Making Insurance Better with Students, One Summer at a Time

Another summer gone by and another student week at Cookhouse Labs. 

That’s right – we did it again. For the third year in a row we collaborated with the University of Applied Sciences Wuerzburg-Schweinfurt in Germany and the results were, again, awesome.

You may remember our first year we chose a topic of a running project and asked the students to show us what they thought could be possible solutions. Read more about it here – Drone Insurance: Learnings & Wrap Up. Last year we hosted a hackathon and another group of students from Germany were part of the teams. You can read the recap here – Hackathon Recap: Passive Risk Takers to Active Risk Managers.

This year we tried something new. We split the students into three groups and invited some of our members interested in working with young minds with little to zero knowledge of insurance. The results were superb.

Each student group had a mentor (Cookhouse Lab member), they met bi-weekly over Zoom and using the Cookhouse Lab methodology designed their way new innovative ideas.

In August we met in person and dedicated a full week of testing, iterating and strategizing on a business plan.

The results:

  • Close collaboration with young adults
  • Educated youth through mentorship on our insurance industry
  • Three solutions co-created alongside mentors and staff from each member organization
  • Two solutions currently being realized by each member organization
  • One solution being presented in Asia

The fall is here now – well, more like winter – and we are strategizing our next co-creation project with students.

Stay tuned to read more about our next timeline for the student week project. And let us know if you are interested in becoming a mentor of a group of students.

One summer at a time we are making insurance better!

The future of the Mobile Insurance Agents & Brokers

Innovation Project Summary Cookhouse Lab (in partnership with SAP)

The Future of the Mobile Insurance Agents & Brokers

What unites the majority of the sales experts in the industry is the necessity to be mobile to stay or become a trusted advisor.

3

DAYS

TORONTO

2018

13

COMPANIES

2

MVPs

Challenge

Digitizing insurance sales with technology to increase sales performance and improve customer experience.

WHY?

Our personas Pains & Gains

CUSTOMER

PAINS

GAINS

BROKER

PAINS

GAINS

DISCOVERY

What are the digital expectations and requirements of an agent, broker and customer equally?

How can we help the salesforce to stay relevant, sell more and admin less?

How can we leverage technology trends to increase sales performance and improve customer experience?

What can we learn from other industries?

Maximizing the use of mobile technology will improve customer satisfaction.

CONCEPTS

The final output of the project was a Portfolio Solution that included two different products.

1

DIScovery and awareness app

Carebear app is a referral product to help our customer persona (Sandra) through the car insurance journey with the aim to validate the following problem statement:

How might we communicate our products and processes more effectively and efficiently to give Sandra clarity and confidence that she’s taken care of?

2

Brokers integrated portal

MOBiBro is an integrated application focused on our broker persona (Dave). The problem statement:

How might we provide Dave with technology and data access anywhere to become a better advisor so he can sell more and quicker?

RESULTS

During the 3 days, our project teams looked to define the Opportunities and Implicants that technology brings to the future of brokers and agents.

2

Empathy Maps

9

User Interviews

39

Surveys

2

Personas

15

Wireframes

25

MVP Screens

2

Prototype Iterations

1

Project Presentation

PARTICIPANTS

Hackathon Recap: Passive Risk Takers to Active Risk Managers

Cookhouse Lab hosted its second annual Hackathon which challenged participants to find solutions to move from passive risk takers to active risk managers. The Hackathon had twenty-four participants which included professionals from various organizations including CAA, Gore Mutual, Munich Re, and Jauntin. These professionals also had the chance to work with thirteen talented students from the University of Applied Sciences Würzburg-Schweinfurt (FHWS).

Check out the recap below to discover the problem being tackled, solutions created and methodologies used to ensure a successful experience.  

The Problem to Be ‘Hacked’: Moving from Passive Risk Takers to Active Risk Managers

Looking at the technology surrounding our industry and society, we thought it would be a great time to find solutions that will shift stakeholders from passive risk takers to active risk managers. Gone are the days where insurers wait for a claim to happen. With IoT sensors, phones, and wearables, we are collecting data 24/7 which allows us to define an individual’s norm.

