General Indemnity Group
General Indemnity Group
How can you modernize and simplify the surety bond processor consumers and small business owners?
Role: Facilitation, Research/UX
As a young company and building out a product team, General Indemnity Group (“GIG”) was looking for help in scoping how to approach their business goals and build out their offering. They were looking for help to build out a research plan, identify people to interview, and assistance in preparing to speak with them.
GIG was in a unique position in the growing insurance tech industry as an actual insurance company that can write its policy rather than relying on finding partner insurance companies for their products. It is a wholly owned subsidiary of Boston Omaha Corporation, a publicly traded holding company (NASDAQ: BOMN). GIG is an insurance company that owns an “A-” rated insurance company with a 27-year operating history, a surety-focused Managing General Agency, and a Captive Insurance Company. GIG is actively looking for additional acquisitions in the insurance space. GIG was looking to carve out a profitable space in the existing $550 Billion surety market.
Surety industry insiders are accustomed to typing and retyping bond information into various systems as a bond passes through various stages of its lifecycle between agents and sureties. GIG expects it can do better for a variety of reasons and plans to focus its software development and marketing efforts on commercial, freely issued bonds, followed by commercial, credit rated bonds, and then small contract bonds.
Streamline the process for the more complicated contracts
Better purchasing experience
After meeting with the team and learning more about their context a goals, we agreed on a plan to research into the surety industry as it currently stood, a design thinking session to help guide research, and from that, create a research plan and resources for them to continue their research.
I conducted a review of existing company data and reporting to gain further background and find opportunities, along with a competitive analysis of existing surety services. A facilitation session was held with the team to discuss context, identify stakeholders, and build initial research personas. Based on the session key research questions were identified. The team was provided with a research plan including information on target people to interview, a set of screener questions, and an interview script.