Young Talent 20/21: Innovation with Exclusive Members – Block 3 [Dec 10-11]

Since 2017, Cookhouse Labs has a collaboration with the University of Applied Sciences in Wurzburg-Schweinfurt, Germany, where our Co-Founder Sven Roehl is a guest lecturer on the topic ‘International Innovation Management’. Every year, Cookhouse Labs invites its members to work with a team of E-commerce and IT students to specifically tackle one of their business challenges. Over the course of 1 semester, each student team will work exclusively with our member organizations in guided Design Thinking sprints, facilitated by Cookhouse Labs innovation experts. This years’ Young Talent 20/21 project kicked off on October 8th, 2020 and on February 19th, 2021, our teams will reveal their solutions to an audience of insurers from our member organizations — we can’t wait to see what they come up with! 

Are you interested in your own guided global student project dedicated to tackling a challenge in your organization?  

Click here to learn more about our Memberships and to get in touch with our Innovation Team! 

The urgent need to attract and retain young talent

Innovation Project Summary Cookhouse LabS

The urgent need to attract and retain young talent

Millennials are not interested in a career in insurance… so how do we #BridgeTheGap and make insurance more attractive to this generation?

5

AFTERNOONS

ONLINE

2020

4

ORGANIZATIONS

1

MVP

Challenge

Understand why Millennials have such a negative perception of the insurance industry and what we as an industry have to start doing to become appealing to young talent.

WHY?

Understanding millennials’ concerns about work in the insurance industry

SEE

SAY & DO

HEAR

THINK & FEEL

DISCOVERY

Exploring the thoughts and emotions of young people when it came to job search methods, desired benefits, and office culture expectations.

We are not doing enough to invest in attracting and retaining young talent.

The focus of our sprint became: How might we create a culture of collaboration and inclusiveness that fosters security and growth that will help attract, retain and make young talent feel valued.

SOLUTION

Our team ideated 59 different ways to #BridgeTheGap in 5 minutes and voted on a single idea to develop and test.

During the 5 sessions the team discovered these items as main key points and what, young talent named as the priorities when looking for a job.

NEXTGEN DISCOVERY PROGRAM

The solution is based on a 5-month program designed to attract and retain young talent by engaging the young hires from day one and inviting them to work with other departments in the organization. Students will be recruited from non-traditional programs of study as well, including Arts and Geography, and will be paired with Mentors through a matching process. Young talent will select 5 areas of interest to rotate through during the program. At the end, the employees will provide feedback on the department that they are most interested in working at.

The employees’ experience will be overseen by a dedicated Advisor (guidance counselor) who will meet regularly with the young talent. The program will work to retain young hires beyond the average 2-year job stay.

RESULTS

The project team consulted HR Masterminds, interviewed young professionals and students, and analyzed surveys to understand the different perspectives.

1

Empathy Map

55

Survey Responses

2

Mastermind Interviews

1

Focus Group

28

Interview Questions

59

Ideas in 5 Minutes

1

MVP

1

Project Presentation

PARTICIPANTS

We also offer intro sessions that provide insurance professionals with the opportunity to experience our Cookhouse Labs methodology and a sneak peek at what it’s like to co-create and collaborate with our global community. If you are not a Cookhouse Labs member and are interested in finding out more, check out our membership benefits!

Navigating the Impact of Challenges in Insurance

Innovation Project Summary Cookhouse LabS

Navigating the Impact of Challenges in Insurance

The objective of this project was to identify, qualify, and classify opportunities and quantify their impact for insurers.

3

DAYS

MAR

2020

4

ORGANIZATIONS

1

MVP

Challenge

Understand the difficulties we are currently facing in the industry and their impact to help insurance organizations prioritize their focus, time and effort.

WHY?

Teams are often prevented from receiving funding for innovation projects.

SEES

DOES

FEELS

THINKS

DISCOVERY

Current journey of initiating an innovation project in an insurance organization, based on project research.

What are the biggest challenges in insurance today?

How much time & budget would each company put toward innovation?

How much impact will innovation play in the future of the industry?

SOLUTION

Together with insurance policyholders, the team identified several potential solutions to improve strategy and budget planning.

The world has shifted to a customer-centric business model and Insurance has not kept up.

How might we leverage data and prioritize customer centricity in our strategy planning to achieve long-term success?

CUSTOMER INSIGHTS OUTREACH PROGRAM

The SMS based program offers customers helpful advice to reduce risk of accidents and damage.

