Innovation Project Summary Cookhouse LabS
Accelerating Innovation by Collaborating with InsurTech Startups
While an increasing number of organizations are investing in these collaborations, the success of these initiatives is fairly low. We aimed to create a long-term win-win solution for both groups.
How might we accelerate and increase competitiveness through collaboration with startups, while learning from their agility and expertise?
Understanding Betty’s experiences during the collaboration process
Founders often spoke of time wastage when communicating or scheduling meetings with insurance organizations.
How can we reduce the amount of time lost during the communications process?
How can we create an environment that supports and encourages collaboration between insurers and startups?
How can we ensure the right decision makers are present at meetings with startups?
Within 5 minutes, the project team produced 26 potential solutions to this challenge and settled on the winning solution – a dedicated committee of decision makers.
How might we identify the right decision makers to speed up the process of collaboration, improving Betty’s experience?
DEDICATED COMMITTEE OF DECISION MAKERS
The insurance organization will establish a dedicated committee of the right decision makers with business objectives and incentives. The committee will work within a well-defined project cycle to collaborate with InsurTech startups, and will meet regularly to hear startup pitches. The culture will be agile and fail-fast, and the committee will receive training from an Innovation Coachs.
At the end of the project, the team presented their solution to the community and invited the audience to share their insights through a poll after the presentation.
More Co-creation Sprints
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!