Propelling insurance disruption through understanding the impact of tech giants.
Innovation Project Description:
Google is not only known as the leading search engine, processing over 3.5 billion searches per day, but also for having one of the largest cross-industry innovation pipelines globally – always on the search for new revenue streams. Amazon started as an online bookstore that transitioned quickly into other lines of business. It is now a company with 310 million active customers that accounts for more than 40% of all online sale, powers more than 40% of the web through AWS and gave us Alexa, and this names just a few of Amazon's leading business services.
What unites Amazon, Google, Netflix and Co. is direct access to the customer, which allows them to continuously expand their business offering. In their continuing expansion, insurance will not be spared! As such, it comes at no surprise that Amazon launched its first insurance division in London, UK a couple of months ago.
Insurers themselves are currently in the middle of a digital transformation focusing on two streams:
- Digitizing the internal processes
- Customer-centric services
We are at a time where insurers are vulnerable to disruption. To remain relevant in the market, the big insurance firms are revamping business models, especially in areas that are already dominated by tech giants, such as web-based ecosystems and distribution platforms. As a result, most insurers are investing heavily in InsurTech startups.
In this two-day sprint at the Cookhouse pop-up Lab in Munich, Germany, we will collaborate and run through a series of design thinking exercises to understand the impact of disruption through tech giants. Some of the questions we are looking into are:
- What can we learn from tech giants?
- How can we compete or even collaborate with them?
- How will an insurance supply chain of the future look like?
- Where will tech giants enter the market (P&C or health)?
- Do tech giants really have better insurance relevant data?
This is a taster session at the Cookhouse Lab – there is no cost associated with this project.
Organizations may send one participant each. Space is limited so make sure to RSVP soon to secure your place!
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: 2 Days
- Start: May 15, 2018
- End: May 16, 2018
- Apply by: May 8, 2018
- Insurance & Reinsurance (all regions worldwide)
- Property & Casualty
- Life & Health
- Brokers & Agents
- Marketing & Sales