Competitive Analysis for Fortune 500 Insurance Company
Overview
Understanding the Fortune 500 Insurance Company competitors and gaps in their technology offerings from the end user perspective. Bringing forward recommendations to the client to close the gaps between competitors.
UX Process
I worked directly with the Chief Information Officer to determine what the main goals of the competitive analysis would be, in addition to secondary goals and what competitors would be assessed for this analysis. After aligning on the goals and competitors in a one-on-one monthly call, I set forth to dig into the competitors. Placing the competitors on a diamond canvas allows us to understand the relationship between these competitors and the client. Knowing who is an indirect, direct, substitute, or disruptive competitor can help the client hone in on goals and objectives to meet OKRs and KPIs within the broader organization.
By using the magic quadrant to focus on competing players in the technology market we can understand who delivers at what level, and what end-users require today and in the future. This also allows us to understand how market technology providers are competitively positioned and the strategies they are using to compete for end-user business. Understanding the technologies our competitors offer and placing them in the corresponding quadrant gives the client an understanding of where they are positioned and shows where they should focus their technology efforts.
After an extensive deep dive into each competitor, I was able to align those findings to the main goals and secondary goals. I then pulled forward the recommendations needed to improve the user experience across the entire portfolio, four verticals of business. The research showed that this client had some gaps to close if they wanted to remain a competitive contender in the market.
UX Activities and Deliverables
• Comprehensive Competitive Analysis