As a result, we can assess any deviation in real-time and act accordingly. From the customer perspective, they can see their behavior in a cumulative manner, are more involved in what they do and understand the real-time impact of their behavior and lifestyle choices. Not only on their life but also on their policies, for example, Vitality’s pay as you drive program.

As an industry, becoming risk-managers means savings, not just financially, but also making a positive change in the lives of our customers. Savings lives – supporting healthier lifestyles, behaviors and choices that will prolong healthier lives.

Stepping back and looking at these two aspects, we felt the gains were clear in hosting a Hackathon that would tackle moving towards being active risk-takers in Cookhouse Lab.

Highlights From the Solutions Created

The teams worked vigorously through the two-day Hackathon to develop impressive solutions for the problem at hand. Let’s take a glimpse at two of the solutions the teams cooked up:

  • A Dynamic Action Rewards Program: rewards can be redeemed as policy discounts, cash or new insurance products.
  • Travel insurance with focus on home and pet security: a package that covers the things you leave behind when travelling.

Using Masterclasses to Educate Quickly and Effectively

For some participants, this Hackathon was their first tie being exposed to this kind of experience as well as design thinking and lean methodologies. Because of this, education was an important component. However, given the short duration of the Hackathon, the education had to be quick, effective and valuable. Cookhouse Lab used masterclasses to accomplish this.

Masterclasses are thirty-minute presentations delivered by an Innovation Coach, a UX/UI designer, and/or Head of Innovation.

The purpose of these sessions was to provide:

  • A road map/structure that participants could use to make the most of their time
  • A chance to learn about a variety of tools typically used in the labs for sprint projects and how to apply them
  • An opportunity to detach from the intensity of the hackathon, refresh and go back to work with a clear mind

Bringing Together Diverse Backgrounds

One of the key ingredients to a successful Hackathon is having a diverse set of participants. From what we have witnessed at other projects at Cookhouse Lab, the more diverse backgrounds you bring together, the better – as everyone can contribute from their personal experience.

This Hackathon, in particular, brought together participants from varying backgrounds ranging from computer science and e-commerce to experienced underwriters, digital innovators, and software developers. All of whom were able to work together to find solutions to improve insurance.

In addition to bringing different skill sets together, having students team up with working professionals brought another element of diversity. The teams were able to successfully integrate their ideas, learn from different perspectives and expand their thinking from local experience to international insights. Both left feeling impressed and inspired by each other.

What did the ‘hackathoners’ take away from this experience?

  • an understanding of design thinking and how to apply it
  • tips and tricks from experts featured during masterclasses
  • lo-fi prototypes to take back to their organizations
  • new connections (local and international)
  • the achievement of conquering a two-day Hackathon 

Overall, this Hackathon was another successful innovation experience served up at Cookhouse Lab. We’d like to extend a huge thank all of our participants for dedicating two days of productivity, creativity and hard work into finding solutions to address an industry challenge.

Want to learn about other upcoming projects?

Become an industry thought leader. Don’t forget to share.

Hackathons; A Unique Environment for Co-creation?

Cookhouse Lab is gearing up to host its third annual hackathon. To prepare for it, we connected with Diana Chang, previously a Logistics Team Lead with Hack the North, to find out why hackathons provide such a unique forum for collaboration for hackers (hackathon participants). Check out our interview with Diana below and don’t forget to sign up for our third annual hackathon.

Q: Can you start us off with a brief overview of how a hackathon works?

Diana: A hackathon is an opportunity for people to collaborate and co-create on an industry-specific challenge or even everyday problems. It is a huge learning experience that consists of a group of open-minded attendees who are ready to learn and teach, emerging technologies, and the opportunity to discover topical challenges.

In its simplest form, hackathons are spaces where like-minded people ideate and prototype together. While new technologies tend to be the hook for hackathons, it is the dedicated space for idea development across all industries that make hackathons so unique and nearly irreplicable.

Q: Who can get involved? Are they limited to people with coding or technical backgrounds?

