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!