A diverse community of insurance professionals convened in Munich in May 2018 to explore industry disruption from unlikely players – the world’s tech giants. The group came together to use new approaches and unlock methodologies to help navigate the future of the industry in our collaborative 2-day session.
What is a taster session at Cookhouse Lab?
A taster session at Cookhouse Lab is a free 2-day session that gives organizations a chance to experience the methodology, process, and environment of Cookhouse Lab. The taster offers insurance professionals the opportunity to experience a mindset shift, access design thinking tools, connect with new industry peers, and get answers to questions about the benefits of Cookhouse Lab membership.
The session provides accelerated programming, leveraging the strategies and philosophies that are fully explored in the Lab’s 2, 4, and 12-week projects. Each taster offers insight into the full program experience while also providing a lens on a specific project topic.
What did participants do at the Munich 2-Day Taster Session?
The Munich taster focused on Disruption of Insurance through Tech Giants and offered local insurance organizations from across Europe a taste of our Pop-Up Lab in Munich, running from September 10 – 21 and culminating with final presentations at msg’s Insurance Conference inscom.
Over 2 days, the taster attendees:
- Identified what tech giants are currently doing in insurance
- Discovered consumers overall attitudes about insurance and what they know about tech giants
- Researched unique value propositions that insurance organizations can offer to compete with tech giants
- Looked at available resources from tech giants and explored how insurance organizations can leverage them to improve their customer experience
What methodology was used for the taster?
The Cookhouse Lab methodology was used to uncover trends, draw on intersections, and unlock value for the insurance professionals. Using design thinking tools and our proven project approach, we were able to develop innovative solutions to meet the needs of a changing insurance industry landscape. Over the 2-day session, we walked through all three phases of the process: the team completed their initial research online, created their interview questions and, as always, went out to talk to consumers to better understand their thoughts, feelings, and opinions on tech giant disruption.
This was a very fun group to work with! As an Intercultural Management consultant and coach, I enjoyed working with a team that was diverse, not only in terms of geographical location but also in terms of industry. Our participants joined us from the Netherlands, Switzerland and Germany. Our guests from Germany, SOKA BAU, were exclusively labourers insurance providers, a type of organization we don’t often see in our lab. Die Mobiliar from Switzerland and Nationale Niederlanden were also in attendance, and it was a pleasure to have msg colleagues and participants from their partners at SAP. The team was completed with members of another msg organization, minnosphere. The unique mix of experience and perspectives in the room made for incredible solutions and a fun, creative, and productive taster.
What were the outcomes of the Munich taster?
Every participant came away with their own unique insights, but it was fascinating to see how far each person could step outside of their comfort zone. Final presentations provided an overview of three viable solutions and were presented as a great mix of Pecha Kucha presentations, sketches, storyboards, and low-fi prototypes. The diversity in solutions and presentation styles was a great reminder of the importance of an open and creative mindset and attitude when innovating.
The three solutions the team crafted included:
- Insure your Lifestyle: What if you could insure your lifestyle and make sure that what you have built is something you can enjoy for the rest of your life? What if your insurance supported you through your journey and, with your help and data, your provider could customize your packages to fit your current lifestyle while also taking into account future changes? For example, if you are currently a passionate snowboarder, when the time comes to rest your board you would be able to substitute coverage for a new hobby, maybe more beach travel or a different sport.
- Be Insured: Imagine a life where you would pay one premium a year, in which everything you needed to cover was covered. A life where your insurance company would offer you packages based on specific settings you select like budget, items you want insured, trips you are taking, and family milestones like your teenager getting their license, or the beginning of your ‘empty nest’ with your youngest child’s graduation. Imagine a life where you can choose how to pay for your insurance, with cash or data. Every year, you could receive a report of how your data was used – a life where you do not need to look for insurance, insurance comes to you!
- Insurance Concierge – Blockchain: Two of the most common questions related to insurance are what exactly do I need and how do I get it? When most people start that search, they come across too many options, most of which are not very clear, leading to a time-consuming and confusing search. Insurance Concierge takes care of those pain points. It is your digital concierge, built using access to your blockchain where all of your personal data has been securely stored. The concierge would not communicate with you, but with your digital twin – a twin designed by you! Now the communication, search, and offers are all managed by your concierge and your digital twin. When offers come in and coverage is required, you have the option to read and sign yourself OR handoff signing authority to your digital twin.
What future tasters can we look forward to in the Lab?
We have a one-of-a-kind taster coming up on June 26-28. Learn more about The Future of the Mobile Insurance Agents and Brokers taster here. What makes this taster unique is that participants will be taking part in a project that is focused on launching a solution. This means you get to co-create and be part of the journey as the project moves from a lo-fi prototype to a fully functioning product! This is an exciting opportunity as the Lab typically focuses on creating solutions, not launching them. This time, as we partner with msg, SAP, and Apple, you will have a chance to experience more and see the full process of bringing a product into market.