In the life insurance industry, there are many processes we encounter daily that have the potential to be modernized and made more efficient. The current underwriting process is no exception, with outdated rules, blanket questions that don't allow for personalization, and long customer wait times that can take up to four to six weeks. This is a process that is ripe for disruption and last month, Cookhouse Lab invited underwriting professionals to try their hand at disrupting it in just 48 hours.
Every hero needs a villain, right? Similarly, every great idea, solution, or invention always needs a problem. And while the solution is often what gets all of the glory and attention, how we deal with said problem is just as, if not more, important. As Albert Einstein once said, “we can't solve problems by using the same kind of thinking we used when we created them”.
As we near the 500-day mark for Cookhouse Lab, we thought it would be fitting to take a trip down memory lane. Join us as we explore highlights from our first 500 days in a new blog series titled: 500 Days of Innovation. Each installment will explore a different aspect of Cookhouse Lab that has played a key role in our journey so far. First up is 'Minimum Viable Product; also known as 'MVP'.
The Cookhouse Lab experience is centered around an accelerated Minimum Viable Product (MVP) creation journey. On average, project MVPs have been completed between a two to four week period, which is a combined effort of project teams and Cookhouse Lab design and technical teams. So what exactly is an MVP?
Don’t Wait for Disruption
According to the CB Insights Quarterly InsurTech Briefing published in January 2018, a recent innovation survey revealed that 75% of 600 (re)insurance respondents believe their company is “moderately” or “extremely” at-risk of disruption. Nearly 72% of the allocated resources focused on incremental technologies (and not disruptive) and almost half of these (re)insurers described their innovation philosophy as ‘ad-hoc’.
"Insurers are not prepared to seamlessly integrate with the future of transportation."
This was one astounding conclusion that our project team came to at the end of our 4 week sprint. Through 16 days, 11 participants, 5 companies, and 4 partnerships, we inferred that the auto insurance industry needs to move quickly to adapt to the shifting change in risk.
A brand new year means a brand new list of conference opportunities! And with all kinds of technology advancing in the insurance world, how can you be sure which InsurTech conferences are the ones to attend?
Holiday season is fast approaching and that means it's gifting time! But with so many new things on the market, how can you be sure that what you've picked is something that they'll love?
Blockchain has been one of the most talked about technologies of 2017, with some even calling it the most revolutionary technology since the widespread use of the Internet.
How will blockchain technology affect the insurance group benefits coordination process?
Most manufacturers have announced plans to bring semi-autonomous vehicles to the market by 2020, but would you take your hands off your steering wheel while driving 100 km/h?
Take a moment to reflect on the last problem you wanted to solve, issue you wanted to change or great idea you wanted to implement in your professional environment. Were you able to solve the problem? Change the issue? Implement the idea? Or did execution fail because you didn’t have time to get around to it.
This can often happen when organizations approach innovation. The concept seems like this ‘big, scary, time prolonged’ project that no one has time for. BUT it doesn’t have to be. And our recent 2-day innovation sprint in Munich, Germany can prove it.