Picture to Data Columbia 2015

Picture to Data (P2D)Revolutionizing work flows to the 21st

CenturyYuchen Su Jun Sen Ang Oren Finard

No. of interviews Day 0: 12





Total no. of interviews to date: 70

Key Partners Key Activities

Key Resource

Customer

Relationships

Channels

Customer

Segments

Value Propositions

Cost Structure Revenue Structure

-Insurance companies

-Insurance quotation

companies

-Insurance broker

-TPA

-Smartphone users

Client

-Improve efficiency by saving

time required to enter data

-Customizable to fit their

existing system

-Client is free to manipulate the

data extracted (Store in their

database, conduct analysis)

-Can be extended to other

services like health insurance,

accident claims

-Increased sales

End User

-Quick and easy approach to fill

forms or access various

services provided by the client

-Insurance

companies

-DMV

-PDK

-Tool development

-Service and maintenance

-Compatibility assurance

-Web and on-site support

-Customization

-Software developers

-Marketing -Face-to-face meetings with

clients

-Work with a company to

develop beta product

-Implementation on

existing Apps in the market

-Installation fee

-Licensing fee

-Premium for customization

-Development costs

-Marketing and advertising cost

-Cyber security costs

-Database cost

-Dedicated maintenance

-Consultation

-Extended partnership to

further develop product

Day 1

What we felt on Day 1

Day 1 – Takeaway

• Some hypotheses were difficult to verify due to accessibility issues

o Need to speak to people with the purchasing power

• Finding the right questions and explaining the product/technology is an art

• The world is more digitized and less paper-dependent than we thought

• We need to sell a solution not technology


Key Resource

Customer

Relationships

Channels

Customer

Segments

Value

Propositions

Cost Structure Revenue

Structure

Healthcare- Hospitals

- Surgeons

Insurance-Operations

department

(Claims,

Underwriting)

-Improve accountability of

instruments

-Improve efficiency

-Less liability and labor

saving

-Saves time

-Customize to fit their existing

system

-Client is free to manipulate

the data extracted

-Can be extended to other

services like health insurance,

accident claims

-Tool development




-Customization to client

needs


-Marketing

-Development costs

-Marketing and advertising cost-Installation fee

-Licensing fee



-Hospitals

-Face-to-face meetings with

clients

Get: Online advertising,

Personal sales

Keep: Dedicated service

and maintenance. Ensure

compatibility.

Grow: Innovation. Keeping

up with state of the art

SMEs-Retail stores

-Insurance agencies-High level of customizability

-Improve productivity

-Value for money

-Easy to implement

Day 2

Day 2 - Takeaway

• We need to focus on a customer segment

• Small/Medium business owners are not implementing such documentation technology because there is limited value-add to their operations

• Text recognition technology has sailed

o Existing software compete based on partnerships they have

o Had to pivot and focus on picture/object recognition

• Looked using object recognition as the main value proposition


Key Resource

Customer

Relationships

Channels

Customer

Segments

Value

Propositions


Structure

Insurance: Consumer focused

business (ie

Personal lines)-Underwriting

department (front end)

- Sales and Marketing (

Front End)

Front End

- Improved user experience

- Saves time and effort to

enter information

- Promotes direct interaction

with customers (without

aggregators)

- Accelerate sales and

reduce overheads in the

mass market environment

- Attract more users

-Tool development





needs


-Marketing

-Development costs

-Marketing and advertising cost-Installation fee

-> Flat fee

-Licensing fee

-> Tiered based on usage




clients

Get: Personal sales, Free

first consultation



compatibility.



Insurance: Back End

Operations

-Claims department

Back End

- Reduce time required for

claim adjusting process

- Instant assessment of the

damage (indicative)

- Data captured for future

analytical purposes that

facilitates better

underwriting

Day 3

Customer Archetype

• Insurance companies where high volume, low claim transactions are a significant portion revenue

o P&C Insurance companies

• Overheads are significant

o Relatively large size

• Work process consist of low complexity routine tasks

Value proposition

Bumper $3

Front Hood $12

Engine $75

Front Axel $36

Cup Holder $15

Miscellaneous $7

Total $148

Value proposition

Bumper $3

Front Hood $12

Engine $75

Front Axel $36

Cup Holder $15

Miscellaneous $7

Total $148

Picture To Data

Minimal Viable Product

A

P

I

Car photo

database

List of

damage parts

Customer

information

databaseCustomer records

All the required data

Claims estimated repair cost Claims estimated

repair cost

Day 3 - Takeaway

• Some sectors in the insurance companies that are interested willing to pay for this product

• Identified a clear customer segment and defined an archetype

• Conceptualize implementation details of the product


Key Resource

Customer

Relationships

Channels

Customer

Segments

Value

Propositions


Structure


business (ie

Personal lines)- Underwriting

department

- Sales and Marketing

- High volume, low

premium business

transactions

Front End


- Improve productivity in the

underwriters



aggregators)





-Tool development




needs

-Sales and marketing


-Marketing

-Development costs


-Website maintenance

-Installation fee

-> Premium for customization

-Licensing fee

-> Based on cost savings

-Insurance companies-Documentation

management software

-CRM software

-Auto parts companies

-CCC

-Audatex


clients

-OEMs


first consultation



compatibility.



Insurance: Back End

Operations

-Claims department

Back End




damage (indicative)



facilitates better

underwriting

Day 4

Revenue Stream

• Installation fee

o Premium for customization

• Licensing fee

o Proportion of cost savings

Revenue Model

Development costs

Instal-

lation

costs

Mark-

eting

costs

Installation

feeLicensing fee

Fixed Costs Variable Costs Revenue

No. of claim adjusters in a large insurance companies: ~3000

Each valued at: ~$60k/year

If we improve productivity by 15%

Cost savings: 3000*0.15*60,000 = $27,000,000

If we were to sell our product at 10% of the cost saving we get = $2,700,000

Channels

Direct Sales through

partnerships and

targeted marketing

OEM: Sold as part

of software package

Software

Package Sold

Day 4 - Takeaway

• Various ways to price our product

o Pricing based on a percentage of cost savings

• Necessity of prototype

• OEM channels are a possibility but very difficult to execute

o Software company is sticky about incorporating third party software directly into their package

o That said, they were still interested in the product


Key Resource

Customer

Relationships

Channels

Customer

Segments

Value

Propositions


Structure


business (ie

Personal lines)- Underwriting

department

- Sales and Marketing

- High volume, low

premium business

transactions

Front End


- Improve productivity in the

underwriters



aggregators)





-Tool development




needs

-Sales and marketing


-> 6 Software

developers

-Marketing

-> Short Run: Personal

Contacts

-> Long Run: Sales

Team

-Development costs


-Website maintenance

-Installation fee

-> Premium for customization

-Licensing fee

-> Based on cost savings

-Insurance companies-Documentation

management software

-CRM software

-Auto parts companies

-CCC

-Audatex


clients

-OEMs


first consultation



compatibility.



Insurance: Back End

Operations

-Claims department

Back End




damage (indicative)



facilitates better

underwriting

Day 5

Next Steps

• Develop a prototype

• Continue doing Customer Discovery until we find a client willing to work with us to develop the product

o Provide us the forms and access to their system

• Be on a lookout for talented individuals that can execute out key activities

o Application developers

o Machine learning experts

Education

Picture to Data Columbia 2015