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.
What if I told you that in just twenty years, it is estimated that there will be 23 million autonomous vehicles on highways in the US?
How does it make you feel? Uneasy? Excited? Both?!
The technology for autonomous driving has arrived. And with that, change is inevitable. Here are some of the ways this technology will shift the insurance industry:
Amongst the hottest innovation trends today, Blockchain is often mentioned. Although Blockchain is often just associated with cryptocurrencies like Bitcoin, this technology has enormous potential to impact the future customer experience. From our first collaborative Blockchain project, we've learned that countless insurance use cases are ripe for exploration. These use cases span from back office improvements, fraud detection, to positively impacting the role of insurance from the consumer's perspective.
Let's take a moment and think about what the future of insurance will look like once Blockchain is widely used and implemented.
Cookhouse Lab had the pleasure of hosting the BOTFriends team earlier this month as Cookhouse embarked on its first chatbot project. While they were in town, we had the opportunity to sit down with the team to learn more about their story and their thoughts on chatbots, innovation, and the future. Read more on our Q&A session below:
Artificial intelligence (AI) dates back to the year 1950, when Alan Turing developed the Turing test to evaluate a machine’s ability to exhibit intelligent behaviour that could be equivalated to those of humans. Since then, the field has exploded.
In businesses today, AI can be found in many forms including intelligent conversational chatbots. These bots are becoming increasingly popular, with over 30,000 chatbots (as of 2016) existing on various messaging interfaces. These chatbots cater to an audience of 4.1 billion users, most of whom are on these platforms every day.
What can you accomplish in 24 hours when you bring together a group of curious thinkers?
Cookhouse Lab hosted our first free Innovation Challenge Event last week and the topic of interest was machine learning. Machine learning has been a definite hot topic for manual process optimization in any industry, and our participants were taken through a condensed Cookhouse Lab innovation sprint towards creating insurance specific use cases.
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.
At Cookhouse Lab, we believe that innovation is created at its best through an open collaborative model with peers, partners, and start-ups in the insurance industry. This methodology combined with a global and diverse team of insurance and functional experts, ensures that every day at the lab is a new and meaningful experience for all our members.
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).