Centralizing the storage and management of risk data.
Innovation Project Description:
Insurance, reinsurance and broker organizations capture and store data on real property, including information on natural disasters, claims, type of usage, construction and other modifications. Today each organization stores and administrates this risk data individually. There is no real way for organizations to exchange this data for the purposes of data enrichment. As a result, the quality of existing data may be poor as the information is often incomplete and outdated.
This risk data provides especially insurers and reinsurers the opportunity to develop new products and services, expand into parallel sectors, such as banks or real estate, and increase the value they can offer to their customers. However, there is currently no single source where these organizations may store, manage, enrich and draw from this information.
Introducing the risk exposure data warehouse – a single repository where all data relating to real property and associated buildings may be stored, enriched and managed.
In this two-day sprint at the Cookhouse Lab (Toronto), we will run through a series of design thinking exercises to identify what data would need to be captured, the business processes behind capturing and storing this data, and a list of use cases to monetize on the data once it has been collated. The project team will present their work and top use cases on Friday afternoon. This will be followed by a Drinks and BBQ networking event.
We will be joined on the project by a team of students from Germany who have built a risk exposure data warehouse using blockchain technology.
This is a taster session at the Cookhouse Lab – there is no cost associated with this project.
Organizations may send one participant each. Numbers are limited to 15. RSVP soon to secure your place!
Apply to this project by submitting the form on the right. >>
This innovation project will begin with a Lean Startup exercise, followed by the phases of Design Thinking as supported by a variety tools. The ultimate goal is to develop a high-level set of business processes and use cases.
- Open innovation project for insurers, reinsurers, and brokers
- Project team will consist of members from participating organizations
- Sprint: 2 Days
- Start: Aug 3, 2017
- End: Aug 4, 2017
- Apply by: July 25, 2017
- Insurance & Reinsurance (all regions worldwide)
- Product Development
- Sales & Marketing