Centralizing the storage and management of risk data.
Innovation Project Description:
Insurance, reinsurance, broker organizations as well as mortgage banks capture and store data on real property, including information on natural catastrophes, claims, type of usage, construction and other modifications. Today each organization stores and administrates this risk data individually. There is no simple way for organizations to exchange this data for the purposes of data enrichment. As a result, the quality of existing data may be poor as the information is often incomplete and outdated.
This risk data provides, especially for insurers and reinsurers, the opportunity to develop new products, services and business models by expanding into parallel sectors, such as banks or real estate, and increase the value they can offer to their customers. However, since there is currently no single source where these organizations may store, manage, enrich and draw from this information, the insurance industry lacks of accurate data and the possibility to exchange the data with other organizations.
Introducing the risk exposure data warehouse – a single repository where all data relating to real property and associated buildings may be stored, enriched and managed.
In this four week sprint at the Cookhouse Lab, the project team will work together and focus on how the insurance industry can jointly create and maintain a global Risk Exposure Data Warehouse. Some of the questions that the team will focus on are:
- What data are relevant and need to be captured?
- What data are accessible?
- What are the business processes behind capturing and storing risk exposure and property data?
- How can data be verified and the risk exposure updated?
- How can the data be monetized?
- What technical infrastructure is required?
Each innovation project will begin by establishing a Lean Startup mindset, followed by the phases of Design Thinking as supported by a variety tools. The ultimate goal is to create a business case and a Minimum Viable Product (MVP).
- Open innovation project for Cookhouse Lab members
- Project team will consist of members from different insurance organizations
- Sprint: 4 weeks
- Start: 2018
- End: 2018
- Apply by: 2018
- Insurance & Reinsurance
- Property & Casualty
- Commercial & Personal
- Product Development
- Risk & Actuary
- Sales & Marketing