For example, a text message would advise policyholders of expected freezing rain in their area and inform them that increasing stopping time by 2 seconds when driving could reduce risk of accidents by 30%. These text messages were sent on behalf of their insurer to show customers that their provider cared for their wellbeing from the top-down. This interaction would also allow insurers to create and build a database with data that could be useful when creating new products and services for the future.

RESULTS

In just 3 days, the team took a deep dive into the challenge and tested a solution to drive long-term benefit to the industry, which received positive reviews.

2

Personas

2

Customer Journey Maps

3

Mastermind Interviews

96

Risks Identified

9

Customer Interviews

20

Initial Solutions

1

MVP

1

Project Presentation

PARTICIPANTS

We also offer intro sessions that provide insurance professionals with the opportunity to experience our Cookhouse Labs methodology and a sneak peek at what it’s like to co-create and collaborate with our global community. If you are not a Cookhouse Labs member and are interested in finding out more, check out our membership benefits!

Back To Business Virtual Summit

All around us, small businesses are closing down due to the COVID-19 business interruptions. In roughly 6 weeks, more than 100,000 small businesses have closed their doors forever. They are more than just our customers. They are real people, with real families. 100,000 dreams have now been shattered. They are our friends, neighbors, and family members, dealing with fear, stress, and confusion. And right now, the ones that are still open are watching their life’s work close down, with no certainty of whether they will ever fully reopen, because they are missing information. Information that they may not have access to, or information they do not know exists.

It is the insurance industry’s responsibility, because we were founded as a community, to support our customers during these challenging times. As a result of this disruption, we’re launching a Virtual Summit for Small Business Outreach.

Click here to visit the official event website!

WinterHack 2020: Final Pitch Event

Winterhack 2020

Our gift to you in these challenging times: Open and Free for Insurers, Reinsurers, Brokers, Insurance-Related Startups and Vendors, and Students.
Click here to register to attend the Final Pitch Event!

Cookhouse Labs is proud to present WinterHack 2020: Global Design Thinking Ideathon, in collaboration with InsurLab Germany and msg.  Witness results from some of the world’s best insurance organizations, startups, and student innovators as they race against the clock in 2 days of exciting insurance innovation, ideation, and competition around the theme “Digital Ecosystems”! 
 

WinterHack 2020: Global Design Thinking Ideathon [Nov 3-5]

Winterhack 2020

Our gift to you in these challenging times: Open and Free for Insurers, Reinsurers, Brokers, Insurance-Related Startups and Vendors, and Students.
Click here to register!

Cookhouse Labs is proud to present WinterHack 2020: Global Design Thinking Ideathon, in collaboration with InsurLab Germany and msg. Join some of the world’s best insurance organizations, startups, and student innovators for 48 hours of exciting insurance innovation, ideation, and competition around the theme “Digital Ecosystems”! 
 

Why should I join? 

  • Re/insurers and Brokers: This is your chance to connect with your internal teams and global talent to put your agility and creativity to work while creating real business solutions to digitize insurance 
  • Startups and Vendors: Take this opportunity to network and work alongside insurance organizations looking for fresh ideas and new business connections 
  • Students: Show current and future business leaders why you should be their #1 pick for a career in InsurTech!   
     

Event Format 

  • 2 day virtual global event + 3 hour final pitch 
  • Facilitated hackathon following Design Thinking methodology in breakout sessions  
  • Hackathon period: Tuesday, November 3rd and Wednesday, November 4th, 2020 
  • The 2-day hackathon period will be held in 3 different time zones — Eastern Daylight Time, Central European Time, and Singapore Time — from 9 AM to 6 PM 
  • Final Pitch Event: Thursday, November 5th, 2020 at 9 AM EDT 
     

How does it work? 

  • During the matching process, Re/insurance organizations can invite startups, vendors, and student innovators to join their corporate teams to provide ideas, expertise, and skills, such as UX/UI Design 
  • Guided hackathon — our innovation experts will provide the right guidance on methodologies and tools to achieve best results following the Design Thinking Methodology 
  • We will provide prep material, including Design Thinking Masterclasses and a guide on how to structure your time according to the stages defined in the methodology 
     

Challenges 

  • 4 different challenges related to the theme “Digital Ecosystems”, covering commercial and personal lines, health/life, and P&C insurance  
  • Challenge statements will be released during the kickoff event 
     

Language 

  • Event language is English, including facilitation, support, and final pitch (including submission documentation)  
  • Teams can work in their preferred language 
     

How do I join? 

