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