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 The current underwriting process is no exception, with outdated rules, blanket questions that don't allow for personalization, and long customer wait times that can take up to four to six weeks.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.
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?
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.
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.
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.