D: Let’s make something clear, hackathons are not just for programmers! While most hackers are there to write code, designers are often the second largest group attending. They compliment coders’ work with strong UI/UX skills and ensure an effective and client-friendly flow to the final proposal.

Industry experts are also crucial for teams participating in hackathons. They act as project managers and provide industry knowledge not necessarily known by coders that put them a step above the competition. Hackathons also diversify with regards to which audience they cater to. Some are for developers in early stages while others focus on design thinking processes; with workshops integrated within the event to better prepare attendees.

Q: What are some benefits of attending?

D: Newly interested hackers will find value in the collaborative learning environment, open-minded participants who are willing to help, and the opportunity to learn how to transform industry concepts into real-world applications. Hackathons are also all about the people! By attending, you have the chance to meet like-minded people, connect across different industries, and co-create alongside people with different cultural/industry perspectives. All hackers come away with strong connections.

Q: Any advice for people who don’t think they have the necessary ‘skills’ to participate in a hackathon?

D: Hackathons generate an incredibly welcoming environment, for those who do – and don’t – have prior experience participating in them. There will always be facilitators there to ensure that everyone from beginners to veterans have the most positive experience possible.

You will be able to learn and contribute no matter what your level of knowledge of the topic is. As I mentioned before, everyone brings value from their personal experience.  

Q: How do they inspire innovations within an industry?

D: Whether it be a product, service, or process, hackathons drive industry innovation by addressing projects that are more challenging, out-of-the-box, and would otherwise take a large dedication of time and resources to address.

Hackathons are purposely constrained on time so that hackers can solely focus on diagnosing, addressing, and ultimately solve the problem. They also typically have low constraints on creativity, and foster freedom of thought which enables participants to deliver truly innovative ideas to solve industry issues.

Q: With our own hackathon starting soon in Toronto, any crucial tips and tricks for those looking to be prepared?

D: Here are three tips I consider to be universal when preparing for a hackathon.

  1. Before the day(s) of the hackathon, make sure you are prepared with the right tools to succeed. This can range from the right technology (e.g. laptop) to simply going online to research the topic addressed at the hackathon.
  2. Go into the hackathon with an open mind. While this can be commonly overused, there is truly no better place to learn from specialists within their own industry since you will be working together. Not to mention that your peers will be willing to learn from you; that is the beauty of hackathons.
  3. On the topic of peer hackers, connect with fellow industry specialists. In a semi-casual setting such as a hackathon, it is almost a given that you will meet truly passionate professionals from every field. Soak as much information in as possible and take the opportunity to build relationships. This will undoubtedly be fruitful for future collaborations and potentially in seeking expertise when addressing an industry challenge.

A big thank you to Diana for sharing her expertise from her experience in the world of hackathons. It’s clear they present a unique opportunity for professionals of varying backgrounds and experience to come together to develop out-of-the-box solutions for challenging industry problems.

Eager to get involved in a hackathon?

Become an industry thought leader. Don’t forget to share.

How to Simplify Life Insurance Underwriting in 48 Hours

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. 

This was done through a ‘taster session’ which gives professionals the chance to sample a variety of design thinking exercises that are used in regular Cookhouse Lab projects in a condensed time frame. 

This sprint, in particular, focused on making the life insurance underwriting process more time and resource-efficient to ultimately improve the customer experience. Read on to find out what processes were used to collaboratively identify three potential solutions in just 48 hours. 

Day 1 – Identifying Pain Points & Determining Customer Personas

On the first day, the team focused on conducting research and empathizing with the customer to really understand their mindset. Empathy is a critical component of design thinking to ensure that the solution has the end customer’s needs are at the forefront.  

Identifying Pain Points

The project team identified pain points of the demographic by running a ‘masterminds’ interview session. This involved meeting with a group of experienced underwriters to understand the current process from their point of view, their pain points and what their ideal process would look, feel and sound like. Through these interviews, the team identified the following pain points:

  • The current process has too many irrelevant questions
  • There lies a big gap in communication between the agent, insurance company, and the end customer
  • All age groups are being treated the same and asked the same questions
  • Data exists, but it isn’t accessible
  • The current application needs to be more dynamic

Determining Customer Personas

The team also identified two main customer personas that the solutions would be targeted towards:

Sam:

  • 27 year old female that is living with her parents at the moment, but planning to have her own home one day and start a family
  • She is commitment-averse and prefers to avoid face-to-face communication when dealing with purchases
  • She enjoys social media and instant gamification.

