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).
It has been six months since the Cookhouse Lab opened its doors to the insurance industry with the vision of making insurance better. There have been several amazing co-creation projects to date including Insurance Loyalty & Rewards and Blockchain Use Cases For Insurance. Each of these produced valuable outputs for the individual participating member insurance companies, and the Delays in APS project was no different. This project is the first since the inception of our lab (though we anticipate many more) that delivered a solution scope for an industry minimum viable product.
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
We ended April on a strong note with the wrap up of our first innovation project - Insurance Loyalty & Rewards. We obviously had to keep up with the strong momentum and therefore kicked off two new innovation projects in May.
If you've not had the chance to experience what Cookhouse Lab has to offer, each innovation project (various sprints) is facilitated by one of our our in-house Innovation Chefs utilizing our unique Innovation Methodology that combines lean innovation, design thinking, and a robust insurance/insurtech ecosystem.
"Coming up with an idea is the easy part. Bringing that idea to life is the difficult part"
This advice was given to me very early on in my career but still rings true every time I embark on a new innovation project. As innovation professionals can attest to, it is the vetted business value of an innovation that is one of the most difficult elements to overcome when applying for budget or devising a go-to-market strategy.
As the team worked towards the end of the project, the focus was on business casing, and the due diligence supporting the features of the newly created digital experience. All of which were in an attempt to deliver business value planned from the beginning of the project. Some examples of these can be seen below.
"The needs of insurers are not aligned to the needs of customers"
Often times, driven by profitability and shareholder return, corporations continue to find it a challenge to align their financial goals with customer needs. This opportunity, although identified early on in the project, continues to be a key theme for the project. The common situation that seemed to arise when comparing customer feedback to insurer feedback, was that insurers tend towards communicating by their products while customers tend to only understand insurance within their own context.