4x Afternoon Innovation Sprint: Collaborating with InsurTech Startups
Our gift to you in these challenging times: Open and Free for Insurers, Reinsurers, Brokers, Insurance-Related Startups, and Academia.
Most insurance organizations are like ocean liners, difficult to steer and slow to change directions when it comes to innovation – especially at the pace that the market requires nowadays. Internal processes, over-regulation, outdated IT systems, risk aversion and lack of openness for change are only a few of the reasons why insurance organizations lack struggle to become an innovation anticipator.
In order to keep pace with the accelerating rate of innovation, an increasing number of organizations are investing in or collaborating with startups. Although the corporate investment in startups has tripled, the success of these initiatives is fairly low. According to HRB who conducted research with chief innovation officers, three quarters of corporate innovation initiatives fail to deliver the desired results.
But what are the advantages and what are the pitfalls to be avoided, as a corporation? Are there proven ways to decrease the problems and issues that may arise from these collaboration attempts?
Creating a long-term win-win situation is not easy for groups with such diverse DNAs. The rewards for those who manage it are: entering new markets, increasing the innovative character of a brand, optimizing assets, outsourcing development of innovative solutions and increasing competitiveness.
This 5 Afternoon Sprint sprint will focus on the core question : “How might we accelerate and increase competitiveness through collaboration with startups while learning from their agility and expertise?” The answers to this question will help every insurance organization how to successfully collaborate with InsurTech startups and accelerate innovation.
Some of the questions we are looking into are:
- How can we identify and prioritize strategic objectives to be solved?
- How can we identify the ‘right’ insurtech to partner with?
- How can we define a partnership with startups?
- How can we eliminate conflict of interests in a partnership wi startups?
Toronto, ON, Canada
- 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 of this 1-week sprint is to analyze the problem, generate ideas and create solutions
- The project team will consist of members from different (insurance) organizations
- Sprint: 5 days
- (Part 1) Tue – May 26 from 1:00 PM to 5:00 PM
- (Part 2) Wed – May 27 from 1:00 PM to 5:00 PM
- (Part 3) Thu – May 28 from 1:00 PM to 5:00 PM
- (Part 4) Fri – May 29 from 1:00 PM to 5:00 PM
Apply by: May 23, 2020
- Marketing & Sales