Disruption of Insurance through Tech Giants
Toronto, Canada
Cookhouse Lab
1
WEEK
2019
Feb 25
START DATE
2019
Mar 1
END DATE

What can the insurance industry learn from tech giants? 

Google is not only known as the leading search engine, processing over 3.5 billion searches per day, but also for having one of the largest cross-industry innovation pipelines globally – always on the search for new revenue streams. Amazon started as an online bookstore that transitioned quickly into other lines of business. It is now a company with 310 million active customers that accounts for more than 40% of all online sale, it powers more than 40% of the web through AWS and gave us Alexa - just to name a few of Amazons leading business services. 

 What unites Amazon, Google, and Netflix is direct access to the customer, allowing them to continuously expand their business offering – and insurance will not be spared! It’s no surprise that Amazon launched its first insurance division in London, UK in 2018.

As opposed to tech giants, insurers are in the middle of a digital transformation focusing on one hand on digitizing the internal processes and on the other hand on customer centric services – a time that makes insurers vulnerable for disruption. To remain relevant in the market, the big insurance firms are revamping business models, especially in areas that are already dominated by tech giants, such as web-based ecosystems and distribution platforms. As a result, most insurers are investing heavily in insurtech startups.

 In this one week sprint at Cookhouse Lab in Toronto, we will collaborate and run through a series of design thinking exercises to understand the impact of disruption through tech giants. Some of the questions we are looking into are

  • What can we learn from tech giants?
  • How can we compete or even collaborate with them?
  • How will an insurance supply chain of the future look like?
  • Where will tech giants enter the market (P&C or health)?
  • Do tech giants really have better insurance relevant data?

 

The team will design and develop solutions how to tackle the disruption through tech giants in insurance. RSVP soon to secure your place! 

Apply and Become an Innovator! 

*Please complete the required fields

What is on the menu

Each innovation project will begin with a Lean Startup mindset followed by the phases of Design Thinking supported by a variety tools with the ultimate goal of creating a business case and a Minimum Viable Product (MVP).

 

Project Type

  • Open innovation project for insurers, reinsurers and brokers
  • Project team will consist of members from participating organizations

Duration

  • Sprint: 1 week
  • Start: February 25, 2019
  • End: March 1 2019
  • Apply by Feb 8, 2019

Insurance

  • Insurance & Reinsurance (all regions worldwide)
  • Property & Casual
  • Life & Health
  • Brokers / Agents

Target Group

  • Business/Product
  • Marketing & Sales
  • IT
Become an annual member today
Gain access to full innovation reports, research papers, and more
LEARN MORE
MEET OUR GUEST SPEAKERS
Sven Roehl
EVP, Head of Innovation
msg global solutions
Sven Roehl
EVP, Head of Innovation
msg global solutions
Sven Roehl
EVP, Head of Innovation
msg global solutions
Sven Roehl
EVP, Head of Innovation
msg global solutions
ANNUAL COMMITMENT
$3000
/MONTH
An all-in-one access pass to open collaboration and innovation.
billed annually
CONTACT US
MONTHLY COMMITMENT
$3750
/MONTH
An entry point to discover the power of open collaboration.
billed monthly
CONTACT US
Explore the project's outcome
LEARN MORE