Leveraging and creating opportunities from data sources.
Innovation Project Description:
The life insurance industry is spending a significant amount of brain power trying to find that holy grail of data to facilitate a more efficient underwriting process. Is there a solution out there, or do we just need to be more efficient with current methods.
Some of the questions we’ll explore:
- Legally, what data can we use?
- Morally, what data should we use?
- Are there different data points out there that when looked at in concert can help with risk selection?
- Does the P&C industry hold data that could shed insight into the life risk selection process?
- Do open API’s already exist that can facilitate this process?
Join the Cookhouse Lab for this one month sprint and dive into the world of Canadian data sources. We will explore what’s possible today as well as brainstorm a future state when 5G networks roll out across the country (which isn’t far away), which some technologists claim will be the real birth of a sensor driven, hyper connected world.
We know there are different laws and regulatory environments which protects this data in each jurisdiction. We’re starting with Canada, and through Pop-Up Labs will explore other geographies throughout the year.
Whether you are a data scientist, technologist, actuary, or just a curious individual, join your peers in the industry to explore this question and see where the power of co-creation can take you.
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: July 2, 2018
- End: July 27, 2018
- Apply by: June 25, 2018
- Life Insurance & Reinsurance
- Property & Casualty
- Data Scientist
- Product Development
- Risk & Actuary
- Sales & Marketing