Our CEO & Founder, Moshe Tamir, shares his experience leading a joint venture with Israel’s premier payroll provider and tech partner to introduce a ground-breaking digital employee wallet to market. He recounts the exciting service design journey that saw our client launch the next generation of a B2B2C solution in record time.
Building Employee Value Propositions: A Natural Alliance
For years, our insurance clients have been exploring ways to build employee value propositions through digital platforms. Hence, when Israel’s leading HR software provider approached us to enhance their offering with a new digital employee wallet, it was a natural fit.
The Journey: Guiding the Project from Inception to Reality
My team led the project using Axell’s unique innovation methodology. We began with initial market research, before sourcing a tech partner, co-developing the solution, and facilitating a new joint venture between both our client and tech partner. Witnessing its launch to the market has filled the entire Axell team with a profound sense of accomplishment and pride.
Deep-Dive Into Axell's Innovation Process
- Discovery – We embarked on a research journey, both internally and externally, delving into future trends and understanding the dynamics of the HR technology market. We spoke to heads of HR and Employee Benefits to better understand their current pain points. This exploration revealed a critical need for employers to create compelling benefits packages to attract and retain talent while existing solutions were lacking incentives for employee engagement.
- Design – mapping the employee journey and defining a future experience alongside our client enabled us to articulate the solution. Our insights unveiled the employees’ desire for the freedom to use their benefits in a way that suits them, while employers sought to incentivise employee well-being to enhance overall productivity.
- Prototype – leading the design and testing of a functional prototype, Axell facilitated the process ensuring stakeholder approval across project milestones. We also handled the venture’s negotiations and navigated complex contractual and legal requirements.
- Partner – leveraging our extensive tech partner network, we scouted the market for existing solutions that may fit the bill of what we were trying to create. Several providers were proposed, and a final partner who could work alongside the HR provider to co-design the end solution was chosen.
- Implementation – bringing the solution to market, we strategically guided the transaction to establish a joint venture with the tech provider.
Introducing a New Way to Engage Employees
The new partnership has delivered a revolutionary new employee tool that incentivises and rewards healthy lifestyle choices via an interactive marketplace app. Through an interactive platform, employers can set budgets and allocate funding for employees in areas such as mobility, food and wellness while employees receive more value and simplicity in using these benefits.
Ultimately, this transformative app empowers employers to create exciting value propositions for their teams while fostering a culture of health and engagement, reducing absenteeism, and boosting productivity.
The Ad-Venture is Just Getting Started
The joint venture has created a game-changing new product for our client that offers immense potential for global scalability. It presents an exciting opportunity to increase the value of group insurance around and give employers a compelling competitive advantage in the battle for talent. Ultimately, the new solution has set the stage for a brighter, healthier, and more engaged workforce, and has shown the power of innovative collaboration and visionary leadership.
Read our latest use case
Discover how we designed a digital customer wallet for a US premium financier servicing high-net-worth clients in our latest use case.