Chris:

  • 45 year old underwriter who has worked in the same organization for 20 years
  • He has a 15 year daughter and a 3 year old son.
  • He likes his way of doing things and is worried about automation
  • He believes in the power and value of underwriting and likes the medical knowledge he has acquired throughout his career
  • He is comfortable with the current system and is the type of person that feels the need to read every line on applications

Day 2: Developing Solutions

Using the research from Day 1, the project team continued their sprint on Day 2 to develop three possible solutions to better the current process.

Solution #1: Instant data collection, verification and clarity of product

This solution allows the agent to ask for permission from the customer to access various data pools that have collected valuable customer data, which would then be sent to a pre-filled application. Once the application is completed, the customer and agent would look over the information provided. At this point, the customer could make any necessary changes, edits or provide any missing information. Once the customer authorizes the application the agent is then able to provide possible policies based on the information given, which provides a custom solution that fits for each individual customer. 

Underwriter BenefitsCustomer Benefits
Instant and authorized access to the data poolPeace of mind on how the agent is collecting information
Clarification on information collectedA better understanding of what information the agent is collecting
No need to go over the entire questionnaire, which may hold irrelevant questionsClarity on the value of their policy
 Allows for the opportunity to ask questions without lengthy waiting time periods

Solution #2: Simplified Application – Max 10 Qs

Instead of a standard application, this online question solution would contain a maximum of 10 key questions that customers are asked. The questions would have smart logic and adjust depending on the respondent’s answers and would prompt the user it needs further information. In addition to being more efficient, this solution is also millennial-friendly as it allows the target group to skip lengthy unnecessary and/or irrelevant questions. Key question categories:

  1. Lifestyle (Alcohol consumption, Drug use, Driving history, Criminal activities)
  2. MIB report
  3. Medical-related (prescription medication)
  4. Foreign travel
  5. Immigration status
Underwriter BenefitsCustomer Benefits
Shorter application processClear and relevant questions
A questionnaire that is adaptable, and therefore relevant for all customersShorter application process

Solution #3: Starter Plan

A product designed for university graduates and parents with children in university. Starter Plan is designed to be marketed through universities during orientation and months leading to graduation, student loan distributors and entry-level employers. The plan would be based on:

  1. DI protection
  2. 50K coverage for 2 years
  3. Financial education
  4. Personalized dashboard with incentives and possible products as the life of the customer changes
Underwriter BenefitsCustomer Benefits
Financially educated customersFinancial education
Data collection from an earlier ageMore accurate and customized products
Engagement from the millennial generationParents have peace of mind regarding insurance and their young adult’s coverage
 Parents have peace of mind knowing that they’ve set their child up for a good start.

Unlocking Innovative, Disruptive Ideas in 48 Hours

In just two days this project team was able to create three viable solutions to solve an industry-wide problem – which is a huge accomplishment! Through these solutions, they were able to achieve the following: 

  • Offer an efficient and speedy process to underwrite a policy
  • Engage the most challenging age group for life insurance to attract at the moment (millennials)
  • Build customer trust and financial literacy

Want to join in on the innovation? We’ve got a full schedule of projects coming up in 2018. Check them out here!

Become an industry thought leader. Don’t forget to share.

Artificial Intelligence in the Claims Process

Innovation Project Summary Cookhouse Lab

Artificial Intelligence in the Claims Process

Chatbots provide a huge potential to improve customer service, engagement, sales and real-time access to information.

2

WEEKS

TORONTO

2017

3

MEMBERS

1

MVP

Problem

How can an automated AI chatbot be used to simplify claims submission process, remaining easy and intuitive to use?

Claims – an unpleasant customer experience. Can chatbots make customers happy?

