Preparing for the future of transportation.
Innovation Project Description:
At Cookhouse Lab we like to use the quote from the American industrialist Henry Ford, “If I had asked people what they wanted they would have said faster horses” to introduce our unique innovation methodology. Today, this quote also shows us that history is repeating itself. The next transformation is fully in progress: Autonomous vehicles are manufactured and tested by almost all well-known, and an increasing number of new automakers.
The shift from horses to cars came along with large safety, environmental and economic challenges and took a period of about 50 years. We are all well aware that the change we are facing today will be significantly faster. A transformation of that scale does not work without innovation and significant change and even requires to disrupt the norm as we know it.
No doubt, autonomous vehicles will not only improve the quality of our life in many ways and even introduce new ownership models (in an article from June 2017 WSJ) mentioned that Tesla is preparing to create a network of Tesla owners that could rent out their self-driving cars to make money). But even more important, by replacing human drivers with intelligent computers, they will also save many lives.
However, during the transition there will be a time of higher risks. A time where autonomous, assisted and self-driven cars will share the roads. In an article of the Wired Magazine, Self-Driving Cars Are Confusing Drivers – And Spooking Insurers from August 2017, the Association of British Insurers calls this the “autonomous ambiguity” and it is not an abstract issue.
The transition from self to autonomous driving brings many significant challenges for auto insurers, such as:
- Lack of historical data for autonomous and semi-autonomous vehicles
- New ownership-models, such as shared ownership or subscription
- Changes in (urban) infrastructure
- Shift in risk coverage providers (e.g. automakers, community insurance)
If insurer want to stay in the driver seat of auto insurance they need to collaborate to find the right solutions for the problems that this big transition will bring.
In this four week sprint the project team will work together and focus on how the insurance industry can make successful transition to autonomous vehicles to seek answers to the questions:
- How can insurers adjust to the new ownership models?
- How can insurers price and adjudicate claims during the transition?
- How can insurers make further use of telematics data from connected cars to improve the customer experience and their financial stability?
- What regulations and policies will need to be revisited in a fully autonomous world?
- Who are the important collaborators for the insurance industry?
- How do auto insurance products of the (near) future look like?
The team will design and develop an MVP to for autonomous cars in insurance. RSVP soon to secure your place!
This project is currently in progress and closed for applications. See our Innovation Projects Listing for a full details on upcoming projects.
Each innovation project will begin by establishing a Lean Startup mindset, followed by the phases of Design Thinking as supported by a variety tools. The ultimate goal is to create a business case and a Minimum Viable Product (MVP).
- Open innovation project for Cookhouse Lab members
- Project team will consist of members from different insurance organizations
- Sprint: 4 weeks
- Start: Nov 6, 2017
- End: Dec 1, 2017
- Apply by: Oct 30, 2017
- Insurance & Reinsurance (all regions worldwide)
- Property & Casual
- City Planners
- Brokers & Agents
- Risk & Actuary