Bronze, Silver, Bold: Product & GTM Strategy for a Cutting-Edge Health Insurer
This Chicago-based national health insurance company doesn’t believe in stagnation or complacency. They regularly evaluate their portfolio of products to ensure it’s competitive and aligning with—or even better, advancing—industry trends. As such, they bring 3-5 new or substantially enhanced products to market every year.
The team responsible for planning and implementing these products—specifically addressing Pricing, Reporting, Analysis, Communications, and Training related to each product—sought to improve the consistency with which products go to market. They also were determined to increase the scale of their product delivery, both in product complexity and customer adoption rate.
To achieve these goals, the Product team needed support. Their desire: Augment the team in a way that would simultaneously implement enhanced delivery capabilities and increase their business competency. That meant growing not only the team’s size, but their efficacy, too.
2 Plans, Total Coverage
Launch devised two separate but coordinated engagement models to fulfill our client’s aims:
Engagement Model 1: Workstream Leadership
In this model, an expert Launch Navigator worked with each of the major tasks/workstreams handled by our client’s Product team to improve the output of each workstream across multiple products going to market. We emphasized alignment between Business and Product SMEs to improve the requirements definition, quality, completeness, and consistency of Product team workstreams for each new product.
Engagement Model 2: Product Delivery Oversight
In this model, the Launch team was tasked with overseeing delivery of all workstream outputs for a particular product in order to optimize schedule creation and management, as well as escalation and mitigation practices. The team was able to identify dependencies, remove blockers, and ensure that all significant business milestones were successfully met.
Across the Finish Line in Record Time
Our client’s teams, with Launch’s guidance, met Ready-to-Sell milestones for 7 products simultaneously. During the process, the Product team matured their understanding of business milestones and generating documentation (detailing a true “definition of done” as it relates to those milestones).
The Product team achieved the following outcomes:
- Underwriting and Actuarial groups, relied upon for pricing strategy, gained a better understanding of product implementation requirements and milestones
- Partnerships increased and deepened between major business units and the Product team
- Marketing and Internal Communications were empowered to generate more consistent messaging as plans are brought to market and subsequently serviced
- Sales, Business Analytics, and technical Data Consumption teams gained a mutual understanding of reporting needs, leading to accurate, meaningful report generation