WHY?

The Current Claims Management Experience Pain Points

SEE

SAY & DO

HEAR

THINK & FEEL

DISCOVERY

Can a chatbot make a customer happy?

Can AI help us service clients more efficiently?

With millennials being the next generation and major target market, as an industry, we need to stay current with their service expectations.

A timeline with possible ideas and features that can be implemented today and into the future.

SOLUTION

The final output of the project was a Portfolio Solution that included three different products.

As the sprint was two weeks, our chatbot scope was limited to initiating a claim and starting the FNOL (First Notice of Loss) process with the gathering of information.

Testing results showed that AiiA was intuitive and interactive for the simple straightforward scenario that we designed.

We challenged each other to find new ways to educate AiiA for continued growth and future development. Collaboration continued in the testing stages to review and iterate the flow with enhanced customer experience as our goal.

Innovation Project Solutions AI in claims

Once client has authenticated by signing in, the bot has access to the policies that are linked to him and interacts accordingly to what is available to choose from.

AiiA gives simple options to go through step by step in order to initiate a First Notice if Loss. With user-friendly choices to click on in order to guide the client through the process. It also allows to capture the details of the claim.

Innovation Project solutions AI in claims

ESTIMATED IMPACT

Can set up an infinite number of claims at the same time.

Information gathering of all claim details.

Launches a digital process that reduced cycle times by up to 70%.

Increases profitability for all the stakeholders.

Customer Service

improvement
asks the right questions and makes sense of the information received and provided

Cycle Time

decrease
improving efficiency and productivity by reducing calls, emails and voice inquiries

Claim Process

improvement
live chat with Chatbot available 24/7, easy to use, pre-populated answers

RESULTS

In this two-week sprint, the project team learned how chatbots and AI work, focusing on how a chatbot must be designed and implemented to significantly improve the experience of claims notification and management.

4

Empathy Maps

5

User Tests

37

Surveys

5

Communication Trees

1

MVP

3

Prototype iterations

1

Innovation Report

3

Project Presentations

PARTICIPANTS

Blockchain & Automated Travel Insurance

Innovation Project Summary Cookhouse Lab

Blockchain & Automated Travel Insurance

Blockchain technology offers the potential to streamline the claims process by automating the touchpoints between the First Notice of Loss (FNOL) and the payout of the claim.

4

WEEKS

TORONTO

2017

4

MEMBERS

1

MVP

Problem

TPAs feel frustrated because often the insurance claims process for emergency medical lacks support from family doctors and destination hospitals, insufficient information to finalize the claim.

Automating the claims process for medical travel insurance.

WHY?

Our millennial Key Personas

PATIENT

TPA

INSURER

EMS/HOSPITAL

DISCOVERY

Claims processes are often characterized by delays, manual input and human error.

Expectations regarding speed of service are increasing due to the rapid advancement of consumer technology.

How to leverage blockchain technology to streamline the claims process by automating touchpoints from FNOL to claims payment.

Typical 30 days process is reduced to only 7 days!

SOLUTION

Swift Portal is a centralized platform that addresses areas where a TPA would experience the most friction in the journey of processing a new claim.

In this project, representatives from 4 insurance companies collaborated to understand the current medical travel insurance claim process, identify the pain/delay points within the process, and co-created a TPA Portal MVP called “Swift Portal” by leveraging blockchain technology.

The Balsamic app was then used to create the initial wireframes used as reference for the atomic prototype.

When the 911 operator enters the policy number in their search, it will kickoff the claims chain by notifying the insurance company that a new claim has been started. Status initially set as N – in transit.

Innovation Project Solution Travel insurance

All claims records in the swift system can be seen by the insurance company and the hospital.

On his arrival at the hospital, the patient’s identity is verified in triage.

His policy details and treatment guidelines are viewable by hospital staff.

TPA can continue to monitor the claim and upon close automatically authorize and send payment.

Innovation Project Solution Travel insurance platform

ESTIMATED IMPACT

Brings improved data quality through new digital tools.

Immutable data, ensuring trust between parties.

