Unlocking Data Value: Driving Innovation in Subrogation

Client Situation

A leading provider of subrogation and recovery solutions for insurers, self-insured entities, and Third Party Administrators (TPAs) recognized the untapped potential in monetizing the vast data accumulated from their operations. The client sought StratMaven’s expertise in assessing the market viability of data analytics solutions and evaluating product concepts by validating them with customer feedback.

Analysis & Solution

StratMaven’s engagement began with a detailed evaluation of the client's data assets, assessing each data field's quality, coverage, uniqueness, and predictive value. In collaboration with the client and building on our extensive market knowledge, and identified several promising product concepts for further exploration.

Using a mix of our previous industry experience and approaches, StratMaven conducted interviews with key stakeholders in the subrogation sector, explored how data analytics are utilized, pinpointed gaps in the market, and gathered nuanced feedback on preliminary product designs. Market sizing efforts were concentrated on four promising product concepts, chosen from an initial set of eight tested during the concept phase.

Results Achieved

StratMaven’s analysis enabled the client to strategically allocate their investment dollars, and after the implementation of StratMaven's insights, the client committed $10 million to their R&D efforts, focusing on the development of the most promising product concepts with revenue potential of $45 million within 5 years. Furthermore, StratMaven created a detailed go-to-market roadmap spanning 24+ months. The roadmap  guided the client through product development, essential functionalities, aligning customer data and analytics needs with pricing tolerance, and willingness to pay for value-based pricing

StratMaven’s strategic guidance was instrumental in providing a clear direction for investment and product development, thereby enhancing the client's ability to bring innovative, market-driven solutions to fruition.