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As a credit insurance company, Euler Hermes protect businesses from non-payment of invoices and provide information on the financial stability of clients. They noticed a gap in the market for SMEs and wanted to create a unique product to meet the custom needs of smaller businesses.

 

The Challenge

  • Euler Hermes had identified a need for on demand credit insurance but, with it being a new product, taking on user feedback was critical to drive the development

  • They wanted to assess the feasibility of this new custom credit insurance product for SMEs, hence developing the web app fast was critical

  • The client needed to build a brand new and robust pricing engine for this product

Theodo’s Solution

  • Created and tested wireframes in the run up to the development work to ensure we were aligned with users’ expectations

  • Built up a network of beta users to continuously test the web app throughout the development phase and assess the viability of the product

  • Integrated with a third party API to collect accounting data from customers to THEN automatically assess the risk of their clients and price insurance covers accordingly

  • Combined their current risk database and a connection with the user’s accounting software to provide a dashboard to price the new insurance product

  • Developed a visual dashboard showing the accounting data in a succinct manner

Business Value Delivered

  • MVP validated and secured further funding for following development

  • Proved there was a market for such a product through continuous user testing

  • Delivered a working solution for custom credit insurance with live pricing

Technologies used

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