Launches a digital process that reduced cycle times by up to 50%.

Increases profitability for all the stakeholders.

Claims Cost

reduction
speed of information during process, increase in TPA productivity

Cycle Time

reduction
in processing claims, quality/accurate information available immediately

Insurance Claims

simplified, accurate, faster
all information provided at once

RESULTS

During a 4 weeks period, representatives from 4 insurance companies collaborated to understand the current Medical Travel Insurance claim process.

10

Empathy Maps

15

User Interviews

5

Surveys

35

Wireframes

10

MVP Screens

3

Prototype iterations

1

Innovation Report

3

Project Presentations

PARTICIPANTS

The Future of Transportation – Autonomous Vehicles

Innovation Project Summary Cookhouse Lab

The Future of Transportation - Autonomous Vehicles

“If I asked people what they wanted they would have said faster horses” – Henry Ford

4

WEEKS

TORONTO

2017

5

MEMBERS

3

MVP

Problem

The insurance industry is not prepared to seamlessly integrate with the future of transportation.

Preparing for the future of transportation

WHY?

The Autonomous Vehicle Experience Pains & Gains

CUSTOMER

PAINS

GAINS

INSURER

PAINS

GAINS

DISCOVERY

What regulations and policies need to be revisited in a fully autonomous world?

How can insurers adjust to new ownership models?

How can insurers price and adjudicate claims during the transition?

What do auto insurance products of the (near) future look like?

Autonomous Vehicles and systems are upon us and with them, some notable implications to the Auto Insurance Industry.

SOLUTION

The final output of the project was a Portfolio Solution that included three different products.

1

DISCOVERY AND AWARENESS PORTAL

Carefreeroadstar.com is a referral fee based profit system to create an incentive framework for car manufactures, dealers and insurance companies to take part in the solution.

Solution Autonomous vehicles

2

ADAPTIVE RISK MODEL

The risk model takes into account the transition period or “messy middle” environment where customers have vehicles that have some autonomous features but are not fully autonomous.

3

TRANSPORTATION SHORT LEASING/UBI APPLICATION

For consumers who don’t own a vehicle but require transportation. As autonomous vehicles are projected to be more appealing than taxis, this product is intended to be acting as a broker for autonomous transportation.

Solution Autonomous vehicles

ESTIMATED IMPACT

Platform evolves as autonomous capabilities evolve.

One-stop shopping for a variety of transportation options (per use, short lease, purchase).

Seamlessly connects the customer to the services he needs.

Direct Loss Ratio

reduced
claims payout due to increased lower risk customers

Usage Based Insurance

increase
shift in revenues earned from traditional auto insurance

Claim Submission

increase
from referrals providing data to car manufacturers to improve safety

RESULTS

Over 16 days, our project team looked to define the Opportunities and Implications that Autonomous Vehicles bring to the Auto Insurance Industry.

10

Empathy Maps

12

User Interviews

38

Surveys

25

Wireframes

10

MVP Screens

2

Prototype iterations

1

Innovation Report

3

Project Presentations

PARTICIPANTS

Blockchain & Group Benefit Coordination

Innovation Project Summary Cookhouse Lab

Blockchain & Group Benefit Coordination

Many processes within the insurance industry are complicated and manual. Blockchain technology offers the opportunity to streamline these multiparty processes.

4

WEEKS

TORONTO

2017

4

MEMBERS

1

MVP

Problem

How might we eliminate the complexity of the coordination of benefits paramedical claims process?

Streamlining manual and complex multi-party processes

WHY?

The Current COB Experience Pain Points

CUSTOMER

SERVICE PROVIDERS

INSURER

ADJUDICATORS

DISCOVERY

What should this process look like in today’s digital age?

How can policy holders have a more seamless process similar to dental claims?

Can policy holders submit data once and have the process automated between insurers?

Typical 30 days process is reduced to only 10 minutes

SOLUTION

The team created a mockup to simulate the submission, adjudication, and validation from two different insurance carrier perspectives.

