Exploring the problems that pension are facing today. 


Innovation Project Description:

Pension insurers and pension funds are facing the problem that people show a lack of interest in financial products mainly due to complexity, limited financial awareness and the many regulatory and other changes during the lifespan of a contract. This is specifically the case for collective annuity and pension regulations and plans provided via pension insurers, pension funds and pension carriers. Their financial products do not have a direct impact to the daily life of a customer, since they are providing financial stability in the future. Other than banks, these financial service providers only have limited opportunities to interact with their customers.

Financial literacy is vital to the financial well-being of everyone regardless of age or means, and the economy as a whole.  However, citizens globally struggle with this subject and often do not have the right education, capabilities and tools in place to manage their debt, save for retirement or for the future and understand impacts and risks. Especially annuity products and pension plans are in general complex and heavily regulated products or schemes that are difficult to explain to the public even more when the schemes are collective.

Our goal with this four-week sprint is to dive into the problems that pension are facing today and to collaboratively find solutions to increase awareness and simply make pension more interesting for the customers in order to

  • Attract new customers by educating them
  • Retain and strengthen the relationship with employers and participants
  • Raise awareness to customers how financial products can help to achieve their personal targets
  • Create new business and service models

With a growing interest of financial services providers in in new technologies, services and new ways how to engage with the customers online, we will look amongst others into the following areas to simply make pension better, e.g. with:

  • Financial Literacy
  • Chat Bots / Machine Learning
  • Loyalty & Reward

Cookhouse Lab will facilitate a four-week sprint where industry peers in pension and financial services can use design thinking to tease out root cause issues and co-create potential solutions and next steps.

 

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Project Details:

Each innovation project will begin with a Lean Startup mindset followed by the phases of Design Thinking supported by a variety tools with the ultimate goal of creating a business case and a Minimum Viable Product (MVP). 

 

Project Type


  • Open innovation project for Cookhouse Lab members 
  • Project team will consist of members from different insurers and reinsurers

Duration


  • Sprint: 4 weeks
  • Start: November, 2017
  • End: December, 2017
  • Apply by: October 15, 2017

Insurance


  • Pension
  • Insurance & Reinsurance (all regions worldwide) 

Target Group


  • Pension Providers
  • Anyone interested in this subject