MIDAS
Motor Insurance DLT-based Authentication System is Asia’s first industry-wide blockchain solution in production for motor insurance. Providing a real-time, immutable, and privacy-preserving mechanism for authenticating motor insurance
Problem Statement: The adoption rate for MIDAS has only grown 5% per year and the revenue has remained the same since inception. I was tasked to increase new users and revenue in 10 months.
Objectives + Strategies
Objective: To increase new users by 50% (more than 10K txn per week) and revenue 30% in 10 months.
Strategies:
- Adopted JTBD framework to understand user motives in joining MIDAS
Collected and analyzed data points on how users use the platform (# of cover note upload/update per week, # policy upload/update per week, # batch/api upload per week, total motor insurance market size, market share per insurer, etc)
- Formulated and executed a strategy with HKFI, the industry expert
- Partnered with transportation department to enhance the flow for applying/renewing drivers license to create more value added services when joining the MIDAS network
- Introduced CBLK to Labor department, which is interested in using blockchain to aid their authentication process
Execution & Tactics
Tactic 1: Use partnership and integration to achieve the objectives (increase users adoption and product revenue)
Tactic: In-depth interviews with top 3 existing users
Findings: Insurers found the platform useful in providing instant authentication of motor vehicle insurance policies. However, this was not a strong enough pull factor for insurers to join. To motivate new joiners, MIDAS needed to offer users immediate gratification. One way to do this was to build a partnership with transportation department to expedite the drivers license renewal process.
Action: Partnered with transportation department (with HKFI’s as an advocate) to integrate with their systems and to alleviate manual work flow
Outcome: Pitched transportation department and implemented the integration with MIDAS. The digitalization process and faster renewal process was scheduled for implementation
Results
Engagement Rate: Increased 50% engagement
Acquisition: Acquired 5 new insurers onboard and generated more than 30% incremental in revenue
Execution & Tactics
Tactic 2: Using MIDAS authentication workflow and replicate to employee benefits for scaffolding workers
Problem:
Labour department cannot efficiently verify whether a worker has sufficient insurance coverage.
Solution:
Proposed a blockchain platform to authenticate the scaffolding workers immediately at check-in at residential buildings.
Execution:
Mapped out a users journey and made it simple and intuitive so that the platform can be used by all residential buildings in HK.
Outcome:
They agreed to run a POC using the same authentication workflow as MIDAS and we exceeded the revenue target.
Learnings
Strategic Alliances
Metric-Driven Development
Partnering with industry experts is crucial for blockchain solution development, leveraging their authority and shared interests to attract participants.
Establish success metrics early in the product development phase. For MIDAS, initial data limitations prompted the addition of comprehensive data points to track and measure platform activities.
Transparent Communication
Maintain regular and transparent communication to keep participants and stakeholders informed about product feature enhancements and platform activities.