The solution, named Clowder by the project team, is focused on eliminating the need for plan members (who have multiple health coverages) to re-submit their paramedical claim to the second & subsequent insurers by using Blockchain hyperledger fabric technology. In addition, Clowder is a proof of concept for how we can leverage Blockchain technology within the insurance industry.

Group Benefits Coordination 01

In theory, any number of insurance providers and customers may be added to the solution. This would allow, for example, a single claim to be adjudicated by more than two insurers.

Group Benefits Coordination02

ESTIMATED IMPACT

Brings improved data quality through new digital tools.

Shares an immutable record of the claim across multiple insurers.

Simplifies claim process and identification of primary payer for policy holder.

COB Cost

Reduction resulting from resubmissions and calls associated with error in customer COB claim process

Fraud

increase due to reliable, standardized EOB documentation through blockchain implementation

Claim Submission

simplified, transparent, faster ensurers information consistency through collaboration

RESULTS

In this four-week sprint, the team aimed to design the minimum viable product (or MVP) to test with real customers.

5

Empathy Maps

34

User Interviews

66

Surveys

30

Wireframes

16

MVP Screens

3

Prototype Iterations

1

Innovation Report

2

Project Presentations

PARTICIPANTS

Millennials are not intersted in life insurance

Innovation Project Summary Cookhouse Lab

Millennials are not Interested in Life Insurance

Insurance companies are currently struggling to engage with millennials on the topic of life insurance.

4

WEEKS

TORONTO

2017

4

MEMBERS

3

RESULTS

Problem

As a Millennial, aged 18-29, the problem is how to be smart with my money to be able to afford my current needs, support my changing lifestyle, and achieve my future goals.

Do existing life insurance products meet the needs of millennials? Are millennials aware of, and able to access, the existing products? Increasing millennial participation in life insurance.

WHY?

Our millennial Key Personas

CHRIS

AGE 18
JOB Part Time
INCOME 12K
STATUS Single

EMILY

AGE 23
JOB Junior Contract
INCOME 30K
STATUS Single

DAN

AGE 28
JOB Full Time
INCOME 60K
STATUS Long Term Relationship

JANET

AGE 33
JOB Senior Full Time
INCOME 70K
STATUS Married
CHILDREN 1

DISCOVERY

Do existing life insurance products meet the needs of millennials?

Are millennials aware of, and able to access, the existing products?

How can we provide relevant information to help millennials make faster decisions on insurance products when hitting life insurance purchase triggers?

Some highlights from our largest Survey about millennials!

SOLUTION

The team focused their efforts on addressing the problem statement from the perspective of millennials, agreeing that by taking a Customer Centric Approach, the problem from the insurers’ perspective would also be resolved.

1

LIFE JOURNEY MAP

To help us understand what the needs (or lack thereof) were for our personas, we wanted to try to capture the key life events in their lives along with their needs at that stage.

Innovation Project Millennials Journey Map

2

ENGAGEMENT FRAMEWORK

The team identified 23 key activities or tactics that they felt would engage Millennials as they are going through their key life events, i.e., going to school, graduation and getting a job.

These tactics were based on raising awareness of financial and insurance needs and the advice and tools available.

To help build out the tactics of the engagement framework, the team developed three scenarios to further refine the tactics and to better understand what could be potentially implemented. Also conducted workshops and surveys with millennials to validate and rank those tactics.

Innovation Project Millennials Engagement Framework

ESTIMATED IMPACT

Pop-up advice centre where students find out information and un-biased advice about financial planning.

Online toolkit with a blog, access tools and information about financial planning and potentially create an online marketplace.

Workshop delivered by a professional in financial topics.

Financial Education

increase
millennials want transparency and avoid to be misled

Engagement

increase
to meet their evolving needs

Customer Data Collection

increase
allowing the creation of new products and opportunities

RESULTS

Over 3 months a new underwriting solution was developed with the potential to bring about +$80MM in benefits to the Canadian Life Insurance Industry.

10

Empathy Maps

31

User Interviews

108

Surveys

5

Revelations

2

Millennials Life Journey

1

Engagement Framework

1

Innovation Report

3

Project Presentations

PARTICIPANTS