  • Click here to access the official event platform!

This Hackathon is the perfect platform to connect with experienced innovators, both local and international. As you show your skills and impress our judges with your team’s extraordinary results, don’t forget to network and have fun! 

1 Day – Train the Trainer

Elevate your coaching style and way of facilitating innovation sprints

Our gift to you in these challenging times: Open and Free for Insurers, Reinsurers, Brokers, Insurance-Related Startups, and Academia.

Take advantage of the opportunity to allow your innovation coaches, managers and innovation leaders to expand their knowledge on the topic and learn new skills from our Innovation Coaches. Being a topic of collaboration, allows us to collaborate with your teams and share the tools we use, the way we coach and the style we implement in our innovation sprint experiences.

Join this online workshop to add new styles of facilitating, communicating during innovation sprints, present and tell a stories to engage project participants.

By the end of the one-day Train the Trainer Workshop, you will be able to:

  • Identify your preferred facilitation and coaching style and learn ways to flex said styles
  • Add new exercises and tools to use during your sprints
  • Review the art of giving feedback and telling a story
  • Learn skills that you can use to motivate and inspire
  • Define your next version of you as an innovation coach and facilitator
  • Be part of a community of innovation coaches and facilitators present to support each other

Back To Business Virtual Summit [Sep 15-16]

All around us, small businesses are closing down due to the COVID-19 business interruptions. In roughly 6 weeks, more than 100,000 small businesses have closed their doors forever. They are more than just our customers. They are real people, with real families. 100,000 dreams have now been shattered. They are our friends, neighbors, and family members, dealing with fear, stress, and confusion. And right now, the ones that are still open are watching their life’s work close down, with no certainty of whether they will ever fully reopen, because they are missing information. Information that they may not have access to, or information they do not know exists.

It is the insurance industry’s responsibility, because we were founded as a community, to support our customers during these challenging times. As a result of this disruption, we’re launching a Virtual Summit for Small Business Outreach.

We will release more information on this event soon!

2 Day – Design Thinking Training

Learn how to apply Design Thinking principles to tackle complex problems within your organization.

Design Thinking is a mindset and a process that helps you solve real industry problems by developing customer-focused solutions in a short amount of time. Design Thinking methodologies are already being in a variety of industries to innovate quickly, channel creativity and when used correctly, save a significant amount of time and money when launching new products or services. Join this workshop to learn the fundamental concepts of Design Thinking and experience the value of its methodologies through engaging, hands-on activities.

Apply and Become an Innovator!

Apply for this training by submitting this form. There are 15 spots available and enrollment is on a first-come-first serve basis. 

Learn more about our Membership Options here.

Location

Online, virtual.

By the end of the two-day Design Thinking Training, you will be able to:

  • Define Design Thinking, and apply Design Thinking methodologies to achieve your business needs
  • Identify how Design Thinking is being applied in a variety of industries to solve essential challenges
  • Apply Design Thinking concepts to effectively empathize with and interview customers
  • Facilitate Design Thinking Sprints to solve problems.
  • Apply a ‘toolkit’ of activities to use within your organization and daily work to find efficiencies
  • Ask the right questions to aid in solution development

Project: Small Business Bankruptcy Prevention

Our gift to you in these challenging times: Open and Free for Insurers, Reinsurers, Brokers, Insurance-Related Startups, and Academia.

Small businesses drive 50% to 70% of the economy in many countries around the world. But these restaurants and retailers, have been hit hard by COVID-19. The focus of this project is to explore how might the Internet of Things (IoT) assist these business owners with their financial management, improve profitability and reduce bankruptcy?

And we ask, “How might we make small businesses more resilient now for future extreme events like COVID-19?”

When is the project?

  • Start: Thursday June 25th, at 8 am ET
  • End: Friday June 26th, at 12 pm ET
  • Final Presentations: Friday June 26th, at 1 pm ET

What’s in it for the team?

  • Learn the Design Thinking methodology, as well as how you can apply it
  • Gain tips and tricks from certified experts featured in our virtual Masterclasses
  • Show your skills and impress our insurers with your team’s extraordinary results
  • Build Lo-fi prototypes to show the opportunities of IoT insurance
  • Connect with experienced innovators (local and international)