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.
Rhiannon Snell, Innovation Chef
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Blockchain has been all the buzz and last week, Cookhouse Lab kicked off our second project in our Blockchain series. During this four week sprint, the project will delve into group benefit coordination to produce a prototype using Blockchain technology to improve the coordination of benefits process.
The Cookhouse Lab Drone Insurance project launched on Monday 31 July. The purpose of this four-week project was to identify how to best insure drones, given that there is currently a lack of data which is preventing insurers from being able to launch products tailored to the risk requirements of individual drone users.
The “Millennials Are Not Interested In Life Insurance?!” project took place over four weeks at the Cookhouse Lab, Toronto. This blog details the final two weeks of the project.
At the beginning of Week 3, the team ran a second workshop to test their problem statement, and help prioritize the needs of their customers. Millennial workshop participants stated that they did not like the idea of protecting their current lifestyle, as they expected their life to be constantly changing over the next several years. They also rejected the idea of wanting “immediate” value, instead preferring value generally. Based on this feedback, a third problem statement was developed, and subsequently validated in a workshop during Week 4:
Cookhouse Lab completed its first taster session at the beginning of this month, with the goal of enabling participants to experience Design Thinking at Cookhouse Lab, whilst opening collaborative discussion on a key industry topic. The session lasted two days in total (which included a final presentation and BBQ) and focused on the topic of a risk exposure data warehouse (REDW).
At Cookhouse Lab, our goal is to accelerate insurance innovation through open collaboration. We aim to do so through our various innovation projects, which are focused co-creations amongst project members.
Credit: Dave Lund
Cookhouse Lab’s first month-long
Blockchain & Insurance project came to a close on Friday June 2, with the project team presenting their outputs to 40 stakeholders from their respective organizations. In the two weeks since the
previous project update, the team developed a long list of potential use cases, then identified their top three categories based on selection criteria they prepared. We are proud of the effort the team put in and the outputs they achieved.
