user insights about the name, the payment method, the visualization of the contract, the policy taking-out process, and so on.

This feedback was crucial for the product to be created according to tangible and useful information.